Military Rental Housing: Hearings Before the Committee on Banking and Currency, House of Representatives, Eighty-first Congress, First Session on H.R. 4491, a Bill to Encourage Construction of Rental Housing on Or in Areas Adjacent to Army, Navy, Marine Corpos and Air Force Installations, and for Other Purposes (superseded by S. 1184), May 20 and June 6, 1949

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U.S. Government Printing Office, 1949 - 41 pages
Considers legislation to establish a program for private construction of rental housing for military personnel near certain military bases.

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Page 4 - ... in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such obligations.
Page 4 - Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. Debentures so purchased shall be canceled and not reissued.
Page 4 - Fund, which shall be primarily liable therefor, and they shall be fully and unconditionally guaranteed as to principal and interest by the United States, and such guaranty shall be expressed on the face of the debentures.
Page 5 - Defense, the Secretary of the Army, the Secretary of the Navy, and the Secretary of the Air Force...
Page 4 - ... (c) Debentures issued under this section shall be in such form and denominations in multiples of $50, shall be subject to such terms and conditions, and shall include such provisions for redemption, if any, as may be prescribed by the Administrator with the approval of the Secretary of the Treasury, and may be in coupon or registered form.
Page 4 - Any and all notes, debentures, bonds, or other such obligations issued by the corporation shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority.
Page 4 - ... (e) Any contract of insurance heretofore or hereafter executed by the Commissioner under this title shall be conclusive evidence of the eligibility of the mortgage for insurance, and the validity of any contract of insurance so executed shall be incontestable in the hands of an approved mortgagee from the date of the execution of such contract, except for fraud or misrepresentation on the part of such approved mortgagee.
Page 1 - rental housing" means housing, the occupancy of which is permitted by the owner thereof in consideration of the payment of agreed charges, whether or not, by the terms of the agreement, such payment over a period of time will entitle the occupant to the ownership of the premises or space in a trailer court or park properly arranged and equipped to accommodate trailer coach mobile dwellings.
Page 3 - For the purposes of this subsection, the value of the mortgage shall be determined, in accordance with rules and regulations prescribed by the...
Page 5 - Nothing herein shall be construed to exempt the real property of associations from taxation in any state or in any sub-division thereof to the same extent, according to its value, as other real property is taxed.

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