gage shall be determined in accordance with rules and regulations prescribed by the Administrator, by adding to the amount of the original principal obligation of the mortgage which was unpaid on the date of default, the amount the mortgagee may have paid for (A) taxes, special assessments, and water rates, which are liens prior to the mortgage; (B) insurance on the property; and (C) reasonable expenses for the completion and preservation of the property; less the sum of (i) an amount equivalent to 1 per centum of the unpaid amount of such principal obligation on the date of default; (ii) any amount received on account of the mortgage after such date; and (iii) any net income received by the mortgagee from the property after such date: Provided, That the mortgagee in the event of a default under the mortgage may, at its option and in accordance with regulations of, and in a period to be determined by the Administrator, proceed to foreclose on and obtain possession of or otherwise acquire such property from the mortgagor after default, and receive the benefits of the insurance as herein provided, upon (1) the prompt conveyance to the Administrator of title to the property which meets the requirements of the rules and regulations of the Administrator in force at the time the mortgage was insured, and which is evidenced in the manner prescribed by such rules and regulations; and (2) the assignment to him of all claims of the mortgagee against the mortgagor or others, arising out of the mortgage transaction or foreclosure proceedings, except such claims that may have been released with the consent of the Administrator. Upon such conveyance and assignment, the obligation of the mortgagee to pay the premium charges for insurance shall cease and the mortgagee shall be entitled to receive the benefits of the insurance as provided in this subsection, except that in such event the 1 per centum deduction, set out in (i) hereof, shall not apply. "(d) The certificate of claim issued by the Administrator to any mortgagee in connection with the insurance of mortgages under this section shall be for an amount determined in accordance with subsections (e) and (f) of section 604 of this title, except that any amount remaining after the payment of the full amount under the certificate of claim shall be retained by the Administrator and credited to the War Housing Insurance Fund. "(e) Debentures issued under this section shall be issued in accordance with the provisions of section 604 (d) except that such debentures shall be dated as of the date of default as determined in subsection (c) of this section, and shall bear interest from such date. "(f) The provisions of section 207 (k) of this Act shall be applicable to mortgages insured under this section, except that as applied to such mortgages (1) all references in such section 207 (k) to the Housing Fund shall be construed to refer to the War Housing Insurance Fund', and (2) the reference therein to 'subsection (g) shall be construed to refer to 'subsection (c)' of this section. "(g) The Administrator shall also have power to insure under this title or title II any mortgage executed in connection with the sale by him of any property acquired under this title or title II without regard to the limitations upon eligibility contained therein." SEC. 12. Nothing contained in this Act shall be construed to supersede or be inconsistent with the provisions of the Executive Order Numbered 9070, dated February 24, 1942, and where necessary for this purpose, the term "Administrator", as used herein, shall be construed to mean "Federal Housing Commissioner". SEC. 13. Section 2 (b) of such Act, as amended, is hereby amended to read as follows: "(b) No insurance shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it (1) if the amount of such loan, advance of credit, or purchase made for the purpose of financing the alteration, repair, or improvement of existing structures exceeds $2,500, or for the purpose of financing the construction of new structures exceeds $3,000; (2) if such obligation has a maturity in excess of three years and thirty-two days, except that such maturity limitation shall not apply if such loan, advance of credit, or purchase is for the purpose of financing the construction of a new structure for use in whole or in part for residential or agricultural purposes; or (3) unless the obligation bears such interest, has such maturity, and contains such other terms, conditions, and restrictions as the Administrator shall prescribe, in order to make credit available for the purposes of this title: Provided, That insurance may be granted to any such financial institution with respect to any obligation not in excess of $5,000 and having a maturity not in excess of seven years and thirty-two days representing any such loan, advance of credit, or purchase by it if such loan, advance of credit, or purchase (1) is made for the purpose of financing the alteration, repair, improvement, or conversion of an existing structure located in an area or locality in which the President shall find that an acute shortage of housing exists or impends which would impede national war activities; and (2) is made for the purpose of providing additional living accommodations: Provided further, That any obligation with respect to which insurance is granted under this section on or after July 1, 1939, may be refinanced and extended in accordance with such terms and conditions as the Administrator may prescribe, but in no event for an additional amount or term in excess of the maximum provided for in this subsection. The Administrator is authorized to prescribe such procedures as in his judgment are necessary to secure to war workers occupancy priority with respect to any additional living accommodations referred to in clause (2) of the preceding sentence. SEC. 14. (a) The heading of title VI of the National Housing Act, as amended, is hereby amended to read as follows: "TITLE VIWAR HOUSING INSURANCE". (b) Such title VI is hereby amended (1) by striking out the word "Defense" wherever it appears therein, and inserting in lieu thereof the word "War", and (2) by striking out the word "defense" wherever it appears therein, and inserting in lieu thereof the word "war". SEC. 15. This Act may be cited as the "National Housing Act Amendments of 1942". Approved, May 26, 1942. [PUBLIC LAW 650-77TH CONGRESS] [CHAPTER 478-2D SESSION] [H. J. Res. 308] JOINT RESOLUTION Making appropriations to provide war housing and war public works in and near the District of Columbia. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, to carry out the provisions of the Act entitled "An Act to amend the Act entitled 'An Act to expedite the provision of housing in connection with national defense, and for other purposes, approved October 14, 1940, as amended", approved April 10, 1942 (Public Law 522), namely: NATIONAL HOUSING AGENCY War housing: To enable the National Housing Administrator to carry out the functions vested in him by the Act of April 10, 1942 (Public Law 522), $15,000,000, to remain available during the continuance of the unlimited national emergency declared by the President on May 27, 1941, to be available for necessary administrative expenses, including personal services in the District of Columbia and elsewhere, printing and binding, and maintenance, repair, and operation of motor-propelled passenger-carrying vehicles, and to be subject to the provisos applicable to the appropriation for national defense housing contained in Public Resolution Numbered 106, approved October 14, 1940. FEDERAL WORKS AGENCY War public works: To enable the Federal Works Administrator to carry out the functions vested in him by the Act of April 10, 1942 (Public Law 522), $17,500,000, to remain available during the continuance of the unlimited national emergency declared by the President on May 27, 1941, and to be available for administrative expenses in connection therewith, including the employment of persons at the seat of government and elsewhere, printing and binding, and hire, repair, maintenance, and operation of motor-propelled passenger-carrying vehicles: Provided, That the amount that may be expended for administrative expenses shall not exceed $787,500: Provided further, That the Secretary of War, upon request of the Federal Works Administrator, is authorized to detail temporarily a commissioned officer of the Army of the United States on active duty, to the Federal Works Agency, without loss or prejudice to his status as such officer, to perform the functions of the office of chief engineer in the office of the Administrator of such Agency. Approved, July 2, 1942. LCHAPTER 26-2D SESSION] [H. R. 5990] AN ACT To further the national defense and security by checking speculative and exces sive price rises, price dislocations, and inflationary tendencies, and for other purposes. (b) Whenever in the judgment of the Administrator such action is necessary or proper in order to effectuate the purposes of this Act, he shall issue a declaration setting forth the necessity for, and recommendations with reference to, the stabilization or reduction of rents for any defense-area housing accommodations within a particular defense-rental area. If within sixty days after the issuance of any such recommendations rents for any such accommodations within such defense-rental area have not in the judgment of the Administrator been stabilized or reduced by State or local regulation, or otherwise, in accordance with the recommendations, the Administrator may by regulation or order establish such maximum rent or maximum rents for such accommodations as in his judgment will be generally fair and equitable and will effectuate the purposes of this Act. So far as practicable, in establishing any maximum rent for any defense-area housing accommodations, the Administrator shall ascertain and give due consideration to the rents prevailing for such accommodations, or comparable accommodations, on or about April 1, 1941 (or if, prior or subsequent to April 1, 1941, defense activities shall have resulted or threatened to result in increases in rents for housing accommodations in such area inconsistent with the purposes of this Act, then on or about a date (not earlier than April 1, 1940), which in the judgment of the Administrator, does not reflect such increases), and he shall make adjustments for such relevant factors as he may determine and deem to be of general applicability in respect of such accommodations, including increases or decreases in property taxes and other costs. In designating defense-rental areas, in prescribing regulations and orders establishing maximum rents for such accommodations, and in selecting persons to administer such regulations and orders, the Administrator shall, to such extent as he determines to be practicable, consider any recommendations which may be made by State and local officials concerned with housing or rental conditions in any defense-rental area. (c) Any regulation or order under this section may be established in such form and manner, may contain such classifications and differentiations, and may provide for such adjustments and reasonable exceptions, as in the judgment of the Administrator are necessary or proper in order to effectuate the purposes of this Act. Any regulation or order under this section which establishes a maximum price or maximum rent may provide for a maximum price or maximum rent below the price or prices prevailing for the commodity or commodities, or below the rent or rents prevailing for the defensearea housing accommodations, at the time of the issuance of such regulation or order. Approved, January 30, 1942. [PUBLIC LAW 723-77TH CONGRESS] [8. 2725] AN ACT To increase by $600,000,000 the amount authorized to be appropriated for defense housing under the Act of October 14, 1940, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 8, as amended, of the Act entitled "An Act to expedite the provision of housing in connection with national defense, and for other purposes" approved October 14, 1940, is amended by striking out "$600,000,000" and inserting in lieu thereof "$1,200,000,000". Approved, October 1, 1942. [PUBLIC LAW 731-77TH CONGRESS] [CHAPTER 580—2D SESSION] JOINT RESOLUTION To remove certain limitations on the cost of construction of Army and Navy living quarters. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That limitations heretofore or hereafter placed upon the cost of construction of quarters for commissioned officers, commissioned warrant or warrant officers, and enlisted men of the Army and Navy shall not be construed to prohibit or exclude additional expenditures for equipment and work outside of such quarters, including, but not limited to, providing for the furnishing of electricity, gas, water, sewage disposal, and for roads, walks, grading, and drainage. Approved, October 6, 1942. (155) |