Page:United States Statutes at Large Volume 78.djvu/849

 PUBLIC LAW 88-560-SEPT. 2, 1964

78 STAT. ]

807

REAL ESTATE LOANS BY NATIONAL BANKS

SEC. 1004. Clause (3) of the third sentence of the first paragraph of 69 Stat. 633; section 24 of the Federal Reserve Act is amended to read as follows: 73 Stat. 489. "(3) any such loan may be made in an amount not to exceed 80 per 12 USC 371. centum of the appraised value of the real estate offered as security and for a term not longer than twenty-five years if the loan is secured by an amortized mortgage, deed of trust, or other such instrument under the terms of which the installment payments are sufficient to amortize the entire principal of the loan withm the period ending on the date of its maturity, and". FOREST HILLS PROJECT IN PADUCAH, KENTUCKY

SEC. 1005. The Federal Housing Commissioner is authorized and directed to sell to the Paducah-McCracken County Development Council, Incorporated, of Paducah, Kentucky, for use as a public facility (including such use by the Paducah Junior College as may be deemed appropriate by such Council), and for a total price of $1,000,000, all right, title, and interest of the United States in and to the housing project in Paducah known as Forest Hills (a project constructed under title VIII of the National Housing Act as in effect ^^ ^^^ 1^483prior to August 11, 1955, and subsequently acquired by the Federal i748h. Housing Administration). P A Y M E N T I N L I E U OF T A X E S BY HAWAII HOUSING AUTHORITY

SEC. 1006. Notwithstanding the provisions of any other law or any contract or rule of law, the Public Housing Commissioner shall approve a payment in lieu of taxes to be made for the fiscal year ended June 30, 1959, in the amount of $24,167.78, by the Hawaii Housing Authority to the city and county of Honolulu. TRANSFER OF LAND FOR URBAN RENEWAL PURPOSES BY PHILADELPHIA HOUSING AUTHORITY

SEC. 1007. (a) Notwithstanding the provisions of title I of the 42 USC Housing Act of 1949 and the United States Housing Act of 1937, the 1464; Ante, 1441p. 788. Housing and Home Finance Administrator and the Public Housing 50 Stat. 888. Commissioner are authorized and directed to consent to the transfer 42 USC 1430. by the Philadelphia Housing Authority to the Philadelphia Redevelopment Authority of all property acquired by the Housing Authority for low-rent housing project numbered Pennsylvania 2-51, on condition that (1) an amount which, together with any funds of the Housing Authority available for the purpose, is sufficient to pay and discharge all obligations incurred by the Housing Authority in connection with such low-rent housing project and owing at the time of transfer, will be paid by the Redevelopment Authority to the Public Housing Administration to be applied in satisfaction of the Housing Authority's obligations which it cannot meet with its own funds available for the purpose, and (2) the total amount so paid by the Redevelopment Authority will be included in the gross project cost of its Whitman urban renewal project, Pennsylvania R-35. (b) The Housing and Home Finance Administrator and the Public Housing Commissioner are authorized to modify any contracts heretofore entered into and to take any other appropriate action necessary to carry out the provisions of subsection (a). 31-667 0-65—54

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