to, any business enterprise to aid in financing the purchase, installation, construction, reconstruction, or remodeling of any device, structure, machinery, or equipment used or to be used in connection with the enterprise's business activities where the purchase, installation, construction, reconstruction, or remodeling would (1) substantially reduce the amount of smoke or air pollution or contamination in the community in which the device, structure, machinery, or equipment is located or to be located, or (2) in conjunction with other proposed action in the community, substantially reduce the amount of such smoke, pollution, or contamination.

"(b) No financial assistance shall be extended pursuant to this section unless the financial assistance applied for is not otherwise available on reasonable terms. All securities and obligations purchased and all loans made shall be of such sound value or so secured as reasonably to assure retirement or repayment and such loans shall be made in cooperation with banks or other lending institutions through agreements to participate or by the purchase of participations, or otherwise.

"(c) Loans made pursuant to this section may be made subject to the condition that, if at any time or times or for any period or periods during the life of the loan contract the business enterprise can obtain loan funds from sources other than the Federal Government at interest rates as low as or lower than provided in the loan contract, it may do so with the consent of the Administrator at such times and for such periods without waiving or surrendering any rights to loan funds under the contract for the remainder of the life of such contract, and, in any such case, the Administrator is authorized to consent to a pledge by the business enterprise of the loan contract, and any or all of its rights thereunder, as security for the repayment of the loan funds so obtained from other sources. "(d) The loans shall be repaid within such period, not exceeding twenty years, as may be determined by the Administrator, and shall bear interest at a rate determined by the Administrator which shall be not less than 1 per centum plus the base annual rate which the Secretary of the Treasury shall specify as applicable to the six-month period (beginning with the six-month period ending July 31, 1955) during which the contract for the loans is made: Provided, That such base 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 1 per centum.

"(e) The total amount of investments, loans, purchases, and commitments made pursuant to this section shall not exceed $50,000,000 outstanding at any one time.

"(f) There are hereby authorized to be appropriated such sums as may be necessary to carry out the purposes of this section. Funds made available to the Administrator pursuant to the provisions of this section shall be deposited in a checking account or accounts with the Treasurer of the United States. Receipts and assets obtained or held by the Administrator in connection with the performance of his functions under this section, and all funds available for carrying out the functions of the Administrator under this section, shall be available for any of the purposes of this section, including administrative expenses of the Administrator in connection with the performance of such functions.

"(g) Not more than 10 per centum of the funds provided for in this section in the form of loans shall be made available within any one State.

"(h) In the performance of, and with respect to, the functions, powers, and duties vested in him by this section the Administrator shall (in addition to any authority otherwise vested in him) have the functions, powers, and duties set forth in section 402 (c), except subsection (2), of the Housing Act of 1950."

[S. 1642, 84th Cong., 1st sess.]

A BILL To amend the United States Housing Act of 1937 to establish a program for the housing of elderly persons of low income

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Congress hereby finds and declares that

(1) in many areas of the country there is not an adequate supply of decent, safe, and sanitary housing for elderly persons of low income, available for rents which such persons can afford to pay;

(2) the rents which such persons can afford to pay are not sufficient to enable private enterprise to provide housing for them;

(3) the lack of properly constructed dwelling units designed specifically for elderly persons causes an increase and spread of the communicable and chronic diseases which are characteristic of the elderly, thereby crowding the hospitals with elderly persons under conditions of idleness that inevitably invite further senility;

(4) this situation constitutes a menace to the health, safety, welfare, and comfort of all our people and is detrimental to property values in the areas where it exists; and

(5) the Federal Government should take immediate steps to assist in alleviating this situation by providing housing which is specifically designed for elderly persons of low income.

SEC. 2. The second sentence of section 2 (1) of the United States Housing Act of 1937, as amended, is amended by striking out "The dwellings" and inserting in lieu thereof "Except as otherwise provided in section 32 with respect to housing for elderly persons, the dwellings".

SEC. 3. The United States Housing Act of 1937, as amended, is amended by adding at the end thereof the following new section:

"HOUSING FOR ELDERLY PERSONS

"SEC. 32. (a) For the purpose of increasing the supply of decent, safe, and sanitary housing for elderly persons of low income, available at rents which they can afford to pay, the Commissioner may-

"(1) make loans to public housing agencies to assist the development, acquisition, or administration of low-rent housing reserved for occupancy by elderly persons; and

"(2) make annual contributions to public housing agencies to assist in achieving and maintaining the low-rent character of housing which are reserved for occupancy by elderly persons.

"(b) The provisions of this Act relating to low-rent housing generally shall apply with respect to low-rent housing for elderly persons assisted under subsection (a) of this section, except that with respect to such housing—

"(1) the Commissioner is authorized, with the approval of the President, to enter into contracts for annual contributions aggregating not more than $3,000,000 per annum (which shall be in addition to the contracts for annual contributions authorized by section 10 (e) of this Act or by any other provision of law) in the fiscal year 1956 and in each of the four succeeding fiscal years;

"(2) the Commissioner may authorize the commencement of construction of not to exceed fifty thousand dwelling units (which shall be in addition to the number of dwelling units authorized by section 10 (e) of this Act or by any other provision of law) in the fiscal year 1956 and in each of the four succeeding fiscal years;

"(3) section 10 (g) of this Act (relating to veterans' preferences) shall not be applicable;

"(4) the occupancy of dwelling units in such housing shall be limited to elderly persons of low income (as determined under regulations prescribed by the Commissioner); and

"(5) the dwelling units in such housing shall be available to single persons otherwise eligible as well as to families.

"(c) Low-rent housing assisted under subsection (a) of this section shall be designed specifically for occupancy by elderly persons, and shall be conveniently located, so as to provide to the maximum extent practicable for their comfort and welfare and to aid in alleviating the infirmities characteristic of the elderly.

"(d) Whenever the Commissioner determines that there is an acute shortage of adequate housing for elderly persons of low income in an area in which is

located low-rent housing assisted under section 10 of this Act, he may, under regulations prescribed by him, reconstruct or remodel such housing (or any part thereof) to provide dwelling units reserved and designed specifically for occupancy by elderly persons; and such housing (or part thereof) shall thereafter be deemed, for purposes of subsection (b) of this section, to be low-rent housing assisted under subsection (a) of this section.

"(e) The Commissioner is authorized to include such provisions in contracts made pursuant to section 10 of this Act after the date of the enactment of this section, and to negotiate with the public housing agencies involved such modifications of previously existing contracts made under section 10 of this Act, as may be necessary (1) to permit elderly single persons of low income (as determined under regulations prescribed by the Commissioner) to be admitted to any low-rent housing assisted under such section 10 and (2) to provide, for persons so admitted, conditions for continued occupany similar to those applicable with respect to family tenants."

[S. 1744, 84th Cong., 1st sess.]

A BILL To amend title IV of the Housing Act of 1950, as amended, and thus to further assist educational institutions in providing housing and other essential facilities for their students and faculties

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 401 of title IV of the Housing Act of 1950, as amended, is hereby amended to read as follows:

"SEC. 401. (a) To assist educational institutions in providing housing and other educational facilities for their students and faculties the Administrator may make loans of funds to such institutions for the construction of such facilities: Provided, That (1) no such loan shall be made unless the educational institution shows that it is unable to secure the necessary funds for such construction from other sources upon terms and conditions equally as favorable as the terms and conditions applicable to loans under this title, and (2) no such loan shall be made unless the Administrator finds that the construction will be undertaken in an economical manner, and that it will not be of elaborate or extravagant design or materials.

"(b) Any educational institution which, prior to the date of enactment of this Act, has contracted for housing or other educational facilities may, in connection therewith, receive loans authorized under this title, as the Administrator may determine: Provided, That no such loan shall be made for any housing or other educational facilities, the construction of which was begun prior to the effective date of this Act.

"(c) A loan to an educational institution may be in an amount not exceeding the total development cost of the construction, as determined by the Administrator; shall be secured in such manner and be repaid within such period, not exceeding fifty years, as may be determined by him; and with respect to loan contracts entered into after the date of enactment of the College Housing Amendments of 1955 shall bear interest at a rate determined by the Administrator which shall be not more than the higher of (1) two and three-quarters per centum per annum, or (2) the total of one-quarter of one per centum per annum added to the rate of interest paid by the Administrator on funds obtained from the Secretary of the Treasury as provided in subsection (e) of this section.

"(d) To obtain funds for loans under this title, the Administrator may issue and have outstanding at any one time notes and obligations for purchase by the Secretary of the Treasury in an amount not to exceed $500,000,000: Provided, That the amount outstanding for other educational facilities, as defined herein, shall not exceed $100,000,000.

"(e) Notes or other obligations issued by the Administrator under this title shall be in such forms and denominations, have such maturities, and be subject to such terms and conditions as may be prescribed by the Administrator, with the approval of the Secretary of the Treasury. Such notes or other obligations issued to obtain funds for loan contracts entered into after the effective date of the College Housing Amendments of 1955 shall bear interest at a rate determined by the Secretary of the Treasury which shall be not more than the higher of (1) two and one-half per centum per annum, or (2) the average annual interest rate on all interest-bearing obligations of the United States then forming a part of the public debt as computed at the end of the fiscal year next preceding the issuance by the Administrator and adjusted to the nearest one-eighth of one per

centum. The Secretary of the Treasury is authorized and directed to purchase any notes and other obligations of the Administrator issued under this title and for such purpose is authorized to use as a public-debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of such notes and other obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public-debt transactions of the United States.

"(f) There are hereby authorized to be appropriated to the Administrator such sums as may be necessary, together with loan principal and interest payments made by educational institutions assisted hereunder, for payments on notes or other obligations issued by the Administrator under this section."

SEC. 2. That subsection (c) of section 404 of title IV of the Housing Act of 1950, as amended, is hereby amended to read as follows:

"(c) 'Development cost' means costs of the construction of the housing or other educational facilities and the land on which it is located, including necessary site improvements to permit its use for housing or other educational facilities."

SEC. 3. That section 404 of title IV of the Housing Act of 1950, as amended, is hereby amended by the addition of the following subsection (h):

"(h) Other educational facilities' means (1) new structures of a self-liquidating nature suitable for use as cafeterias or dining halls, students centers or student unions, infirmaries or other inpatient or outpatient health facilities, and for other essential service facilities, and (2) structures of a self-liquidating nature suitable for the above uses provided by rehabilitation, alteration, conversion, or improvement of existing structures which are otherwise inadequate for such uses.'

SEC. 4. This Act may be cited as the "College Housing Amendments of 1955".

[S. 1766, 84th Cong., 1st sess.]

A BILL To amend title IV of the Housing Act of 1950 to make loans available to certain junior colleges to provide housing for students and faculties

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That subsection (a) of section 401 of title IV of the Housing Act of 1950, as amended, is amended to read as follows:

"SEC. 401. (a) To assist in providing housing for students and faculties of educational institutions the Administrator may make loans of funds for the construction of such housing to any such institution or any educational housing corporation. No such loan shall be made unless (1) it is shown to the Administrator's satisfaction that the necessary funds for such housing cannot be procured from other sources upon terms and conditions generally comparable to the terms and conditions applicable to loans under this title, (2) the Administrator finds that the housing will be undertaken in such a manner that economy will be promoted in its construction, and that it will not be of elaborate or extravagant design or materials, and (3) the construction of the housing was commenced subsequent to the effective date of this Act. Any educational institution or educational housing corporation which, prior to the date of enactment of this amendatory section, has contracted for housing may, in connection therewith, receive loans authorized, under this title, as the Administrator may determine. Any such loan may be made 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 six-month period ending December 31, 1953) during which the contract for the loan is approved by the Administrator. 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 1 per centum."

SEC. 2. Section 403 of title IV of the Housing Act of 1950, as amended, is amended by striking out “educational institutions" and inserting in lieu thereof "eligible borrowers."

SEC. 3. (a) Subsection (b) of section 404 of title IV of the Housing Act of 1950, as amended, is amended to read as follows:

"(b) 'Educational institution' means any educational institution offering at least a two-year program acceptable for full credit toward a baccalaureate degree, including (1) any public educational institution, or (2) any private educational institution, no part of the net earnings of which shall inure to the benefit of any private shareholder or individual.”

(b) (1) Section 404 of title IV of such Act is amended by inserting immediately after subsection (b) a new subsection as follows:

"(c) Educational housing corporation' means any educational or philanthropic corporation (no part of the net earnings of which inures to the benefit of any private shareholder or individual) (1) established by any educational institution for the sole purpose of providing housing to students or students and faculty of such institution, and (2) upon dissolution of which all title to any property purchased or built from the proceeds of any loan secured under this title will pass to such institution."

(2) Section 404 of title IV of such Act is further amended by redesignating subsections (c), (d), (e), (f), and (g), as they existed prior to the amendments made by this Act, as (d), (e), (f), (g), and (h), respectively.

[S. 1800, 84th Cong., 1st sess.]

A BILL To extend and clarify laws relating to 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 Amendments of 1955".

FEDERAL HOUSING ADMINISTRATION

SEC. 2. Section 2 (a) of the National Housing Act, as amended, is hereby amended by striking "July 1, 1955" and inserting "July 1, 1960".

SEC. 3. Section 203 (i) of said Act, as amended, is hereby amended by striking ", the total amount of insurance outstanding at any one time under this proviso not to exceed $100,000,000".

SEC. 4. Section 204 (f) of said Act, as amended, is hereby amended by adding the following paragraph at the end thereof:

"Notwithstanding any other provisions of this section, the Commissioner is authorized, with respect to mortgages insured pursuant to commitments for insurance issued on or after July 1, 1955, and, with the consent of the mortgagee or mortgagor, as the case may be, with respect to mortgages insured pursuant to commitments issued prior to such date, to effect the settlement of certificates of claim and refunds to mortgagors at any time after the sale or transfer of title to the property conveyed to the Commissioner under this section and without awaiting the final liquidation of such property for the purpose of determining the net amount to be realized therefrom."

SEC. 5. Said Act, as amended, is hereby amended

(1) by striking clause 1 of section 207 (c) and inserting :

"(1) not to exceed $12,500,000 with respect to any one mortgage instrument and such that the aggregate amount of any commitment or commitments issued and outstanding under this section at any time with respect to a project or projects in the same housing market area and involving the same mortgagor (or mortgagors under substantially the same control, as determined by the Commissioner) shall not exceed $12,500,000, or, if the mortgage is executed by a mortgagor coming within the provisions of clause (b) (1) of this section, such dollar limit with respect to any one mortgage instrument and with respect to the aggregate amount of such commitments shall be $50,000,000 ;";