All 70 Stat. 1113. TITLE VI-MISCELLANEOUS COLLEGE HOUSING SEC. 601. Section 401 (d) of the Housing Act of 1950 is amended 69 Stat. 645. by striking out "$500,000,000" and inserting in lieu thereof 12 USC 1749. "$750,000,000". RESEARCH SEC. 602. (a) The Housing and Home Finance Administrator is authorized and directed to undertake such programs of investigation, analysis, and research as he determines to be necessary and appropriate in the exercise of his responsibilities, including the formulation and carrying out of national housing policies and programs. Without limiting such authority, such programs shall develop and supply data and information on (1) the housing inventory of the Nation and the production, use, and demolition and conversion of residential structures, and such other factors as affect the total supply of housing; (2) mortgage market problems; (3) the extent to which adequate housing is available to the low-income and middle-income families of the Nation through public and private means; (4) housing for elderly persons; (5) residential design, assembly methods, and materials use in relation to cost, utility, and comfort; and (6) characteristics of current and prospective housing market demand. (b) (1) In order to permit the Administrator to carry out the functions vested in him by subsection (a) of this section, he is hereby authorized to enter into contracts with agencies of State and local governments and educational institutions and other nonprofit organizations and into working agreements with departments and independent establishments and agencies of the Federal Government in accordance with paragraph (3) of this subsection: Provided, That the total amount of such contracts and working agreements shall not exceed $500,000 during the fiscal year 1957, which amount shall be increased by further amounts of $1,000,000 on July 1, 1957, and July 1, 1958, respectively. (2) There are hereby authorized to be appropriated out of any money in the Treasury not otherwise appropriated such sums as may be necessary to carry out the purposes of this section, including administrative expenses which are hereby authorized, and amounts necessary to make payments pursuant to contracts or working agreements authorized under subsection (b) (1) of this section. (3) The provisions of the third and fourth sentences of subsection (a) of section 301 of the Housing Act of 1948 and of subsection (c) 63 Stat. 431. of section 502 of such Act shall apply to contracts and appropriations 62 Stat. 1284. pursuant to this section. 12 USC 170le. 12 USC 170lo. (c) The Administrator may disseminate (without regard to the provisions of section 306 of the Penalty Mail Act of 1948 (39 U. S. C. 321n)) any data or information acquired or held under this section, 62 Stat. 1049. including related data and information otherwise available to the Administrator through the operation of the programs and activities of the Housing and Home Finance Agency, in such form as he shall determine to be most useful to departments, establishments, and agencies of the Federal Government or State or local governments, to industry and to the general public. All 70 Stat. 1114. (d) In carrying out the provisions of this section, the Administrator is hereby authorized to request and receive such information or data as he deems appropriate from private individuals, organizations, and other public agencies. Any such information or data shall be used only for the purposes for which it is supplied, and no publication shall be made by the Administrator whereby the information or data furnished by any particular person or establishment can be identified, except with the consent of such person or establishment. (e) Nothing contained in this section shall limit any authority of 63 Stat. 431. the Administrator under title III of the Housing Act of 1948, as 12 USC 1701e- amended, or any other provision of law. 1701f-1. 69 Stat. 642. PUBLIC FACILITY LOANS SEC. 603. Title II of the Housing Amendments of 1955 is amended 42 USC 1491- by adding at the end thereof the following new section: 1495. 68 Stat. 636; 69 Stat.641. "SEC. 206. As used in this title, the term 'States' means the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the Territories and possessions of the United States." HOME OWNERS' LOAN ACT OF 1933 SEC. 604. (a) Section 5 (c) of the Home Owners' Loan Act of 1933 is amended by striking out "$2,500" in the proviso at the end of the second paragraph and inserting in lieu thereof "$3,500". (b) Section 5 (c) of such Act is further amended by striking out "15 per centum" in the first sentence and inserting in lieu thereof "20 per centum". 42 USC 159lo. HOSPITAL CONSTRUCTION SEC. 605. (a) Notwithstanding the provisions of section 104 of the 65 Stat. 295. Defense Housing and Community Facilities and Services Act of 1951, 65 Stat. 305, the authority under section 304 of such Act to make loans or grants, 42 USC 15920. or other payments to public and nonprofit agencies for the construction of hospitals is hereby revived and extended with respect to public and nonprofit agencies which have, prior to June 30, 1953, applied under such section 304 for such loans or grants, or other payments for the construction of hospitals, and have been denied such loans or grants, or other payments solely because of the unavailability of funds for such purpose. Expiration (b) The authority granted by this section shall expire June 30, date. 1958. Appropriation. (c) There is hereby authorized to be appropriated the sum of $5,000,000 for the purposes of this section for each of the fiscal years ending June 30, 1957, and June 30, 1958. FARM HOUSING SEC. 606. (a) The first sentence of section 511 of the Housing Act 63 Stat. 438. of 1949 is amended to read as follows: "The Secretary may issue notes 42 USC 1481. and other obligations for purchase by the Secretary of the Treasury for the purpose of making loans under this title (other than loans 63 Stat. 435. under section 504 (b)). The total principal amount of such notes 42 USC 1474. and obligations issued pursuant to this section during the period beginning July 1, 1956, and ending June 30, 1961, shall not exceed $450,000,000." 63 Stat.438. 42 USC 1482. (b) Section 512 of such Act is amended to read as follows: All 70 Stat. 1115. "CONTRIBUTIONS 42 USC 1473. "SEC. 512. In connection with loans made pursuant to section 503, 63 Stat. 434. the Secretary is authorized to make commitments for contributions aggregating not to exceed $10,000,000 during the period beginning July 1, 1956, and ending June 30, 1961." (c) Clause (b) of section 513 of such Act is amended to read as 63 Stat. 438. follows: "(b) not to exceed $50,000,000 for grants pursuant to section 42 USC 1483. 504 (a) and loans pursuant to section 504 (b) during the period begin ning July 1, 1956, and ending June 30, 1961; and". (d) This section shall take effect as of July 1, 1956. SERVICEMEN'S READJUSTMENT ACT OF 1944 Effective date. SEC. 607. Paragraph (C) of subsection (b) of section 512 of the Servicemen's Readjustment Act of 1944 is amended by striking out 64 Stat. 76; "1957" and inserting in lieu thereof "1958”. Approved August 7, 1956. 66 Stat, 683. 38 USC 6941. Public Law 85-10 March 27, 1957 JOINT RESOLUTION To provide interim assistance, through the Federal National Mortgage Association, in relieving the shortage of funds for home loans, and for other purposes. FNMA borrowing authority. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 303 (d) Housing. of the National Housing Act is amended by adding at the end thereof the following new sentence: "In addition to the preferred stock provided for in the first sentence of this subsection, the Association is 68 Stat. 614. authorized and directed to issue and deliver to the Secretary of the 12 USC 1718. Treasury, and the Secretary of the Treasury is authorized and directed to accept, preferred stock of the Association having an aggregate par value equal to $50,000,000." (b) Section 303 (e) of such Act is amended (1) by striking out "pursuant to subsection (d)" and inserting in lieu thereof "pursuant to the first sentence of subsection (d)", and (2) by adding at the end thereof the following new sentence: "The preferred stock of the Association delivered to the Secretary of the Treasury pursuant to the second sentence of subsection (d) of this section shall be in exchange for a note or notes of the Association, aggregating $50,000,000 in principal amount (and upon which the accrued interest shall have been paid through the date of delivery), held by the Secretary of the Treasury pursuant to the authority contained in section 304 (c)." (c) Section 304 (c) of such Act is amended by striking out all of 12 USC 1719. the second sentence after "or (2)" and inserting in lieu thereof the following: "such purchase would increase the aggregate principal amount of his then outstanding holdings of such obligations under this subsection to an amount greater than $1,350,000,000.” 12 USC 1720. SEC. 2. Section 305 (e) of the National Housing Act is amended 69 Stat. 636. (1) by striking out “$50,000,000" and inserting in lieu thereof "$100,- 71 Stat. 7. 000,000", and (2) by striking out "$5,000,000" and inserting in lieu 71 Stat. 8. thereof "$10,000,000”. 12 USC 1715k. SEC. 3. Section 220 (d) (3) (B) (iii) of the National Housing Act 68 Stat. 598. is amended by striking out in the second proviso thereof "or per family unit, as the case may be," and inserting in lieu thereof "without regard to the number of rooms being less than four, or four or more,”. Approved March 27, 1957. Public Law 85-66 85th Congress, S. J. Res. 115 June 29, 1957 JOINT RESOLUTION 71 Stat. 209. To provide an interim extension for the Voluntary Home Mortgage Credit Program. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That section 610 (a) of 68 Stat. 640. the Housing Act of 1954 is amended by striking out “June 30, 1957" 12 USC 1750JJ. and inserting in lieu thereof "August 15, 1957". Approved June 29, 1957. 85th Congress, H. R. 6659 July 12, 1957 AN ACT To extend and amend laws relating to the provision and improvement of housing, to improve the availability of mortgage credit, and for other purposes. 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 1957”. TITLE I-FHA INSURANCE PROGRAMS LOWER DOWNPAYMENTS FOR SALES HOUSING Housing Act of 1957. Eligibility. 71 Stat. 294. 71 Stat. 295. SEC. 101. (a) Section 203 (b) (2) of the National Housing Act is amended to read as follows: "(2) Involve a principal obligation (including such initial service principal oblicharges, appraisal, inspection, and other fees as the Commissioner gation. shall approve) in an amount not to exceed $20,000 in the case of property upon which there is located a dwelling designed principally (whether or not it may be intended to be rented temporarily for school purposes) 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) 97 per centum (but, in any case where the dwelling is not approved for mortgage insurance prior to the beginning of construction, unless the construction of the dwelling was completed more than one year prior to the application for mortgage insurance, 90 per centum) of $10,000 of the appraised value of the property, as of the date the mortgage is accepted for insurance, (ii) 85 per centum of such value in excess of $10,000 but not in excess of $16,000, and (iii) 70 per centum of such value in excess of $16,000.". (b) Section 203 (b) of such Act is further amended by adding the 12 USC 1709. following paragraphs at the end thereof: "(8) In the case of a mortgagor who is not the occupant of the property, have a principal obligation not in excess of an amount equal to 85 per centum of the amount computed under the provisions of paragraph (2) of this subsection. Single family residence. "(9) Be executed by a mortgagor who shall have paid on account of the property at least 3 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: Provided, That with respect to a mortgage executed by a mortgagor who is sixty years of age or older as of the date the mortgage is endorsed for insurance or with respect to a mortgage meeting the requirements of subsection (i) of this section, the mortgagor's payment required by this subsection may be paid by a corporation or person other than the mortgagor under such terms and conditions as the Commissioner may prescribe.". (c) Section 203 (i) of such Act is amended to read as follows: (i) The Commissioner is authorized to insure under this section Outlying areas. any mortgage meeting the requirements of subsection (b) of this 68 Stat. 592. section, except as modified by this subsection, which involves a principal obligation not in excess of $8,000 and not in excess of 97 per centum of the appraised value of a property located in an area where the Commissioner finds it is not practicable to obtain conformity with many of the requirements essential to the insurance of mortgages on housing in built-up urban areas, upon which there is located a dwelling designed principally for a single-family residence, and which is approved for mortgage insurance prior to the beginning of construc 7 USC 1709. |