Page images
PDF
EPUB

1

2

3

4

5

6

7

2

(2) by striking out "$12,000" in subparagraph (2) (i) and inserting "$15,000" in lieu thereof;

(3) by striking out "three-quarters of" in subparagraph (2) (iv);

(4) by inserting after paragraph (3) a new paragraph as follows:

"(4) The security for any home improvement loan in

8 sured under this subsection may include a second mortgage 9 in any case where there is outstanding a first mortgage on 10 the property to be improved."; and

11

12

23

13

14

(5) by adding at the end thereof a new paragraph

as follows:

"(12) (A) The Secretary is authorized to make, and

contract to make, interest subsidy payments to the holder 15 of any home improvement loan insured after the date of

[blocks in formation]

enactment of this paragraph under this subsection, if—

"(i) the loan is made to an individual or family (hereinafter referred to as the 'borrower') to effect improvements in a one- to four-family dwelling in which

the borrower has his principal residence; and

"(ii) the estimated value of the property, as determined by the Secretary, after the proposed improvements are made will not exceed $30,000 in the case

of a property upon which there is situated a one-family

3

1

dwelling; $40,000 in the case of a two-family dwell

2

3

ing; $52,500 in the case of a three-family dwelling; or

$60,000 in the case of a four-family dwelling.

4 "(B) Interest subsidy payments under this paragraph 5 (12) shall be equal to an amount representing the difference 6 between the amount which the borrower would be required 7 to pay on his home improvement loan if the loan bore in8 terest at the rate in effect for such loan, plus three-eighths 9 of 1 per centum per annum, and the amount which the 10 borrower would be required to pay on such loan if the in11 terest rate applicable thereto was 54 per centum per annum. "(C) The Secretary shall condition the making of in13 terest subsidy payments with respect to any home improve14 ment loan upon the submission of proof satisfactory to him 15 that no charges or discounts in the nature of points have 16 been demanded or received in connection with the making of 17 such loan."

12

18

SEC. 2. Section 203 (k) of the National Housing Act is

19 amended

[ocr errors]

23

(1) by inserting "(1)" after "(k)"; and

(2) by adding at the end thereof a new paragraph

as follows:

"(2) The Secretary is further authorized to make, and

24 contract to make, interest subsidy payments to the holder of

4

1

any

home improvement loan insured after the date of enact

2 ment of this paragraph under this subsection in accordance

3 with the provisions of paragraph (12) of section 220 (h).”

4

5

SEC. 3. There are authorized to be appropriated such

sums as may be necessary to enable the Secretary of Hous6 ing and Urban Development to make interest subsidy pay

7

9

ments under contracts entered into under sections 203 (k)

(2) and 220 (h) (12) of the National Housing Act. The

aggregate amount of contracts to make such payments shall 10 not exceed amounts approved in appropriation Acts, and

11

12

13

payments pursuant to such contracts shall not exceed $60,000,000 during the first year of such contracts prior to

July 1, 1972, which amount shall be increased by an addi14 tional $60,000,000 during the first year of an additional 15 number of such contracts on July 1 of each of the years 16 1972 and 1973.

92D CONGRESS 1ST SESSION

S. 1859

IN THE SENATE OF THE UNITED STATES

MAY 13, 1971

Mr. JAVITS introduced the following bill; which was read twice and referred to the Committee on Banking, Housing and Urban Affairs

A BILL

To amend the Housing and Urban Development Act of 1970 to provide a more effective approach to the problem of developing and maintaining a rational relationship between building codes and related regulatory requirements and building technology in the United States, and to facilitate urgently needed cost-saving innovations in the building industry, through the establishment of an appropriate nongovernmental instrument which can make definitive technical findings, insure that the findings are made available to all sectors of the economy, public and private, and provide an effective method for encouraging and facilitating Federal, State, and local acceptance and use of such findings.

1

Be it enacted by the Senate and House of Representa

2 tives of the United States of America in Congress assembled,

2

1 That the Housing and Urban Development Act of 1970

2 is amended by adding at the end thereof the following new

3 title:

4 "TITLE X-NATIONAL INSTITUTE OF BUILDING

5

6

7

SCIENCES

"SHORT TITLE

"SEC. 1001. This title may be cited as the 'Building

8 Sciences Act of 1971'.

9

10

"FINDINGS AND DECLARATION OF POLICY

"SEC. 1002. (a) The Congress finds: (1) that the 11 lack of an authoritative national source to make findings 12 and to advise both the public and private sectors of the 13 economy with respect to the use of building science and 14 technology in achieving nationally acceptable standards and 15 other technical provision for use in Federal, State, and 16 local housing and building regulations is an obstacle to 17 efforts by and imposes severe burdens upon all those who 18 procure, design, construct, use, operate, maintain, and re19 tire physical facilities, and frequently results in the failure 20 to take full advantage of new and useful developments in 21 technology which could improve our living environment; 22 (2) that the establishment of model building codes or of 23 a single national building code will not completely resolve 24 the problem because of the difficulty at all levels of govern25 ment in updating their housing and building regulations to

« PreviousContinue »