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To extend for one year the authority to insure mortgages under sections 809 and 810 of the National Housing Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the last proviso Armed Services. in section 803 (a) of the National Housing Act is amended

Housing mort

(1) by striking out "under this title" and inserting in lieu gage insurance, thereof "under this section"; and

extension.

(2) by striking out "under section 803 of this title" and 63 Stat. 571; inserting in lieu thereof "under this section".

75 Stat. 111. 12 USC 1748b.

SEC. 2. Section 809 (f) of the National Housing Act is amended by 70 Stat. 273. striking out "and the expiration date of the Commissioner's authority 12 USC 1748h-1. to insure", and by adding at the end thereof the following new sentence: "No more mortgages shall be insured under this section after

October 1, 1963, except pursuant to a commitment to insure before such date."

SEC. 3. Section 810(k) of the National Housing Act is amended by 73 Stat. 683. striking out "and the expiration date of the Commissioner's authority 12 USC 1748h-2. to insure", and by adding at the end thereof the following new sentence: "No more mortgages shall be insured under this section after October 1, 1963, except pursuant to a commitment to insure before such date.

Approved August 31, 1962.

(821)

91167 0-62- -53

Public Law 87-676
87th Congress, H. R. 10383
September 19, 1962

An Act

76 STAT. 559.

To amend the Federal Home Loan Bank Act to give Puerto Rico the same treatment as a State in the election of Federal Home Loan Bank Directors.

12 USC 1427.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (e) Puerto Rico. of section 7 of the Federal Home Loan Bank Act, as amended, is Federal Home hereby amended by striking out the last sentence of said subsection and Loan Bank Act, inserting in lieu thereof the following: "The term 'States' or 'State' as amendment. used in this section shall mean the States of the Union, the District 75 Stat. 487. of Columbia, and the Commonwealth of Puerto Rico. The Board, "states" or by regulation or otherwise, may add an additional elective director- "state." ship to the board of directors of the bank of any district in which the Commonwealth of Puerto Rico is included at the time such directorship is added and which does not then include five or more States, may fix the commencement and the duration, which shall not exceed two years, of the initial term of any directorship so added, and may fill any such initial term by appointment: Provided, That (1) any directorship added pursuant to the foregoing provisions of this sentence shall be designated by the Board, pursuant to subsection (b) of this section, as representing the members located in the Commonwealth of Puerto Rico, (2) such designation of such directorship shall not be changed, and (3) such directorship shall automatically cease to exist if and when the Commonwealth of Puerto Rico ceases to be included in such district."

Approved September 19, 1962.

(822)

87th Congress, H. R. 12628
September 28, 1962

An Act

To provide additional funds under section 202(a)(4) of the Housing Act of 1959, and to amend title V of the Housing Act of 1949, in order to provide low and moderate cost housing, both urban and rural, for the elderly.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That this Act may Senior Citizens be cited as the "Senior Citizens Housing Act of 1962”.

Housing Act of

SEC. 2. The Congress finds that there is a large and growing need 1962. for suitable housing for older people both in urban and rural areas. Our older citizens face special problems in meeting their housing needs because of the prevalence of modest and limited incomes among the elderly, their difficulty in obtaining liberal long-term home mortgage credit, and their need for housing planned and designed to include features necessary to the safety and convenience of the occupants in a suitable neighborhood environment. The Congress further finds that the present programs for housing the elderly under the Housing and Home Finance Agency have proven the value of Federal credit assistance in this field and at the same time demonstrated the urgent need for an expanded and more comprehensive effort to meet our responsibilities to our senior citizens.

SEC. 3. (a) Section 202 (a) (4) of the Housing Act of 1959 is amended Loans, revolvby striking out "$125,000,000" and inserting in lieu thereof ing fund. "$225,000,000". 73 Stat. 667;

(b) Effective with respect to applications for loans under section 202 75 Stat. 163. of the Housing Act of 1959 made after the date of the enactment of 12 USC 1701q. this Act

(1) section 202 (d) (1) of such Act is amended by striking out "(A)", and by striking ", and (B)" and all that follows and inserting in lieu thereof a period;

(2) section 202 (d) (7) of such Act is amended by striking out all that follows "new structures" and inserting in lieu thereof a period; and

(3) section 202 (d) (8) of such Act is amended by striking out "(A), and by striking out ", and (B)" and all that follows and inserting in heu thereof a period.

SEC. 4. (a) (1) Section 501 of the Housing Act of 1949 is amended

Farm housing,

(A) by striking out the period at the end of subsection (a) and financial assisinserting in lieu thereof the following: ", and (3) to elderly per- tance. sons who are or 'will be the owners of land in rural areas for the 63 Stat. 432. construction, improvement, alteration, or repair of dwellings and 42 USC 1471. related facilities, the purchase of previously occupied dwellings 76 STAT. 670. and related facilities and the purchase of land constituting a mini- 76 STAT. 671. mum adequate site, in order to provide them with adequate dwell

ings and related facilities for their own use.":

(B) by inserting at the end of subsection (b) the following new paragraph:

"(3) For the purposes of this title, the term 'elderly persons' means "Elderly perpersons who are 62 years of age or over."; and

(C) by inserting immediately before the semicolon at the end of clause (1) of subsection (c) the following: ", or that he is an elderly person in a rural area without an adequate dwelling or related facilities for his own use".

sons."

(2) Section 502(a) of such Act is amended by adding at the end Loans for housthereof the following new sentence: "In cases of applicants who are ing on adequate elderly persons, the Secretary may accept the personal liability of any farms.

42 USC 1472.

63 Stat. 432. 42 USC 1471-. 1484.

42 USC 1472.

73 Stat. 667. 12 USC 1701q.

Appropriation.

68 Stat. 591. 12 USC 1709.

person with adequate repayment ability who will cosign the applicant's note to compensate for any deficiency in the applicant's repayment ability."

(b) Title V of the Housing Act of 1949 is amended by adding at the end thereof the following new section:

"DIRECT AND INSURED LOANS TO PROVIDE HOUSING AND RELATED FACILITIES

FOR ELDERLY PERSONS AND FAMILIES IN RURAL AREAS

"SEC. 515. (a) The Secretary is authorized to make loans to private nonprofit corporations and consumer cooperatives to provide rental housing and related facilities for elderly persons and elderly families of low or moderate income in rural areas, in accordance with terms and conditions substantially identical with those specified in section 502; except that

"(1) no such loan shall exceed the development cost or the value of the security, whichever is less;

"(2) such loans shall bear interest at rates determined by the Secretary, not to exceed the maximum rate provided in section 202 (a) (3) of the Housing Act of 1959; and

(3) such a loan may be made for a period of up to fifty years from the making of the loan.

There is authorized to be appropriated not to exceed $50,000,000, which shall constitute a revolving fund to be used by the Secretary in carrying out this subsection.

"(b) The Secretary is authorized to insure and make commitments to insure loans made to any individual, corporation, association, trust, or partnership to provide rental housing and related facilities for elderly persons and elderly families in rural areas, in accordance with terms and conditions substantially identical with those specified in section 502; except that

Agricultural Credit
Insurance Fund.
75 Stat. 309, 308.
7 USC 1929, 1928.
76 STAT. 671.
76 STAT. 672.

Loan authority, expiration date.

"(1) no such loan shall exceed $100,000 or the development cost or the value of the security, whichever is least;

"(2) such loans shall bear interest at rates determined by the Secretary, not to exceed the maximum rate provided in section 203 (b) (5) of the National Housing Act;

"(3) provide for complete amortization by periodic payments within such term as the Secretary may prescribe;

"(4) for insuring such loans, the Secretary shall, utilize the Agricultural Credit Insurance Fund subject to all the provisions of section 309 and the second and third sentences of section 308 of the Consolidated Farmers Home Administration Act of 1961, including the authority in section 309 (f) (1) of that Act to utilize the insurance fund to make, sell, and insure loans which could be insured under this subsection; but the aggregate of the principal amounts of such loans made by the Secretary and not disposed of shall not exceed $10,000,000 outstanding at any one time; and the Secretary may take liens running to the United States though the notes may be held by other lenders; and

"(5) no loan shall be insured under this subsection after June 30, 1964.

"(c) No loan shall be made or insured under subsection (a) or (b) unless the Secretary finds that the construction involved will be undertaken in an economical manner and will not be of elaborate or extravagant design or materials.

"(d) As used in this section

76 STAT. 672.

"(1) the term 'housing' means new or existing housing suitable Definitions. for dwelling use by elderly persons or elderly families;

"(2) the term 'related facilities' includes cafeterias or dining halls, community rooms or buildings, appropriate recreation facilities, and other essential service facilities;

"(3) the term 'elderly persons' means persons who are 62 years of age or over; and the term 'elderly families' means families the head of which (or his spouse) is 62 years of age or over; and

"(4) the term 'development cost' means the costs of constructing, purchasing, improving, altering, or repairing new or existing housing and related facilities and purchasing and improving the necessary land, including necessary and appropriate fees and charges approved by the Secretary.

"(e) Amounts made available pursuant to section 513 of this Act shall be available for administrative expenses incurred under this section."

63 Stat. 438; 75 Stat. 186.

42 USC 1483.

42 USC 1481.

(c) (1) Section 511 of the Housing Act of 1949 is amended— (A) by striking out "section 504 (b)" and inserting in lieu 42 USC 1474. thereof "section 504 (b) or 515(a)"; and

(B) by striking out "$650,000,000" and inserting in lieu thereof "$700,000,000, of which $50,000,000 shall be available exclusively for assistance to elderly persons as provided in clause (3) of section 501 (a)".

Ante, p. 671.

42 USC 1471.

42 USC 1476.

(2) Section 506(a) of such Act is amended by striking out "section 514" each place it appears and inserting in lieu thereof "sections 514 42 USC 1484. and 515".

(3) Section 504 (a) of such Act is amended by striking out "(1) in the form of a loan, or combined loan and grant, in excess of $1,000, or (2) in the form of a grant (whether or not combined with a loan) in excess of $500" and inserting in lieu thereof "in the form of a loan, grant, or combined loan and grant in excess of $1,000”.

(4) Paragraph (12) of section 5200 of the Revised Statutes (12 U.S.C. 84) is amended by inserting "or title V of the Housing Act of 1949," immediately before "shall be subject under this section". Approved September 28, 1962.

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