79 STAT. 507. (3) by striking out the proviso in subsection (j) and inserting in lieu thereof the following: ": Provided, That wherever the words 'Fund' or 'Mutual Mortgage Insurance Fund' appear in section 204, such reference shall refer to the General Insurance 52 Stat. 12. Fund with respect to mortgages insured under this section". 12 USC 1710. (x) Section 903 of such Act is amended by striking out "the Na- 65 Stat. 296. tional Defense Housing Insurance Fund" each place it appears in sub- 12 USC 1750b. section (a) and inserting in lieu thereof "the General Insurance Fund". (y) Section 904 of such Act is amended (1) by striking out "the National Defense Housing Insurance Fund" each place it appears in subsections (c) and (d) and inserting in lieu thereof "the General Insurance Fund"; and (2)by striking out all of subsection (e) which follows "of this Act" and inserting in lieu thereof a period. (z) Section 908 of such Act is amended (1) by striking out "the National Defense Housing Insurance Fund" in subsection (b)(1) and inserting in lieu thereof "the General Insurance Fund"; (2) by striking out all of subsection (d) which follows "of this Act" and inserting in lieu thereof a period; and (3) by striking out subsection (f) and inserting in lieu thereof the following: 12 USC 17500. 12 USC 1750g. "(f) The provisions of section 207(k) and section 207 (1) of this Act 52 Stat. 16. shall be applicable to mortgages insured under this section and to 12 USC 1713. property acquired by the Commissioner hereunder, except that, as applied to such mortgages and property, the reference therein to subsection (g) shall be construed to refer to subsection (c) of this section." (aa) Sections 219, 602, 605, 710, 802, 804, 902, and 905 of such Act Repeals. are repealed. (bb) Section 1 of such Act is amended by striking out "titles II, 12 USC 1702. IHI, VI, VII, VIII, and IX", each place it appears, and inserting in lieu thereof "titles II, III, V, VI, VII, VIII, IX, and X". REPEAL OF SPECIAL PROVISION IN URBAN MASS TRANSPORTATION ACT SEC. 1109. Section 9 of the Urban Mass Transportation Act of 1964 78 Stat. 306. is amended by striking out subsection (c) and redesignating subsec- 49 USC 1608. tions (d), (e), and (f) as subsections (c), (d), and (e), respectively. SAVINGS AND LOAN ASSOCIATIONS SEC. 1110. (a) Section 5(c) of the Home Owners' Loan Act of 1933 48 Stat. 132. is amended by adding at the end of the first paragraph a new sentence 12 USC 1464. as follows: "Structures or parts thereof designed or used as fraternity or sorority houses which include sleeping accommodations for students of a college or university, or designed or used principally for the provision of living accommodations for persons who are students, employees, or members of the staff of a college, university, or hospital, shall be considered, subject to such regulations as the Board may prescribe, 'other dwelling units' for the purposes of this subsection." (b) The ninth paragraph of section 5 (c) of such Act is amended by 78 Stat. 805. striking out "fifteen years" and inserting in lieu thereof "ten years". (c) Section 5(c) of such Act is further amended by adding at the end thereof (after the new paragraph added by section 201(b) (3) of this Act) the following new paragraph: "No building and loan association incorporated under the laws of the District of Columbia or organized in such District or doing business in such District shall establish any branch or move its principal 79 STAT. 508. 48 Stat. 1258. 12 USC 1727. office or any branch without the prior written approval of the Federal Home Loan Bank Board, and no other building and loan association shall establish any branch in such District or move its principal office or any branch in such District without such approval. As used in the sentence next preceding, 'branch' means any office, place of business, or facility, other than the principal office as defined by the Board, of a building and loan association at which accounts are opened or payments thereon are received or withdrawals therefrom are paid, or any other office, place of business, or facility of a building and loan association defined by the Board as a branch within the meaning of such sentence, and as used in such sentence and in this sentence building and loan association' means any incorporated or unincorporated building, building or loan, building and loan, savings and loan, or homestead association or cooperative bank." (d) Section 404 of the National Housing Act is amended by adding at the end thereof the following new subsection: "(h) (1) Each insured institution shall make such deposits in the Corporation as may from time to time be required by call of the Federal Home Loan Bank Board. Any such call shall be calculated by applying a specified percentage, which shall be the same for all insured institutions, to the total amount of all withdrawable or repurchasable shares, investment certificates, and deposits in each insured institution. No such call shall be made unless such Board determines that the total amount of such call, plus the outstanding deposits previously made pursuant to such calls, does not exceed 1 per centum of the total amount of all withdrawable or repurchasable shares, investment certificates, and deposits in all insured institutions. For the purposes of this subsection, the total amounts hereinabove referred to shall be determined or estimated by such Board or in such manner as it may prescribe. "(2) The Corporation, in accordance with such regulations as it may prescribe, shall credit as of the close of each calendar year, to cach deposit outstanding at such close, a return on the outstanding balance, as determined by the Corporation, of such deposit during such calendar year, at a rate equal to the average annual rate of return, as determined by the Corporation, to the Corporation during the year ending at the close of November 30 of such calendar year, on the investments held by the Corporation in obligations of, or guaranteed as to principal and interest by, the United States. "(3) The Corporation in its discretion may at any time repay all such deposits, or repay pro rata a portion of each of such deposits, in such manner and under such procedure as the Corporation may prescribe by regulation or otherwise. Any procedure for such pro rata repayment may provide for total repayment of any deposit, if total repayment of any and all deposits of equal or smaller amount is likewise provided for. "(4) The provisions of subsection (f) of this section and of the last sentence of subsection (e) of this section shall be applicable to deposits under this subsection, and for the purposes of this subsection the references in such subsection (f) and such last sentence to the prepayments and the pro rata shares therein mentioned shall be deemed instead to be references respectively to the deposits under this subsection and the pro rata shares of the holders thereof, and the references in such subsection (f) to that subsection (except the last such reference) and to subsection (d) of this section shall be deemed instead to be references to this subsection." FEDERAL RESERVE ACT 79 STAT. 509. SEC. 1111. Section 24 of the Federal Reserve Act is amended by 76 Stat. 663. striking out "eighteen months", wherever it appears in the third para- 12 USC 371. graph, and inserting in lieu thereof "twenty-four months". REPAYMENT OF CERTAIN PLANNING GRANTS SEC. 1112. Notwithstanding any other provision of law, no advance made under section 501 of Public Law 458, Seventy-eighth Congress; 58 Stat. 791. Public Law 352, Eighty-first Congress; or section 702, Housing Act of 50 USC app.1671. 1954, Public Law 560, Eighty-third Congress, for the planning of any 63 Stat. 841. public works project shall be required to be repaid if construction of 40 USC 451-458. such project has been heretofore or is hereafter initiated as a result 69 Stat. 641. of a grant-in-aid made from an allocation made by the President under 40 USC 462. the Public Works Acceleration Act. STUDY CONCERNING RELIEF OF HOMEOWNERS IN PROXIMITY TO AIRPORTS SEC. 1113. The Housing and Home Finance Administrator shall undertake a study to determine feasible methods of reducing the economic loss and hardship suffered by homeowners as the result of the depreciation in the value of their properties following the construction of airports in the vicinity of their homes, including a study of feasible 76 Stat. 541. 42 USC 2641 note. methods of insulating such homes from the noise of aircraft. Find- Report to Presings and recommendations resulting from such study shall be reported ident and Conto the President for transmission to the Congress at the earliest practi- gress. cable date, but in no event later than one year after the date of the enactment of this Act. Approved August 10, 1965. LEGISLATIVE HISTORY: HOUSE REPORTS: No. 365 (Comm. on Banking & Currency) and No. 679 (Comm. of Conference). SENATE REPORT No. 378 accompanying S. 2213 (Comm. on Banking & Currency). CONGRESSIONAL RECORD, Vol. 111 (1965): June 28, 29: Considered in House. June 30: Considered and passed House. July 14: S. 2213 considered in Senate. July 15: Considered and passed Senate, amended, lin lieu of S.2213. July 27: House agreed to conference report. 89th Congress, H. R. 6927 An Act 79 STAT, 667 To establish a Department of Housing and Urban Development, 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 "Department of Housing and Urban Development Act". DECLARATION OF PURPOSE SEC. 2. The Congress hereby declares that the general welfare and security of the Nation and the health and living standards of our people require, as a matter of national purpose, sound development of the Nation's communities and metropolitan areas in which the vast majority of its people live and work. To carry out such purpose, and in recognition of the increasing importance of housing and urban development in our national life, the Congress finds that establishment of an executive department is desirable to achieve the best administration of the principal programs of the Federal Government which provide assistance for housing and for the development of the Nation's communities; to assist the President in achieving maximum coordination of the various Federal activities which have a major effect upon urban community, suburban, or metropolitan development; to encourage the solution of problems of housing, urban development, and mass transportation through State, county, town, village, or other local and private action, including promotion of interstate, regional, and metropolitan cooperation; to encourage the maximum contributions that may be made by vigorous private homebuilding and mortgage lending industries to housing, urban development, and the national economy; and to provide for full and appropriate consideration, at the national level, of the needs and interests of the Nation's communities and of the people who live and work in them. Department of Urban Develop- ESTABLISHMENT OF DEPARTMENT SEC. 3. (a) There is hereby established at the seat of government an executive department to be known as the Department of Housing and Urban Development (hereinafter referred to as the "Depart ment"). There shall be at the head of the Department a Secretary Appointment of of Housing and Urban Development (hereinafter referred to as the Secretary. "Secretary"), who shall be appointed by the President by and with the advice and consent of the Senate. The Department shall be administered under the supervision and direction of the Secretary. The Secretary shall receive compensation at the rate now or hereafter prescribed by law for the heads of executive departments. (b) The Secretary shall, among his responsibilities, advise the Duties. President with respect to Federal programs and activities relating to housing and urban development; develop and recommend to the President policies for fostering the orderly growth and development of the Nation's urban areas; exercise leadership at the direction of the President in coordinating Federal activities affecting housing and urban development; provide technical assistance and information, including a clearinghouse service to aid State, county, town, village, or other local governments in developing solutions to community and metropolitan development problems; consult and cooperate with State Governors and State agencies, including, when appropriate, holding informal public hearings, with respect to Federal and State programs 79 STAT. 668 Under Secretary. taries. Federal Housing Assistant Seoretary for Administration. Director of for assisting communities in developing solutions to community and metropolitan development problems and for encouraging effective regional cooperation in the planning and conduct of community and metropolitan development programs and projects; encourage comprehensive planning by the State aud local governments with a view to coordinating Federal, State, and local urban and community development activities; encourage private enterprise to serve as large a part of the Nation's total housing and urban development needs as it can and develop the fullest cooperation with private enterprise in achieving the objectives of the Department; and conduct continuing comprehensive studies, and make available findings, with respect to the problems of housing and urban development. (c) Nothing in this Act shall be construed to deny or limit the benefits of any program, function, or activity assigned to the Department by this or any other Act to any community on the basis of its population or corporate status, except as may be expressly provided by law. UNDER SECRETARY AND OTHER OFFICERS AND OFFICES SEC. 4. (a) There shall be in the Department an Under Secretary, four Assistant Secretaries, and a General Counsel, who shall be appointed by the President by and with the advice and consent of the Senate, who shall receive compensation at the rate now or hereafter provided by law for under secretaries, assistant secretaries, and general counsels, respectively, of executive departments, and who shall perform such functions, powers, and duties as the Secretary shall prescribe from time to time. There shall be in the Department a Federal Housing Commissioner, who shall be one of the Assistant Secretaries, who shall head a Federal Housing Administration within the Department, who shall have such duties and powers as may be prescribed by the Secretary, and who shall administer, under the supervision and direction of the Secretary, departmental programs relating to the private mortgage market. (b) There shall be in the Department an Assistant Secretary for Administration, who shall be appointed, with the approval of the President, by the Secretary under the classified civil service, who shall perform such functions, powers, and duties as the Secretary shall prescribe from time to time, and whose annual rate of compensation shall be the same as that now or hereafter provided by or pursuant to law for assistant secretaries for administration of executive departments. (c) There shall be in the Department a Director of Urban Program Coordination, who shall be designated by the Secretary. He shall assist the Secretary in carrying out his responsibilities to the President with respect to achieving maximum coordination of the programs of the various departments and agencies of the Government which have a major impact on community development. In providing such assistance, the Director shall make such studies of urban and community problems as the Secretary shall request, and shall develop recommendations relating to the administration of Federal programs affecting such problems, particularly with respect to achieving effective cooperation among the Federal, State, and local agencies concerned. Subject to the direction of the Secretary, the Director shall, in carrying out his responsibilities, (1) establish and maintain close liaison with the Federal departments and agencies concerned, and (2) consult with State, local, and regional officials, and consider their recommendations with respect to such programs. |