centum per annum" and inserting in lieu thereof the words "established by the Commissioner pursuant to section 224 of this Act,".

(c) Section 803 (f) of said Act is amended by striking, in the second sentence, the words "determined by the Commissioner with the approval of the Secretary of the Treasury, at the time the mortgage was accepted for insurance, but not to exceed 3 per centum per annum" and inserting in lieu thereof the words "established by the Commissioner pursuant to section 224 of this Act".

SEC. 211. Section 207 (q) of said Act is hereby repealed.

SEC. 212. Section 213 (d) of said Act is hereby amended by deleting the following from the last sentence of subsection (d) thereof: ", on a property or project of a corporation or trust of the character described in paragraph numbered (1) of subsection (a) of this section".

SEC. 213. Sections 213 (e), 220 (f), 221 (g) (1), and 222 (e) of said Act are hereby each amended by striking "and (h) of section 204" and inserting in lieu thereof "(h), and (j) of section 204".

SEC. 214. Section 219 of said Act is hereby amended by striking the words "or the Section 220 Housing Insurance Fund" and inserting in lieu thereof "the Section 220 Housing Insurance Fund, the Section 221 Housing Insurance Fund, or the Servicemen's Mortgage Insurance Fund".

SEC. 215. Section 226 of said Act is hereby amended by adding the following sentence: "Notwithstanding the first sentence of this section, the Commissioner is authorized to require, in connection with any mortgage where the mortgage amount is computed on the basis of the Commissioner's estimate of the replacement cost of the property, that a written statement setting forth such estimate be furnished under this section in lieu of a written statement setting forth the amount of the appraised value of the property.".

SEC. 216. Section 513 (e) of said Act is amended by striking clause (i) and by redesignating clauses (ii) and (iii) as (i) and (ii), respectively.

TITLE III-URBAN RENEWAL

SEC. 301. Section 103 (b) of the Housing Act of 1949, as amended, is hereby amended by striking "$500,000,000, which limit shall be increased by further amounts of $200,000,000 on July 1 in each of the years 1955 and 1956, respectively" and inserting in lieu thereof "$900,000,000, which limit shall be increased by $175,000,000 on July 1, 1957".

SEC. 302. Said Act is hereby further amended by:

(a) changing the second sentence of section 103 (a) to read as follows: "The aggregate of such capital grants with respect to all the projects of a local public agency on which contracts for capital grants have been made under this title, exclusive of projects referred to in the proviso hereto, shall not exceed two-thirds of the aggregate of the net project costs of such nonexcluded projects: Provided, That the aggregate of such capital grants may exceed two-thirds but not three-fourths of the aggregate net project costs of those projects which the Administrator, at the request of a local public agency, may approve on such a three-fourths capital grant basis. A capital grant with respect to any individual project shall not exceed the difference between the net project cost and the local grants-in-aid actually made with respect to the project.".

(b) changing the period at the end of section 104 to a comma and adding: "and, with respect to projects referred to in the proviso in the second sentence of section 103 (a), local grants-in-aid shall not be required in excess of onefourth of the aggregate net project costs of all projects of the local public agency on which contracts for capital grants have been made on the threefourths basis.".

(c) adding before the first semicolon in section 110 (d) the words "to defray expenditures within the purview of section 110 (e) (1) hereof".

(d) changing the period at the end of the first sentence of section 110 (e) to a colon and adding the following: "Provided, That with respect to a project for which a contract for capital grant has been executed on a three-fourths basis pursuant to the proviso in the second sentence of section 103 (a), that part of gross project cost under clause (1) of this subsection shall, in lieu thereof, comprise the amount of the expenditures by the local public agency with respect to the following undertakings and activities necessary to carry out such a project:

"(i) acquisition of land (but only to the extent of the consideration paid to the owner and not title, appraisal, negotiating, legal or any other expenditures of the local public agency incidental to acquiring land), disposition of land, demolition and removal of buildings and improvements, and site preparation and improvements, all as provided in subsections (1), (2), (3), (4), and (6) of section 110 (c); and

"(ii) the payment of carrying charges related to the undertakings in clause (i), exclusive of taxes and payments in lieu of taxes, but not beyond the point where such a project is completed;

but shall not comprise the cost of any other undertakings and activities with respect to such a project including, but without being limited to, the cost of surveys and plans. legal services of any kind, and all administrative and overhead expenses of the local public agency.".

(e) adding within the parenthesis in the second sentence of said subsection 110 (e) after the words "or, is hereafter executed" the following: ", other than a project on which a contract for capital grant is made on a three-fourths basis pursuant to the proviso in the second sentence of section 103 (a)".

SEC. 303. Section 106 (f) of said Act is hereby amended by adding the following at the end of paragraph (2): "Such rules and regulations may include provisions authorizing payment to individuals and families of fixed amounts in lieu of their respective reasonable and necessary moving expenses".

SEC. 304. Section 110 (d) of said Act is hereby amended by inserting in the second proviso of the first sentence after the words "under this section 110 (d)" the following: "with respect to any project covered by a Federal aid contract under this title".

TITLE IV-COLLEGE HOUSING

SEC. 401. Section 401 (d) of the Housing Act of 1950, as amended, is hereby amended by striking "$750,000,000" and inserting in lieu thereof "$900,000,000". SEC. 402. Subsection (c) of section 401 of the Housing Act of 1950, as amended, is hereby amended to read as follows:

"(c) A loan to an educational institution may be in an amount not exceeding the total development cost of the facility, as determined by the Administrator; shall be secured in such manner and be repaid within such period, not exceeding fifty years as may be determined by him; and with respect to applications filed after March 15, 1957, the loan contracts entered into shall bear interest at a rate equal to the total of one-quarter of 1 per centum per annum added to the rate of interest chargeable by the Secretary of the Treasury as provided in subsection (e) of this section.".

SEC. 403. Subsection (e) of said section 401 is hereby amended by striking the second sentence and inserting in lieu thereof the following: "Such notes or other obligations issued to obtain funds in excess of the aggregate amount required with respect to applications filed prior to March 15, 1957, shall bear interest at a rate determined by the Secretary of the Treasury which shall be not more than the annual rate for each calendar quarter as determined by the Secretary of the Treasury by estimating the average yield to maturity, on the basis of daily closing market bid quotations or prices during the month of February or May or August or November, as the case may be, next preceding each such calendar quarter, on all outstanding marketable obligations of the United States having a maturity date of fifteen or more years from the first day of such month of February or May or August or November, and by adjusting such estimated average annual yield to the nearest one-eighth of 1 per centum." TITLE V-VOLUNTARY HOME MORTGAGE CREDIT PROGRAM AND MISCELLANEOUS

SEC. 501. Section 610 (a) of the Housing Act of 1954 is hereby amended by striking "June 30, 1957" and inserting in lieu thereof "June 30, 1960”.

SEC. 502. The Housing and Home Finance Administrator shall exchange data relating to housing and urban planning and development with other nations where such exchange is deemed by him to be beneficial to the programs of the Housing and Home Finance Agency.

[S. 1618, 85th Cong., 1st sess.]

A BILL To authorize the Commissioner of Public Housing to enter into contracts on a standby or emergency basis for housing to provide shelter for disaster victims, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Public Housing Commissioner is hereby authorized to enter into contracts on a standby or emergency basis, without regard to the provisions of section 3709 of the Revised Statutes, for emergency production and delivery of housing and equipment in the event of a major disaster as defined in section 2 (a) of the Act of September 30, 1950 (64 Stat. 1109), as amended. Such housing and equipment may be made available to local public agencies, the American Red Cross, or other nonprofit relief organizations, without charge, to provide shelter for victims of any such disaster. The Commissioner is also authorized and directed to prepare procedures for emergency mobilization of local services and property to provide emergency shelter including the preparation of sites for emergency dwellings.

SEC. 2. Notwithstanding the provisions of any other law except provisions enacted hereafter which refer specifically to this Act, the Commissioner is authorized to use for the purposes of this Act not to exceed $5,000,000 of funds made available by section 20 of the United States Housing Act of 1937, as amended. All receipts of the Public Housing Administration under this Act and any reimbursements to the Administration pursuant to the provisions of the Act of September 30, 1950 (64 Stat. 1109), as amended, shall be applied to repayment of the note or notes of the public Housing Administration executed and delivered in connection with funds obtained pursuant to said section 20, and the Secretary of the Treasury shall credit as a payment upon such note or notes an amount equal to the amount certified by the Commissioner as having been expended under this Act and which the Administration has not repaid out of such receipts or reimbursements.

[S. 1633, 85th Cong., 1st sess.]

A BILL To amend section 221 of the National Housing Act in order to further assist in the provision of adequate housing for persons of moderate income, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 221 (a) of the National Housing Act is amended to read as follows:

"SEC. 221. (a) (1) This section is designed to supplement systems of mortgage insurance under other provisions of the National Housing Act in order to assist certain segments of the population to which adequate housing is not available under existing private financing programs to obtain adequate living accommodations. In carrying out the purposes of this section, the Commissioner shall prescribe such procedures as in his judgment are necessary to secure a preference or priority of opportunity to purchase or rent dwelling units covered by mortgage insurance under this section to persons included within the following categories, and to persons within such additional categories as the Commissioner may by regulation prescribe: (A) persons from urban renewal areas, (B) persons of moderate income, (C) persons whose inability to obtain adequate living accommodations in privately financed housing is attributable to race, creed, or color, (D) elderly persons, and (E) persons having five or more dependents.

"(2) As used in this subsection

"(A) the term 'person from urban renewal area' means an individual or family from an urban renewal area, as defined in section 110 (a) of title I of the Housing Act of 1949, as amended, in a community respecting which (i) the Housing and Home Finance Administrator has made the certification to the Commissioner provided for by section 101 (c) of such Act, or (ii) there is being carried out a project covered by a Federal-aid contract executed, or prior approval granted, by the Housing and Home Finance Administrator under title I of such Act before the effective date of the Housing Act of 1954, or (iii) there is being carried out an urban renewal project assisted under section 111 of the Housing Act of 1949, as amended; "(B) the term 'person of moderate income' means an individual or family whose income is not sufficient to rent new privately financed housing

with total monthly housing expenditures of 20 per centum of the normal stable income of such individual or family;

"(C) the term 'elderly person' means a single person sixty years of age or over, or a family the head of which (or his spouse) is sixty years of age or over;

"(D) the term 'dependent' means any person who may be considered a dependent under section 152 of the Internal Revenue Code of 1954, including a spouse."

(b) Section 221 (d) (4) of such Act is amended by striking out "5 per centum per annum on the amount of the principal obligation outstanding at any time, or not to exceed such per centum per annum not in excess of 6 per centum as the Commissioner finds necessary to meet the mortgage market", and inserting in lieu thereof "4 per centum per annum on the amount of the principal obligation outstanding at any time".

(c) Section 221 of such Act is further amended by inserting at the end thereof a new subsection as follows:

"(i) Nothing in this Act shall be construed to prevent the insurance of a mortgage under this section covering a housing project containing dwelling units designed for occupancy by single persons, and such dwelling units shall constitute family units within the meaning of this section."

SEC. 2. (a) The second sentence of section 305 (b) of the National Housing Act is amended to read as follows: "Notwithstanding any other provision of this section, the price to be paid by the Association for mortgages purchased in its operations under this section shall be not less than 100 per centum of the unpaid principal amount thereof at the time of purchase, with adjustments for interest and any comparable items."

(b) Section 305 of such Act is further amended by adding at the end thereof a new subsection as follows:

"(g) Notwithstanding any other provision of this Act, the Association is authorized to make commitments to purchase and to purchase, service, or sell, any mortgage (or participation therein) which is insured under section 221 of this Act: Provided, That the total amount of purchases and commitments authorized by this subsection shall not exceed $250,000,000 outstanding at any one time."

[S. 1679, 85th Cong., 1st sess.]

A BILL To increase the special assistance authorization available to the Federal National Mortgage Association for the purchase of mortgages insured under title VIII 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 305 (f) of the National Housing Act is amended by striking out "$200,000,000" and inserting in lieu thereof "$300,000,000”.

[S. 1694, 85th Cong., 1st sess.]

A BILL Relating to the provision of housing for moderate-income families and for elderly persons

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

FINDINGS

SECTION 1. While the Congress, in the Declaration of National Housing Policy set forth in the Housing Act of 1949, established the goal of a decent home and a suitable living environment for every American family, experience has demonstrated that this goal is not being met or even approached for the millions of American families whose incomes are too high for admission to low-rent public housing but too low to afford the range of sales prices and rents required for satisfactory new private housing being produced under the existing Federal programs of assistance to private enterprise in housing. Therefore, to further implement the Declaration of National Housing Policy, and consistent with the provision thereof that governmental assistance shall be utilized where feasible to enable private enterprise to serve more of the total housing need, the Congress hereby determines that there is an urgent need for a supplementary system

of housing finance to enable private enterprise to provide homes of sound standards of design and construction for families of moderate income and for elderly persons.

PURPOSE

SEC. 2. The purpose of this Act is to provide satisfactory housing in wellplanned, integrated residential neighborhoods for families of moderate income and elderly persons whose needs are not now being served through existing programs of assistance to private and public enterprise, and to accomplish this purpose, this Act makes financial assistance available to eligible borrowers for the provision of housing of sound design and construction which will promote such economies as will be fully reflected in reduced rents or charges.

CREATION AND POWERS OF NATIONAL MORTGAGE CORPORATION

SEC. 3. (a) To effectuate the purpose of this Act, there is hereby created a body corporate to be known as the "National Mortgage Corporation" (hereinafter referred to as the "Corporation") with authority, as herein provided, to make and service loans, issue obligations in such amounts, at such times, and on such terms as the Corporation may determine, and to exercise the other powers and duties prescribed in this Act. In the performance of, and with respect to, the functions, powers, and duties vested in it by this Act, the Corporation, notwithstanding the provisions of any other law, may—

(1) adopt and use a corporate sal;

(2) sue or be sued in any Federal, State, or local court of competent jurisdiction;

(3) enter into contracts with regard to section 3709 of the Revised Statutes and make advance, progress, or other payments with respect to such contracts without regard to the provisions of section 3648 of the Revised Statutes, and include in any contract or instrument made pursuant to this Act such other provisions as the Corporation deems necessary to assure that the purposes of this Act will be achieved;

(4) foreclose on any property or take any action to protect or enforce any right conferred upon it by any law, contract, or other agreement, and bid for and purchase at any foreclosure or any other sale any project or part thereof in connection with which it has made a loan pursuant to this Act;

(5) pay all expenses or charges in connection with, and deal with, complete, reconstruct, improve, rent, manage, make contracts for the management of, or establish suitable agencies for the management of, or sell for cash or credit, or lease in its discretion, in whole or in part, any project acquired pursuant to this Act and to pursue to final collection by way of compromise or otherwise all claims acquired by, or assigned or transferred to, it in connection with the acquisition or disposal of any housing project pursuant to this Act, notwithstanding any other provisions of law relating to the acquisition, handling, or disposal of real or personal property: Provided, That any such acquisition of real property shall not deprive the State or any political subdivision thereof of its civil or criminal jurisdiction in and over such property or impair the civil rights under State or local laws of the inhabitants on such property;

(6) acquire, hold, sell, or exchange at public or private sale, or lease, or otherwise dispose of, real or personal property, and sell or exchange any securities or obligations;

(7) obtain insurance against loss in connection with property and other assets held:

(8) subject to the specific limitations in this Act, consent to the modiification, with respect to rate of interest, time of payment of any installment of principal or interest, security, or any other term, of any contract or agreement to which it is a party or which has been transferred to it pursuant to this Act;

(9) utilize and act through, with regard to section 3709 of the Revised Statutes, any Federal, State, or local public agency or instrumentality, or nonprofit agency or organization, with the consent of the agency or organization concerned, and contract with any such agency, instrumentality, or organization for the furnishing of any services or facilities; and may make advance, progress, or other payments with respect to such contracts without regard to the provisions of section 3648 of the Revised Statutes;