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Lantaff, Hon. William C., a Representative in Congress from the
McAllister, Walter W., Chairman, Home Loan Bank Board
Murray, William E., representing Florida Sun Deck Homes Co.,
Paul, Lt. Gen. Willard S. (retired), assistant to the Director for Non-
Rouse, James W., Baltimore, Md., on behalf of Mortgage Bankers
Shishkin, Boris, secretary of the housing committee, American Federa-
Wellman, Charles A., executive vice president, Glendale Federal
Winston, Oliver C., president, National Association of Housing and
Comparative Costs of a Standard House, article from Insured Mort-
gage Portfolio, 1953, by Curt C. Mack, FHA Assistant Commis-
Cost of interest charges under proposed section 221 program, sub-
"Easy Money” Comes Back-Dollars Abundant, but Borrowing
Slow, article from U. S. News & World Report, of February
Farm housing program data, from inception of program through
Housing units (nonfarm), under $7,000.-
Proposed FNMA changeover-Government supervised-
Government financed in 10 years to Government super-
Additional data submitted to the committee-Continued
Prospective FNMA operations (charts)-Continued
National Housing Conference, letter of March 19, 1954, signed Edward
F. Barry, in answer to questions asked by members of the committee
life-insurance company views.--
States and Territories having legislation authorizing slum clearance
and urban redevelopment projects.
as of December 31, 1953.-
and parks in National Housing Act--
Basic facts on trailer coach mobile home industry and market
Questions and answers concerning proposed legislation for mobile
Treasury Department, statement of, to Hon. Wright Patman.
HOUSING ACT OF 1954
TUESDAY, MARCH 2, 1954
HOUSE OF REPRESENTATIVES,
Washington, D. C. The committee met at 10 a. m., Hon. Jesse P. Wolcott (chairman) presiding
Present: Chairman Wolcott (presiding), Messrs. Talle, Kilburn, McDonough, Widnall, Betts, George, Mumma, McVey, Oakman, Hiestand, Stringfellow, Van Pelt, Spence, Brown, Patman, Multer, Deane, O'Brien, Addonizio, Dollinger, Bolling, Barrett, and O'Hara.
The CHAIRMAN. The committee will come to order.
We have met this morning to begin hearings on H. R. 7839, a bill to aid in the provision and improvement of housing, the elimination and prevention of slums, and the conservation and development of urban communities. (The bill is as follows:)
[H. R. 7839, 83d Cong., 2d sess.) A BILL To aid in the provision and improvement of housing, the elimination and prevention
of slums, and the conservation and development of urban communities Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That this Act may be cited as the “Housing Act of 1954".
TITLE I-FEDERAL HOUSING ADMINISTRATION
AMENDMENTS OF TITLE I OF NATIONAL HOUSING ACT
SEC. 101. Section 2 (b) of the National Housing Act, as amended, is hereby amended
(1) by striking out clause numbered (1) and inserting the following: “(1) if the amount of such loan, advance of credit, or purchase exceeds $3,000";
(2) by striking out of clause numbered (2) the words “three years" and inserting “five years”; and
(3) by striking out of the first proviso "$10,000 and having a maturity not in excess of seven years” and inserting “$10,000 or $1,500 per family unit,
whichever is the greater, and having a maturity not in excess of ten years". SEC. 102. Section 2 (f) of said Act, as amended, is hereby amended by adding the following at the end thereof : "The account heretofore established in conDection with insurance operations under this section and identified in the accounting records of the Federal Housing Administration as the Title I Claims Account shall be terminated as of June 30, 1954, at which time all of the remaining assets of such account, together with deposits therein for the account of obligors, shall be transferred to and merged with the account established pursuant to this subsection. Moneys in the account established pursuant to this subsection not needed for the current operations of the Federal Housing Administration may be invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States."
Sec. 103. Section 8 of said Act, as amended, is hereby amended by striking the period at the end of subsection (a) and inserting a colon and the following: "And
provided further, That no mortgage shall be insured under this section after the effective date of the Housing Act of 1954, except pursuant to a commitment to insure issued on or before such date."
AMENDMENTS OF TITLE II OF NATIONAL HOUSING ACT
SEC. 104. Section 203 (b) (2) of said Act, as amended, is hereby amended to read as follows:
“(2) Involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Commissioner shall approve) in an amount not to exceed $20,000 in the case of property upon which there is located a dwelling designed principally for a one- or two-family residence; or $27,500 in the case of a three-family residence; or $35,000 in the case of a four-family residence; and not to exceed an amount equal to the sum of (i) 95 per centum of $8,000 of the appraised value (as of the date the mortgage is accepted for insurance), and (ii) 75 per centum of such value in excess of $8,000 : Provided, That the mortgagor shall have paid on account of the property at least 5 per centum (or such larger amount as the Commissioner may determine) of the Commissioner's estimate of the cost of acquisition in cash or its equivalent: And provided further, That such mortgage shall not involve a principal obligation exceeding the maximum amount prescribed by the provisions of this section 203 in effect prior to the effective date of the Housing Act of 1954, unless the President, pursuant to section 201 of the Housing Act of 1954 has authorized a greater maximum amount, in which event such principal obligation shall not exceed such greater maximum amount."
Sec. 105. Section 203 (b) (3) of said Act, as amended, is hereby amended to read as follows:
“(3) Have a maturity satisfactory to the Commissioner, but not to exceed, in any event, thirty years from the date of the insurance of the mortgage: Provided, That the maturity of any such mortgage shall not exceed the maximum maturity prescribed therefor by the provisions of this section 203 in effect prior to the effective date of the Housing Act of 1954, unless the President, pursuant to section 201 of the Housing Act of 1954, has authorized a greater maturity, in which event the maturity of such mortgage shall not exceed such greater maturity."
SEC. 106. Section 203 (b) (5) of said Act, as amended, is hereby amended to read as follows:
“(5) Bear interest (exclusive of premium charges for insurance, and service charges if any) at not to exceed 5 per centum per annum on the amount of the principal obligation outstanding at any time, or not to exceed such per centum per annum not in excess of 6 per centum as the Commissioner finds necessary to meet the mortgage market.”
SEC. 107. Section 203 (c) of said Act, as amended, is amended by striking out of the second sentence the word “Provided" and inserting: "Provided, That debentures presented in payment of premium charges shall represent obligations of the particular insurance fund to which such premium charges are to be credited: Provided further."
SEC. 108. Section 203 (d) of said Act, as amended, is hereby amended by striking the period at the end thereof and inserting a colon and the following: "And provided further, That no mortgage shall be insured pursuant to this subsection after the effective date of the Housing Act of 1954, except pursuant to a commitment to insure issued on or before such date."
SEC. 103. Subsections (f) and (s) of section 203 of said Act, as amended, are hereby repealed.
Sec. 110. Section 203 of said Act, as amended, is hereby further amended by adding the following new subsection at the end thereof:
“(h) Notwithstanding any other provision of this section, the Commissioner is authorized to insure any mortgage which does not involve a principal obligation in excess of $7,000 or in excess of 100 per centum of the appraised value of a property upon which there is located a dwelling designed principally for a single-family residence, where the mortgagor is the owner and occupant and establishes (to the satisfaction of the Commissioner) that his home which he occupied as an owner or as a tenant was destroyed or damaged to such an extent that reconstruction is required as a result of a flood, fire, hurricane, earthquake, storm, or other catastrophe which the President, pursuant to section 2 (a) of the Act entitled 'An Act to authorize Federal assistance to States and local governments in major disasters and for other purposes' (Public Law 875, Eightyfirst Congress, approved September 30, 1950), as amended, has determined to be a major disaster."