All 67 Stat. 127. of the Budget, such Board may transfer to any other department or agency of the United States, with the consent of such department or agency, all the powers and functions vested in such Board by this subsection (c). All liens held by the Corporation upon real or personal property on account of judgments rendered in its favor, except judgments for mortgage debts which have been assigned by the Corporation, and all claims now held by the Corporation arising out of its mortgage or real estate operations, whether for rent or otherwise, are hereby released and discharged in full. (d) The authority to appropriate for any functions relating to the Corporation may continue to be exercised after its dissolution for the purpose of making appropriations to any department or agency carrying out the provisions of this section. SEC. 22. Subsection (e) of section 106 of the Housing Act of 1949 Capital grants. (42 U. S. C. 1456 (e)), is amended by inserting before the period at the 63 Stat. 419. end thereof a colon and the following: "Provided, That the Administrator, without regard to such limitation, may enter into contracts for capital grants aggregating not to exceed $35,000,000 (subject to the total authorization provided in section 103 (b) of this title) 42 USC 1453. with local public agencies in States where more than two-thirds of the maximum capital grants permitted in the respective State under this subsection has been obligated". SEC. 23. Section 504 of the Housing Act of 1950, as amended, is 64 Stat. 81. hereby amended to read as follows: 12 USC 1701j. "SEC. 504. With respect to housing built or sold with assistance Regulations. provided under the National Housing Act, as amended, or title III 12 USC 1701 of the Servicemen's Readjustment Act of 1944, as amended, the note; 38 USC Federal Housing Commissioner and the Administrator of Veterans' 694 et seq. Affairs, respectively, are hereby specifically authorized and directed. to issue such regulations, applicable uniformly to all classes of mortgagees, as they determine desirable for the purpose of limiting the charges and fees, which shall not be construed to include any loss suffered by an originating lender in the bona fide sale or pledge of or an agreement to sell the mortgage, imposed upon the builder or other seller, or the veteran or other purchaser in connection with the financing of the construction or sale of such housing, whether or not such charges were or are imposed in connection with the financing assisted by the Federal Government, and no loan shall be insured or guaranteed under such Acts unless the mortgagee certifies that it has not imposed upon the builder or other seller, or the veteran or other purchaser any charges or fees in connection with the financing of the construction or sale of such housing in excess of the charges or fees permitted under such regulations for such purposes as are applicable to the housing involved." SEC. 24. (a) The first sentence of paragraph (g) of section 110 of "Going Federal the Housing Act of 1949, as amended, is hereby amended to read as rate". follows: "Going Federal rate' means (with respect to any contract 63 Stat. 421. for a loan or advance entered into after the first annual rate has been 42 USC 1460. specified as provided in this sentence) the annual rate of interest which the Secretary of the Treasury shall specify as applicable to the sixmonth period (beginning with the six-month period ending December 31, 1953) during which the contract for loan or advance is made, which applicable rate for each six-month period shall be determined by the Secretary of the Treasury by estimating the average yield to maturity, on the basis of daily closing market bid quotations or prices during the month of May or the month of November, as the case may be, next preceding such six-month period, on all outstanding marketable obligations of the United States having a maturity date of fifteen or more years from the first day of such month of May or November, and All 67 Stat. 128. Loans to educational institutions. 64 Stat. 78. 12 USC 1749. 63 Stat. 426. Hawaii. 12 USC 1715d. 63 Stat. 58. 48 USC 4840. 12 USC 1716. Alaska and 12 USC 1715d. by adjusting such estimated average annual yield to the nearest one-eighth of one per centum." (b) The third sentence of section 401 (a) of the Housing Act of 1950, as amended, is hereby amended to read as follows: "A loan to an educational institution may be in an amount not exceeding the total development cost of the housing, as determined by the Administrator; shall be secured in such manner and be repaid within such period, not exceeding forty years, as may be determined by him; and, with respect to loan contracts entered into after the first minimum annual rate has been specified as provided herein, shall bear interest at a rate determined by the Administrator which shall be not less than the minimum annual rate which the Secretary of the Treasury shall specify as applicable to the six-month period (beginning with the sixmonth period ending December 31, 1953) during which the contract for the loan is made: Provided, That such minimum annual rate for each six-month period shall be determined by the Secretary of the Treasury by estimating the average yield to maturity, on the basis of daily closing market bid quotations or prices during the month of May or the month of November, as the case may be, next preceding such six-month period, on all outstanding marketable obligations of the United States having a maturity date of fifteen or more years from the first day of such month of May or November, and by adjusting such estimated average annual yield to the nearest one-eighth of one per centum." (c) Section 2, paragraph 10, of the United States Housing Act of 1937, as amended, is hereby amended by inserting after the words "Provided, That" the following: ", with respect to any loans or annual contributions made pursuant to a contract approved by the President after the first annual rate has been specified as provided in this proviso, the term 'going Federal rate' means the annual rate of interest which the Secretary of the Treasury shall specify as applicable to the sixmonth period (beginning with the six-month period ending December 31, 1953) during which the contract is approved by the President, which applicable rate for each six-month period shall be determined by the Secretary of the Treasury by estimating the average yield to maturity, on the basis of daily closing market bid quotations or prices during the month of May or the month of November, as the case may be, next preceding such six-month period, on all outstanding marketable obligations of the United States having a maturity date of fifteen or more years from the first day of such month of May or November, and by adjusting such estimated average annual yield to the nearest one-eighth of one per centum: And provided further, That". SEC. 25. (a) Section 214 of the National Housing Act, as amended, is hereby amended by inserting the words "or Hawaii" after the word "Guam" in each place where it appears therein. (b) Section 2 (b) of Public Law 52, Eighty-first Congress, is hereby amended by adding at the end thereof the following new paragraph: "Notwithstanding the provisions of subparagraph (C) of section 301 (a) (1) of the National Housing Act, as amended, any mortgage loans may be offered to the Federal National Mortgage Association for purchase if such loans are secured by property located in Guam or Hawaii, and insured under any of the provisions of the National Housing Act, as amended." (c) Section 214 of the National Housing Act, as amended, is hereby amended (1) by striking from the last sentence of said section the words "Upon application by the mortgagee," and inserting in lieu thereof the words: "Upon application by the mortgagee (1) where the All 67 Stat. 129. inortgagor is regulated or restricted pursuant to the last sentence of this section or (2)"; and (2) by adding the following new sentence at the end of said section: "Without limiting the authority of the Commissioner under any other provision of law, the Commissioner is hereby authorized, with respect to any mortgagor in such case (except where the Alaska Housing Authority is the mortgagor or mortgagee), to require the mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation to such an extent and in such manner as the Commissioner determines advisable to provide reasonable rentals and sales prices and a reasonable return on the investment." Approved June 30, 1953. To amend section 503 of the Act entitled “An Act to expedite the provision of housing in connection with national defense, and for other purposes", approved October 14, 1940, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 503 of Veterans' prefthe Act entitled "An Act to expedite the provision of housing in con- erence. nection with national defense, and for other purposes", approved Housing. October 14, 1940, as amended, is further amended by inserting after 59 Stat. 260. the words "during the present war" the following: "and prior to such 42 USC 1573. date thereafter as shall be determined by the President". SEC. 2. Section 1 (b) (2) of the Bankhead-Jones Farm Tenant Act, 60 Stat. 1073. as amended, is amended to read as follows: 7 USC 1001. surance. "Any veteran (defined herein as a person who served in the military Farm loan and forces of the United States during any war between the United States mortgage inand any other nation or during the period beginning June 27, 1950, and ending on such date as shall be determined by Presidential proclamation or concurrent resolution of Congress and who was discharged or released therefrom under conditions other than dishonorable) who intends to engage in farming as a principal occupation, and who meets the requirements of rules and regulations prescribed by the Secretary as to industry, experience, character, and other assurances of success as a farmer, shall be eligible for the benefits of this title and his application shall be entitled to preference over the applications of nonveterans." SEC. 3. Section 507 of the Housing Act of 1949, as amended, is 63 Stat. 436. amended to read as follows: 42 USC 1477. "As between eligible applicants seeking assistance under this title, the Secretary shall give preference to veterans and the families of deceased servicemen. As used herein, a 'veteran' shall mean a per- "Veteran". son who served in the military forces of the United States during any war between the United States and any other nation or during the period beginning June 27, 1950, and ending on such date as shall be 67 Stat. 132. determined by Presidential proclamation or concurrent resolution of 67 Stat. 133. Congress and who was discharged or released therefrom on conditions other than dishonorable. 'Deceased servicemen' shall mean persons "Deceased servwho served in the military forces of the United States during any icemen". war between the United States and any other nation or during the period beginning June 27, 1950, and ending on such date as shall be determined by Presidential proclamation or concurrent resolution of Congress and who died in service before the termination of such war or such period." Approved June 30, 1953. To amend the National Housing Act, as amended, and the Servicemen's Readjustment Act of 1944, as amended, with respect to maximum interest rates, the veterans' direct home-loan program, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That title III of the Veterans' home Servicemen's Readjustment Act of 1944, as amended, is hereby loans. amended as follows: (1) By striking out "4 per centum per annum" from clause (C) of section 512(a) and inserting in lieu thereof "the rate authorized for guaranteed home loans,"; Interest rates. (2) By striking out "of 4 per centum per annum" from section 512 (b) and inserting "to be determined by the Administrator of Veterans' 67 Stat. 135. Affairs, not to exceed the rate authorized for guaranteed home loans, and in no event to exceed 42 per centum per annum"; (3) By striking out "June 30, 1953" from clause (C) of section 512 (b) and inserting "June 30, 1954" in lieu thereof; (4) By striking out "June 30, 1953" from the first sentence of section 513 (a) and inserting "June 30, 1954" in lieu thereof; (5) By striking out "June 30, 1954" from the third sentence of section 513 (c) and inserting "June 30, 1955" in lieu thereof; and (6) By striking out "June 30, 1953" from the first sentence of section 513 (d) and inserting "June 30, 1954" in lieu thereof. SEC. 2. The last proviso in section 500 (b), title III, of the Servicemen's Readjustment Act, as amended, is hereby amended to read as follows: "And provided further, That the Administrator, with the approval of the Secretary of the Treasury, may prescribe by regulation from time to time such rate of interest, not in excess of 42 per centum per annum, as he may find the loan market demands." Approved July 1, 1953. 67 Stat. 136. Time exten sion. 65 Stat. 317. 65 Stat. 317. 38 USC 694m. 66 Stat. 64. Rate regulation. 62 Stat. 1275. 38 USC 694. |