S. 1531, by Senator Long, to provide for the conveyance of certain property to the State of Louisiana;

S. 1553, by Senator Fulbright, to increase by $200 million the borrowing authority of HHFA for making college housing loans;

S. 1569, by Senators Bible and Malone, to provide for the conveyance of certain property to Las Vegas, Nev.;

S. 1609, by Senator Capehart and me, both of us by request-that is the administration's bill, which is just in—to amend the National Housing Act;

Any additional bills that may be referred while the hearings are in progress may be added to this list.

S. 1618, by Senators Bush and Purtell, to authorize the Public Housing Commissioner to enter into contracts for shelter for disaster victims:

S. 1633, by Senator Sparkman and others, to amend section 221, National Housing Act, to further assist in providing housing for persons of moderate means;

S. 1679, by Senator Long and others, to increase the special assistance authorization available to FNMA;

S. 1694, by Senator Clark and others, relating to the provision of housing for moderate-income families and for elderly persons;

S. 1711, by Senators Sparkman and Capehart, to provide for the establishment of a Commission on National Housing Policy;

S. 1737, by Senator Clark, to increase the number of new public housing units; and

H. R. 4602, to encourage new residential construction for veterans housing in rural areas and small cities and towns, raise direct loan amount from $10,000 to $13,500, to authorize advance financing commitments, and to extend direct loan program for veterans.

The bills, and reports of agencies, will be inserted in the record. (The bills referred to follow :)

[S. 88, 85th Cong., 1st sess.]

A BILL To amend title III of the National Housing Act to provide that the Federal National Mortgage Association shall exercise its special assistance functions by purchasing mortgages securing loans which are guaranteed under the Servicemen's Readjustment Act of 1944, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 305 of the National Housing Act is amended by adding at the end thereof the following new subsection:

"(g) (1) Notwithstanding any other provision of this Act, the Association is authorized and directed without delay to make commitments to purchase and to purchase, service, or sell, in the total amount of $1,000,000,000, mortgages securing loans which are guaranteed pursuant to section 501 of the Servicemen's Readjustment Assistance Act of 1944.

"(2) Notwithstanding any other provision of this Act, the Association, when authorized by the President to do so, may make commitments to purchase, and may purchase and service or sell, additional mortgages securing loans which are guaranteed pursuant to section 501 of the Servicemen's Readjustment Act of 1944; but the total amount of purchases and commitments authorized by this paragraph shall not exceed $1,000,000,000 outstanding at any one time.

"(3) The price to be paid for any mortgage purchased by the Association under paragraph (1) or (2) shall be the unpaid principal balance thereof plus accrued interest."

SEC. 2. With respect to housing built or sold with assistance provided under the National Housing Act, as amended, or title III of the Servicemen's Readjustment Act of 1944, as amended, the Federal Housing Commissioner and the Administrator of Veterans' Affairs, respectively, are hereby specifically authorized and directed to issue such regulations, applicable uniformly to all classes of mort

gagees, as they determine desirable for the purpose of limiting the charges and fees imposed upon the builder, veteran, or other purchaser in connection with the financing of the construction or sale of such housing, whether or not such charges were or are imposed in connection with the financing assisted by the Federal Government, and no loan shall be insured or guaranteed under such Acts unless the mortgagee certifies that it has not imposed upon the builder, veteran, or other purchaser any charges or fees in connection with the financing of the construction or sale of such housing in excess of the charges or fees permitted under such regulations for such purposes as are applicable to the housing involved.

SEC. 3. (a) The Secretary of the Treasury is hereby authorized and directed to invest and reinvest not in excess of 25 per centum of the National Service Life Insurance Fund by purchasing, and making commitments to purchase, loans which are guaranteed pursuant to section 501 of the Servicemen's Readjustment Assistance Act of 1944, as amended, in order to stabilize the price at which such loans generally will be salable to investors. The price to be paid for any such loan shall be the unpaid principal balance thereof, plus accrued interest. No such loan shall be purchased hereunder except from the original mortgagee prior to any other sale thereof. Loans will be eligible for purchase hereunder only if guaranteed on or after the date of the enactment of this Act, and loans so purchased may be sold for an amount not less than the unpaid principal balance plus accrued interest. If any loan acquired under this section by the Secretary of the Treasury shall default, and the Secretary determines such default to be insoluble, such loan and the security therefor shall be assigned to the Administrator of Veterans' Affairs, who shall pay to such fund (in the matter provided by the first proviso in section 506 of the Servicemen's Readjustment Act of 1944) the entire unpaid principal balance of the loan plus accrued interest.

(b) The Federal National Mortgage Association shall act as the agent of the Secretary of the Treasury with respect to the purchase, servicing, and sale of such loans. The Secretary shall reimburse the Federal National Mortgage Association for expenses incurred by it in carrying out its functions under the preceding sentence from the income derived from such loans; but such reimbursement shall not exceed an amount, payable from the interest portion of each monthly installment applicable to principal and interest collected, equal to threefourths of 1 per centum per annum computed on the same principal amount and for the same period as the interest portion of such installment.

[S. 467, 85th Cong., 1st sess.]

A BILL To amend title II of the Housing Amendments of 1955 (relating to public facility loans) to authorize additional financial assistance in connection with public projects made necessary by certain activities related to the national defense

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the first sentence of section 203 (a) of the Housing Amendments of 1955 is amended by striking out "$100,000,000, notes and other obligations", and inserting in lieu thereof the following: "$200,000,000, notes and other obligations, of which not to exceed $100,000,000 shall be issued to finance activities under section 206 of this title".

(b) Section 203 (b) of the Housing Amendments of 1955 is amended to read as follows:

"(b) Funds borrowed under this section (1) for the purposes of section 202, and any proceeds therefrom, shall constitute a revolving fund which may be used by the Administrator in the exercise of his functions under section 202, and (2) for the purposes of section 206, and any proceeds therefrom, shall constitute a revolving fund which may be used by the Administrator in the exercise of his functions under section 206."

SEC. 2. The second sentence of section 204 of the Housing Amendments of 1955 is amended to read as follows: "Funds obtained or held by the Administrator in connection with the performance of his functions (1) under section 202 shall be available for administrative expenses of the Administrator in connection with the performance of his functions under section 202, and (2) under section 206 shall be available for administrative expenses of the Administrator in connection with the performance of his functions under section 206."

SEC. 3. Title II of the Housing Amendments of 1955 is amended by adding at the end thereof the following new section:

"FEDERALLY IMPACTED AREAS

"SEC. 206. (a) In furtherance of the purposes of this title, the Administrator, acting through the Community Facilities Administration, may make loans and/or grants to any municipality or political subdivision of a State (including any public agency or instrumentality thereof) to finance the construction of specific public projects (under State or municipal law) in any federally impacted area. As used in this section, the term 'federally impacted area' means a locality which has sustained a substantial and rapid increase in population as a result of activities of the Atomic Energy Commission or any licensee of the Atomic Energy Commission.

"(b) The powers granted in subsection (a) of this section shall be subject to the following restrictions and limitations:

"(1) No financial assistance shall be granted under this section unless the Administrator shall determine (A) that the project for which assistance is requested under this section is necessary as a result of the locality, in which such project is proposed to be constructed, becoming a federally impacted area, and (B) that such project cannot be undertaken without an unusual and excessive increase in the tax burden or debt of such locality, if assistance is not provided under this section.

"(2) Loans made under this section shall bear interest at such rates, not in excess of 4 per centum, and have such maturity dates, as the Administrator shall determine. The interest rate and maturity date for any particular loan under this section shall be fixed by the Administrator with due regard to the ability of the affected locality to repay such loan from tax revenues. The amount of any such loan shall be fixed with due regard to the debt limit, if any, of the locality incurring the obligation.

"(3) Grants, defraying such part of the cost of any project as the Administrator shall determine, may be made under this section if the Administrator determines that such assistance is necessary to the construction of such project, giving due consideration to the ability of the affected locality to finance such project without such assistance. Nothing herein shall be construed to prohibit the making of grants sufficient to pay the full cost of constructing any project if the Administrator shall determine that such project would not be constructed without such assistance, and that such project is of particular importance from a national defense standpoint."

[S. 726, 85th Cong., 1st sess.]

A BILL To provide that 25 per centum of the National Service Life Insurance Fund may be invested in making direct home loans to veterans; to increase the maximum loan entitlement of veterans under section 512 of the Servicemen's Readjustment Act of 1944, and to expedite action on certain applications of veterans for direct home loans

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 605 of the National Service Life Insurance Act of 1940 (38 U. S. C. 805) is amended by adding at the end thereof the following new subsection:

"(c) (1) The Secretary of the Treasury shall invest and reinvest not more than 25 per centum of such fund by advancing to the Administrator such amounts as the Administrator may from time to time request for the purpose of making direct loans under section 512 of the Servicemen's Readjustment Act of 1944. Loans made with amounts advanced under this subsection shall be a part of such fund.

"(2) (A) At the end of each fiscal year, the Administrator shall determine the total amount derived during such fiscal year from loans made by him out of amounts advanced to him under this subsection, and subtract therefrom the sum of

“(i) the portion of such total amount which represents repayments of principal on such loans; and

"(ii) a reasonable reserve for payment of losses on such loans arising during such year.

"(B) If the amount determined under subparagraph (A) exceeds the amount obtained by multiplying

"(i) the average amount of advances outstanding under this subsection during the fiscal year involved; by

"(ii) the average return on the other invested portion of such fund for the fiscal year involved;

then such excess shall be used to pay the expenses of administration of this Act otherwise payable by the United States under section 606 for the next fiscal year, and any remaining excess shall revert to the Treasury and be covered into miscellaneous receipts.

"(C) If the amount determined under subparagraph (A) does not exceed the amount obtained under subparagraph (B), then the United States shall pay to the fund an amount which, when added to the amount determined under subparagraph (A), will make the total of such amounts equal to the amount obtained under subparagraph (B).”

(b) Section 513 of the Servicemen's Readjustment Act of 1944 (38 U. S. C. 694m) is amended by adding at the end thereof the following:

"(e) This section (except the last sentence of subsection (c) shall not apply to any loan made pursuant to section 512 out of amounts advanced from the National Service Life Insurance Fund.”

SEC. 2. Section 512 of the Servicemen's Readjustment Act of 1944 (38 U. S. C. 6941) is amended by striking out "$10,000" wherever it appears in subsections (b) and (f) and inserting in lieu thereof "$14,000".

SEC. 3. (a) The Administrator of Veterans' Affairs shall commence the processing of any application for a direct home loan received by the Veterans' Administration under section 512 of the Servicemen's Readjustment Act of 1944 upon the receipt of such application, and shall continue such processing notwithstanding the fact that the assistance of a regional subcommittee of the National Voluntary Mortgage Credit Extension Committee, established under title VI of the Housing Act of 1954, has been requested by the Veterans' Administration for the purpose of ascertaining whether or not such loan can be placed with a private financing institution.

(b) If the assistance of any such regional subcommittee has been requested by the Veterans' Administration in connection with any such application for a home loan, and the Administrator of Veterans' Affairs is not notified by such regional subcommittee within (1) twenty days after such assistance has been requested, or (2) twenty days after the date of enactment of this Act, whichever is the later, that it has been successful in enabling the applicant to place such loan with a private financing institution, the Administrator of Veterans' Affairs shall proceed forthwith to complete any part of the processing of such application remaining unfinished, and to grant or deny the application in accordance with the provisions of section 512 of the Servicemen's Readjustment Act of 1944.

[S. 912, 85th Cong., 1st sess.]

A BILL To enlarge the special assistance functions of the Federal National Mortgage Association to include the purchase and the making of commitments to purchase of insured or guaranteed mortgages securing loans not exceeding $14,000 in principal amount which bear interest at a rate not in excess of 4% per centum

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 305 of the National Housing Act is amended by adding at the end thereof a new subsection as follows:

"(g) (1) Nothwithstanding any other provision of this Act, the Association is authorized to make commitments to purchase and to purchase, service, or sell mortgage (or participation therein) which (A) is insured under title II of the National Housing Act, or (B) secures a loan guaranteed under title V of the Servicemen's Readjustment Act of 1944, the proceeds of which are to be used for the purchase or construction of a house (including a farmhouse), if— "(i) such mortgage is insured or the loan secured by such mortgage is guaranteed after the date of enactment of this subsection;

"(ii) the original principal obligation of the loan secured by such mortgage does not exceed $14,000; and

"(iii) the interest on such loan (exclusive of premium charges for insurance, if any) does not exceed 4 per centum per annum on the amount of the principal obligation outstanding at any time.

"(2) The Association shall not require a credit investigation with respect to any mortgage purchased or to be purchased under this subsection if such an investigation has been required previously by either the Federal Housing Administration or the Veterans' Administration in connection with the insurance of such mortgage or the guarantee of any loan secured by such mortgage.

(3) The total amount of purchases and commitments authorized by this subsection shall not exceed $3,000,000,000 outstanding at any one time." 90300-57-2

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 (1) under this section (except subsection (g)), during a period of one year from the date of the enactment of the Housing Act of 1956, shall be not less than 99 per centum of the unpaid principal amount thereof at the time of purchase, with adjustments for interest and any comparable items, and (2) under subsection (g) 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) The third sentence of section 305 (b) of such Act is amended by inserting before the period a semicolon and the following: "except that the fees or charges required of the seller of any mortgages purchased or to be purchased under subsection (g) of this section shall not exceed 1 per centum of the unpaid principal amounts of such mortgages".

[S. 929, 85th Cong., 1st sess.]

A BILL To protect borrowers against excessive cash requirements and minimum terms in the case of home loans guaranteed under title V of the Servicemen's Readjustment Act of 1944, or secured by mortgages insured under section 203 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 no loan the proceeds of which are to be used for the purchase or construction of a home (including a farmhouse) shall be guaranteed or insured under title V of the Servicemen's Readjustment Act of 1944, and no mortgage securing a loan for the purchase or construction of residential property to be occupied by the mortgagor as his home shall be insured under section 203 of the National Housing Act, after the date of enactment of this Act (except pursuant to a commitment entered into prior to such date), if (1) the cash payment required with respect to the purchase or construction of such home is in excess of the amount required, or (2) the period in which the loan is payable in full is less than the maximum period permitted, by the Veterans' Administrator or the Federal Housing Commissioner, as the case may be, for purposes of obtaining such guaranty or insurance; unless the borrower certifies that the amount of such cash payment and the period in which such loan is payable in full are in accordance with his wishes.

[S. 1090, 85th Cong., 1st sess.]

A BILL To extend the time for disposal of a certain war housing project to the housing authority of the town of Wethersfield, Connecticut

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 614 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, as amended, is amended by adding at the end thereof the following new subsection:

"(d) Notwithstanding the provisions of subsections (a) and (b) of this section, the right, title, and interest of the United States (including any off-site easements) in and to war housing project CONN-6029, known as Westfield Heights, located in Wethersfield, Connecticut, shall not be disposed of in the manner prescribed in subsection (a) of this section for certain housing not relinquished, transferred, under contract of sale, sold, or otherwise disposed of by January 1, 1957, and for certain housing with respect to which title does not pass to the purchaser by April 1, 1957 (or within sixty days thereafter if such time is necessary to cure defects in title in accordance with the provisions of the contract for disposal of such housing), unless such right, title, and interest in and to war housing project CONN-6029 shall not have passed to the housing authority of the town of Wethersfield, Connecticut, pursuant to the provisions of section 810 of the Housing Act of 1954, as amended, by the close of business on July 1, 1957."