Page:United States Statutes at Large Volume 79.djvu/501

 79 STAT.}

PUBLIC LAW 89-117-AUGUST 10, 1965

461

(b) The purchase price of any property which is situated at or near a military base or installation and is acquired under this section shall be equal to an amount determined by the Secretary of Defense to be the average price at which properties, similar in size, construction, condition, and location to that of the property to be acquired, were sold during a representative period, as determined by the Secretary, prior to the announcement of the intention of the Department of Defense to close all or part of such base or installation. (c) The title to any property acquired under this section shall be free and clear of any outstanding liens or encumbrances and shall conform to such requirements as the Secretary of Defense shall by regulation require. Such regulations shall also prescribe the terms and conditions under which payments may be made under this section, and decisions by the Secretary regarding such payments,^ and the terms and conditions under which the same are approved or disapproved, shall be final and conclusive and shall not be subject to judicial review. (d) Properties acquired under this section shall be transferred to the Federal Housing Commissioner, and the Federal Housing Commissioner shall have power to deal with, rent, renovate, or sell for cash or credit any properties so transferred. Receipts from the management or sale of any such properties may be utilized by the Commissioner to defray expenses arising in connection with the management of such properties, and any part of such receipts not required for such expenses shall be covered into the Treasury as miscellaneous receipts. (e) Section 223(a) of the National Housing Act is amended— e/stat^ 484°^' (1) by striking out the period at the end of paragraph (7) and 12 USC insn. inserting in lieu thereof "; or"; and (2) by inserting after paragraph (7) a new paragraph as folfollows: "(8) executed in connection with the sale by the Commissioner of any housing acquired pursuant to section 108 of the Housing and Urban Development Act of 1965." (f) Such sums as may be necessary to carry out the provisions of this section are hereby authorized to be appropriated, and any sums so appropriated shall remain available until expended. TITLE II—FHA INSURANCE OPERATIONS LAND DEVELOPMENT

SEC. 201. (a) The National Housing Act is amended by adding at \\^^lc 1701'and the end thereof the following new title: note. " TITLE X—MORTGAGE INSURANCE FOR DEVELOPMENT

LAND

"DEFINITIONS

"SEC. 1001. As used in this title— " (a) the term 'mortgage' means a lien or liens on real estate in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable, or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed; "(b) the term 'first mortgage' includes such classes of first liens as are commonly given to secure advances (including but not

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