86th Congress, H. R. 7903 AN ACT To amend chapter 37 of title 38, United States Code, to extend the veterans' guaranteed and direct loan program for two years. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 1803 (a) Veterans. of title 38, United States Code, is amended (1) by striking out Loan program. "1960" each place it appears and inserting in lieu thereof "1962"; 72 Stat. 1205. (2) by striking out "thirteen years" and inserting in lieu thereof "fifteen years"; and (3) by striking out "before July 26, 1961” and inserting in lieu thereof "after such date". SEC. 2. Section 1811 (h) of title 38, United States Code, is amended by striking out "1960" and inserting in lieu thereof "1962". SEC. 3. Section 1814(b) (3) of title 38, United States Code, is amended (1) by striking out "1960" and inserting in lieu thereof "1962"; and (2) by striking out "thirteen years" and inserting in lieu thereof "fifteen years". 74 STAT. 531. SEC. 4. (a) Section 1823 (a) of title 38, United States Code, is 74 STAT. 532. amended by striking out "1960" each place it appears and inserting in lieu thereof "1962". (b) Section 1823 (c) of title 38, United States Code, is amended by striking out "1961" and inserting in lieu thereof "1963". SEC. 5. Section 1804 (c) of title 38, United States Code, is amended by adding the following at the end thereof: "Notwithstanding the foregoing requirements of this subsection, the provisions for certification by the veteran at the time he applies for the loan and at the time the loan-is closed shall be considered to be satisfied if the Administrator finds that (1) in the case of a loan for repair, alteration, or improvement the veteran in fact did occupy the property at such times, or (2) in the case of a loan for construction or purchase the veteran intended to occupy the property as his home at such times and he did in fact so occupy it when, or within a reasonable time after, the loan was closed." SEO. 6. (a) Chapter 37 of title 38, United States Code, is amended by adding after section 1805 thereof a new section as follows: ❝g 1806. Escrow of deposits and downpayments "(a) Any deposit or downpayment made by an eligible veteran in connection with the purchase of proposed or newly constructed and previously unoccupied residential property in a project on which the Administrator has issued a Certificate of Reasonable Value, which purchase is to be financed with a loan guaranteed, insured, or made under the provisions of this chapter, shall be deposited forthwith by the seller, or the agent of the seller, receiving such deposit or payment, in a trust account to safeguard such deposit or payment from the claims of creditors of the seller. The failure of the seller or his agent to create such trust account and to maintain it until the deposit or payment has been disbursed for the benefit of the veteran purchaser at settlement or, if the transaction does not materialize, is otherwise disposed of in accordance with the terms of the contract, may constitute an unfair marketing practice within the meaning of section 1804 (b) of this chapter. "(b) If an eligible veteran contracts for the construction of a property in a project on which the Administrator has issued a Certificate of Reasonable Value and such construction is to be financed with the assistance of a construction loan to be guaranteed, insured, or made under the provisions of this chapter, it may be considered an unfair marketing practice under section 1804 (b) of this chapter if any deposit 74 STAT. 532. 74 STAT. 533. or downpayment of the veteran is not maintained in a special trust account by the recipient until it is either (1) applied on behalf of the veteran to the cost of the land or to the cost of construction or (2), if the transaction does not materialize, is otherwise disposed of in accordance with the terms of the contract." (b) The analysis of chapter 37 of title 38, United States Code, is amended by adding after "1805. Warranties." the following: "1806. Escrow of deposits and downpayments." SEC. 7. (a) Chapter 37 of title 38, United States Code, is amended by renumbering section 1824 as section 1825 and inserting a new section 1824 to read as follows: ❝g 1824. Loan guaranty revolving fund "(a) There is hereby established in the Treasury of the United States a revolving fund known as the Veterans' Administration Loan Guaranty Revolving Fund (hereinafter called the Fund). "(b) The Fund shall be available to the Administrator when so provided in appropriation Acts and within such limitations as may be included in such Acts, without fiscal year limitation, for all loan guaranty and insurance operations under this chapter, except administrative expenses. "(c) There shall be deposited in the Fund (1) by transfer from current and future appropriations for readjustment benefits such amounts as may be necessary to supplement the Fund in order to meet the requirements of the Fund, and (2) all amounts now held or hereafter received by the Administrator incident to loan guaranty and insurance operations under this chapter, including but not limited to all collections of principal and interest and the proceeds from the use of property held or the sale of property disposed of. "d) The Administrator shall determine annually whether there has developed in such Fund a surplus which, in his judgment, is more than necessary to meet the needs of the Fund, and such surplus, if any, shall immediately be transferred into the general fund receipts of the Treasury." (b) The analysis of chapter 37 of title 38, United States Code, is amended by deleting "1824. Waiver of discharge requirements for hospitalized persons." and inserting in lieu thereof: "1824. Loan guaranty revolving fund. "1825. Waiver of discharge requirements for hospitalized persons." (c) This section shall become effective as of July 1, 1961. 86th Congress, S. 3619 AN ACT To make permanent law the provisions of section 408 of the National Housing Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (g) of section 408 of the National Housing Act (12 U.S.C. 1730a. (g)) is hereby repealed. Approved September 13, 1960. 74 STAT. 883. Holding compan- Public Law 86-788 86th Congress, H. J. Res. 784 JOINT RESOLUTION Amending the Act of July 14, 1900, to extend the time within which the United States Constitution One Hundred and Seventy-fifth Anniversary Commission shall report to Congress and including certain amendments relating to housing. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That section 5 of the joint U. S. Constituresolution entitled "Joint resolution providing for the preparation tion, anniverand completion of plans for a comprehensive observance of the one sary. hundred and seventy-fifth anniversary of the formation of the Con- Report to Constitution of the United States", approved July 14, 1960 (Public Law ress, extension. 86-650), is amended to read as follows: 74 Stat. 508. "SEC. 5. The Commission shall report to Congress on its activities (including, but not limited to, its recommendations for legislation) 74 STAT. 1027. not later than January 3, 1961." 74 STAT. 1028. SEO. 2. (a) Section 2(a) of the National Housing Act is amended Housing amendby (1) striking out "1960" and inserting in lieu thereof "1961", and ments. (2) striking out the last sentence of the first paragraph thereof. 73 Stat. 654. (b) Section 401 (d) of the Housing Act of 1950 is amended by strik- 12 USC 1703. ing out "$1,175,000,000", "$125,000,000", and "$50,000,000" and inserting in lieu thereof "$1,675,000,000", "$175,000,000", and "$100,000,000", respectively. 73 Stat. 681. (c) Section 203 (a) of the Housing Amendments of 1955 is amended 69 Stat. 643. by striking out "$100,000,000" and inserting in lieu thereof "$150,- 42 USC 1493. 000,000". Approved September 14, 1960. כם Public Law 87-27 87th Congress, S. 1 May 1, 1961 AN ACT To establish an effective program to alleviate conditions of substantial and persistent unemployment and underemployment in certain economically distressed areas. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may Area Redevelopbe cited as the "Area Redevelopment Act". URBAN RENEWAL SEC. 14. Title I of the Housing Act of 1949, as amended, is amended by adding at the end thereof the following new section: "REDEVELOPMent areas unDER THE AREA REDEVELOPMEnt act "SEC. 113. (a) Whenever the Secretary of Commerce certifies to the Administrator (1) that any county, city, or other municipality (in this section referred to as a 'municipality') is situated in an area designated under section 5 of the Area Redevelopment Act as a redevelopment area, and (2) that there is a reasonable probability that with assistance provided under such Act and other undertakings the area will be able to achieve more than temporary improvement in its economy, the Administrator is authorized to provide financial assistance to a local public agency in any such municipality under this title and the provisions of this section. ment Aot. 63 Stat. 413 42 USC 14501463. "(b) Subject to the provisions of subsection (e) of this section, the Administrator may provide such financial assistance under this section without regard to the requirement or limitations of section 110(c) that the project area be predominantly residential in character 70 Stat. 1097. or be redeveloped for predominantly residential uses under the urban 42 USC 1460. renewal plan, and without regard to any of the limitations of that section on the undertaking of projects for predominantly nonresidential uses. "(c) Notwithstanding any other provision of this title, a contract for financial assistance under this section may include provisions permitting the disposition of any land in the project area designated under the urban renewal plan for industrial or commercial uses to any public agency or nonprofit corporation for subsequent disposition as promptly as practicable by such public agency or corporation for the redevelopment of the land in accordance with the urban renewal plan: Provided, That any disposition of such land to such public agency or corporation under this section shall be made at its fair value for uses in accordance with the urban renewal plan: And provided further, That only the purchaser from or lessees of such public agency or corporation, and their assignees, shall be required to assume the obligations relating to the commencement of improvements imposed under section 105 (b) hereof. 63 Stat. 416. "(d) Following the execution of any contract for financial assist- 42 USC 1455. ance under this section with respect to any project, the Administrator may exercise the authority vested in him under this section as well as other provisions of this title for the completion of such projects, notwithstanding any determination made after the execution of such contract that the area in which the project is located is no longer a redevelopment area under the Area Redevelopment Act. |