[S. 2865, 85th Cong., 1st sess.]

A BILL To amend title I of the Housing Act of 1949 to authorize in certain cases financial assistance for community relocation

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That title I of the Housing Act of 1949 is amended by adding at the end thereof a new section as follows:

"COMMUNITY RELOCATION

"SEC. 112. Where the local governing body certifies, and the Administrator finds, that all or any part of an urban area will become flooded by reason of projected Federal, State, or other public works involving the construction of a dam, and that the facilities, structures, and other improvements in such urban area will have to be abandoned and relocated to a new or other site or area, the Administrator is authorized to extend financial assistance under this title for an urban renewal project in such new site or area without regard to the proviso in section 103 (a) or the following:

"(1) The requirements in sections 102 and 110 that the urban renewal area be a slum area or a blighted, deteriorated, or deteriorating area; and "(2) The requirements in section 110 with respect to the predominantly residential development or reuse of nonresidential urban renewal areas."

[S. 2872, 85th Cong., 1st sess.]

A BILL To amend title IV of the National Housing Act, as amended (12 U. S. C. 1726), relating to insurance of savings and loan accounts, and to amend section 5 (i) of the Home Owners' Loan Act of 1933, as amended (12 U. S. C. 1464) relating to termination of insurance of accounts

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (b) of section 403 of title IV of the National Housing Act, as amended, is amended by adding a new sentence thereto as follows: "No securities for issuance and no change of organization shall be approved the effect of which would be to change an insured institution which is a mutual institution so that any security holder or owner thereof would be entitled to more than pro rata earnings or pro rata voting control or more than pro rata claim against the assets, and no such insured institution shall make any such change and remain an insured institution." SEC. 2. Subsection (i) of section 5 of the Home Owners' Loan Act of 1933 is amended by striking out the second paragraph of section 1 of amendment added by the Act of July 3, 1948 (62 Stat. 1240).

SEC. 3. That title IV of the National Housing Act, as amended, be and the same is hereby amended by adding a new subsection to section 403 thereof as follows:

"(e) The Corporation shall reject the application of any applicant if it finds that the applicant is not a mutual thrift and home financing institution of the type provided for in section 5 (a) of the Home Owners' Loan Act of 1933 as amended."

[S. 2992, 85th Cong,, 2d sess.]

A BILL To make certain assistance by a State, municipality, or other public body eligible as local grants-in-aid under section 110 (d) of the Housing Act of 1949

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the requirement in section 110 (d) of the Housing Act of 1949 that the assistance given by a State, municipality, or other public body under that section shall be in connection with a project on which a contract for capital grant has been made under title I of that Act shall not apply to assistance provided during the period from January 1, 1957, through June 30, 1958, in connection with urban renewal activities which, at the time that the assistance was given, had not been extended recognition as a project to be assisted under that title solely because of then existing limitations on the authority of the Housing and Home Finance Administrator to make capital grants under that title or to reserve funds for such purpose.

[S. 3064, 85th Cong., 2d sèss.]

A BILL To amend section 221 (d) (2) 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 section 221 (d) (2) of the National Housing Act is amended to read as follows:

"(2) be secured by property upon which there is located a dwelling conforming to applicable standards prescribed by the Commissioner under subsection (f) of this section, and meeting the requirements of all State laws, or local ordinances or regulations, relating to the public health or safety, zoning, or otherwise, as may be applicable thereto, and shall involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Commissioner shall approve) in an amount (A) not to exceed (i) $9,000 in the case of a property upon which there is located a dwelling designed principally for a single-family residence, except that the Commissioner may by regulation increase this amount to not to exceed $12,000 in any geographical area where he finds that cost levels so require, (ii) $18,000 in the case of a property upon which there is located a dwelling principally designed for two-family residence, except that the Commissioner may by regulation increase this amount to not to exceed $20,000 in any geographical area where he finds that cost levels so require, (iii) $25,000 in the case of a property upon which there is located a dwelling designed principally for a three-family residence, except that the Commissioner may by regulation increase this amount to not to exceed $27,500 in any geographical area where he finds that cost levels so require, (iv) $32,000 in the case of property upon which there is located a dwelling designed principally for a four-family residence, except that the Commissioner may by regulation increase this amount to not to exceed $35,000 in any geographical area where he finds that cost levels so require; and (B) not to exceed the appraised value (as of the date the mortgage is accepted for insurance) of any such property, less such amount, in the case of any mortgagor, as may be necessary to comply with the succeeding provisos : Provided, That if the mortgagor is the owner and an accupant of the property at the time of the insurance, he shall have paid on account of the property at least (i) $200 in the case of a single-family dwelling, (ii) $400 in the case of a two-family dwelling, (iii) $600 in the case of a three-family dwelling, and (iv) $800 in the case of a four-family dwelling, in cash or its equivalent which amount may include amounts to cover settlement costs and initial payments for taxes, hazard insurance, mortgage insurance premium, and other prepaid expenses: Provided further, That nothing contained herein shall preclude the Commissioner from issuing a commitment to insure, and insuring a mortgage pursuant thereto, where the mortgagor is not the owner and an occupant of the property, if the property is to be built or acquired and repaired or rehabilitated for sale, and the insured mortgage financing is required to facilitate the construction, or the repair or rehabilitation, of the dwelling and to provide financing pending the subsequent sale thereof to a qualified owner who is also an occupant thereof, but in such instances the mortgage shall not exceed 85 per centum of the appraised value: And provided further, That the Commissioner shall prescribe such procedures as in his judgment are necessary to secure to families. referred to in subsection (a) above, priorities in occupancy of the remaining units of two-, three-, and four-family dwellings after occupancy of one unit by the owner; or".

[S. 3213, 85th Cong., 2d sess.]

A BILL To increase by $250,000,000 the borrowing authority of the Housing and Home Finance Agency for College Housing loans

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 401 (d) of the Housing Act of 1950, as amended, is amended by striking out "$925,000,000” and inserting in lieu thereof "$1,175,000,000".

[S. 3281, 85th Cong., 2d sess.]

9

A BILL To amend the Housing Act of 1950 in order to provide for loans to colleges and universities for science equipment and facilities

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 401 (d) of the Housing Act of 1950 (12 U. S. C. 1749 (d)) is amended

(1) by striking out "$925,000,000" and inserting in lieu thereof "$1,250,000,000"; and

(2) by striking out the period at the end and inserting in lieu thereof the following: ": Provided further, That the amount outstanding for science facilities, as described in section 404 (h) (2) of this title, shall not exceed $150,000,000.”.

SEC. 2. Section 404 (h) of the Housing Act of 1950 (12 U. S. C. 1749c (h)) is amended

(1) by inserting "(A)" immediately after "(1)";

(2) by striking out “(2)" and inserting in lieu thereof "(B)"; and

(3) by striking out the period at the end and inserting in lieu thereof the following: "; and (2) (A) new structures suitable for use as classrooms, laboratories, and related facilities (including initial equipment, machinery, and utilities) necessary or appropriate for the instruction of students in the physical sciences, mathematics, and engineering, and (B) structures suitable for the above uses provided by rehabilitation, alteration, conversion, or improvement of existing structures which are otherwise inadequate for such uses.".

[S. 3351, 85th Cong., 2d sess.]

A BILL To amend title IV of the Housing Act of 1950 to authorize loans under the college housing loan program for the construction of science buildings and libraries at educational institutions

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 401 (d) of the Housing Act of 1950 is amended

(1) by striking out "$925,000,000" and inserting in lieu thereof “$1,125,000,000"; and

(2) by striking out "$100.000,000" and inserting in lieu thereof "$100,000.000 for facilities described in section 404 (h) (1) and $200,000,000 for facilities described in section 404 (h) (2)".

SEC. 2. Section 404 (h) of the Housing Act of 1950 is amended by inserting “(A)" immediately after "(1)", by striking out "(2)" and inserting in lieu thereof "(B)", and by inserting before the period at the end thereof the following: "; and (2) (A) new structures suitable for use as classrooms, laboratories, and related facilities (including initial equipment, machinery, and utilities) necessary or appropriate for the instruction of students in the physical sciences, mathematics, and engineering, (B) new structures designed and intended for use as libraries, and (C) structures suitable for the uses described in clauses (A) and (B) provided by rehabilitation, alteration, conversion, or improvement of existing structures which are otherwise inadequate for such uses".

[S. 3398. 5th Cong., 2d sess.]

A BILL To amend the Federal National Mortgage Association Charter Act Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 309 (c) of the Federal National Mortgage Association Charter Act is amended by adding at the end thereof the following new sentence: "In computing such equivalent amount, there shall be deducted from the gross income of the Association, with respect to such secondary market operations, all expenses and other deductions which would be authorized by the Federal income tax laws to be deducted if the Association were not exempt from such taxes with respect to such secondary market operations and all amounts paid to the Secretary of the Treasury as a return on his investment in the securities of the Association."

[S. 3399, 85th Cong., 2d sess.]

A BILL To extend and amend laws relating to the provision and improvement of housing and the conservation and development of urban communities, 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 1958".

TITLE I-FHA MORTGAGE INSURANCE

SEC. 101. Section 203 (b) (2) of the National Housing Act is hereby amended by striking out "$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 case of a three-family residence;" and inserting in lieu thereof “$30,000 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-, two-, or three-family residence ;".

SEC. 102. Section 203 (b) (8) of such Act is hereby amended by striking out the period at the end thereof and inserting in lieu thereof a colon and the following: "Provided, That such 85 per centum limitation shall not be applicable if the mortgagor and mortgagee assume responsibility in a manner satisfactory to the Commissioner for the reduction of the mortgage by an amount not less than 15 per centum of the original principal amount thereof in the event the mortgaged property is not, within eighteen months after the insurance of the mortgage, sold to a purchaser acceptable to the Commissioner who is the occupant of the property and who assumes and agrees to pay the mortgage indebtedness."

SEC. 103. (a) Section 207 of such Act is hereby amended by (1) striking out in subsection (b) "(except provisions relating to housing for elderly persons)" and "(except with respect to housing designed for elderly persons, with occupancy preference therefor, as provided in the paragraph following paragraph (3) of subsection (c))"; and (2) striking out in subsection (c) the unnumbered paragraph following paragraph (3).

(b) Title II of such Act is hereby amended by adding the following at the end thereof:

"HOUSING FOR THE ELDERLY

"SEC. 229. (a) The purpose of this section is to assist in relieving the shortage of housing for the elderly and to increase the supply of rental housing for the elderly. For purposes of this section, the term 'housing' shall mean eight or more new or rehabilitated living units specially designed for the use and occupancy of elderly persons; the term 'elderly person' shall mean any person, married or single, who is sixty years of age or more; and the terms 'mortgage', 'mortgagee', 'mortgagor' and 'maturity date' shall have the meanings set forth in section 207 of this Act.

"(b) The Commissioner is authorized to insure any mortgage (including advances on mortgages during construction) in accordance with the provisions of this section upon such terms and conditions as he may prescribe and to make commitments for insurance of such mortgages prior to the date of their execution or disbursement thereon.

"(c) To be eligible for insurance under this section, a mortgage shall

"(1) involve a principal obligation in an amount not to exceed $12,500,000 or, if executed by Federal or State instrumentalities, municipal corporate instrumentalities of one or more States, or nonprofit development or housing corporations restricted by Federal or State laws or regulations of State banking or insurance departments as to rents, charges, capital structure, rate of return, or methods of operation, not to exceed $50,000,000;

"(2) not exceed 90 per centum of the amount which the Commissioner estimates will be the replacement cost of such property or project when the proposed improvements are completed;

"(3) not exceed, for such part of such property or project as may be attributable to dwelling use, $8,100 per dwelling unit: Provided, That the Commissioner, in his discretion, may increase the dollar amount limitation of $8,100 per unit to not to exceed $8,400 per unit to compensate for the higher costs incident to the construction of elevator-type structures and may increase each of the foregoing dollar amount limitations by not to exceed $1,000 per room in any geographical area where he finds that cost levels so require;

"(4) provide for complete amortization by periodic payments within such terms as the Commissioner shall prescribe;

"(5) bear interest (exclusive of premium charges for insurance) at not to exceed 51⁄2 per centum per annum on the amount of the principal obligation outstanding at any time;

"(6) be executed by a financially qualified nonprofit mortgagor acceptable to the Commissioner which may, in the Commissioner's discretion, be regulated or restricted as to rents, sales, charges, capital structure, and methods of operation, and which shall establish to the satisfaction of the Commissioner that preference or priority of occupancy of the mortgaged property shall be given to elderly persons; and

"(7) cover a property or project which shall be specially designed for the use and occupancy of elderly persons in accordance with standards established by the Commissioner and which may include such commercial and community facilities as the Commissioner deems adequate to serve the occupants.

"(d) The Commissioner may consent to the release of a part or parts of the mortgaged property from the lien of any mortgage insured under this section upon such terms and conditions as he may prescribe.

"(e) The provisions of subsections (d), (e), (f), (g), (h), (i), (j), (k), (1), (m), (n), and (p) of section 207 shall apply to mortgages insured under this section and all references therein to section 207 shall refer to this section."

SEC. 104. (a) Section 207 (c) of such Act is hereby amended by striking out "42 per centum" in the first sentence of the second unumbered paragraph following paragraph (3) and inserting in lieu thereof "52 per centum".

(b) The first sentence of section 213 (d) of such Act is hereby amended to read as follows: "Any mortgage insured under this section shall provide for complete amortization by periodic payments within such terms as the Commissioner may prescribe but not to exceed forty years from the beginning of amortization of the mortgage, and shall bear interest (exclusive of premium charges for insurance) at not to exceed 52 per centum per annum on the amount of the principal obligation outstanding at any time, except that individual mortgages insured pursuant to this subsection covering the individual dwellings in the project may bear interest at such per centum per annum not in excess of 6 per centum per annum as the Commissioner finds necessary to meet the mortgage market."

SEC. 105. The first sentence of section 214 of such Act is hereby amended by striking out "mortgage amounts provided in this Act," and inserting in lieu thereof "mortgage amounts (including increased mortgage amounts in geographical areas where cost levels so require) provided in this Act,”.

SEC. 106. Section 217 of such Act is hereby amended by striking out "July 1, 1956," and inserting in lieu thereof "the last preceding July 1 of each year from 1958 through 1962,".

SEC. 107. Section 218 of such Act is hereby repealed.

SEC. 108. (a) Section 220 (d) (3) of such Act is hereby amended to read as follows:

"(3) The mortgage shall—

"(A) involve a principal obligation (including such initial service charges, appraisal, inspection and other fees as the Commissioner shall approve) in an amount not in excess of—

“(i) $30,000 in the case of a property upon which there is located a dwelling designed principally for a one-, two- or threefamily residence, or $35,000 in the case of a four-family residence, or in the case of a dwelling designed for more than four families $35,000 plus not to exceed $8,100 for each family unit in excess of four but not to exceed such additional number of family units as the Commissioner may prescribe;

"(ii) 97 per centum of $10,000 of the Commissioner's estimate of the replacement cost of the property as of the date the mortgage is accepted for insurance plus 85 per centum of such cost in excess of $10,000 but not in excess of $16,000 and 70 per centum of such cost in excess of $16,000 if the application for insurance is for construction of a proposed dwelling approved for insurance prior to the beginning of construction;