Page:United States Statutes at Large Volume 60 Part 1.djvu/240

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60 STAT.] 79rH CONG. , 2D SESS.-CH. 268-MAY 22, 1946 insured under this title, in such instances and for such periods of time as he may prescribe." (b) Section 603 (b) (2) of the National Housing Act, as amended, is hereby amended to read as follows: "(2) involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Administrator shall approve) in an amount not to exceed 90 per centum of the Administrator's estimate of the necessary current cost (including the land and such initial service charges and such appraisal, inspection, and other fees as the Admin- istrator shall approve) of a property, urban, suburban, or rural, upon which there is located a dwelling designed principally for residential use for not more than four families in the aggregate, which is approved for mortgage insurance prior to the beginning of construction. The principal obligation of such mortgage shall in no event, however, exceed- "(A) $5,400 if such dwelling is designed for a single- family residence, or "(B) $7,500 if such dwelling is designed for a two-family residence, or "(C) $9,500 if such dwelling is designed for a three- family residence, or "(D) $12,000 if such dwelling is designed for a four- family residence: Provided, That the Administrator may, if he finds that at any time or in any particular geographical area it is not feasible, within such limitations of maximum mortgage amounts, to con- struct dwellings without sacrifice of sound standards of construc- tion, design, or livability, prescribe by regulation or otherwise higher maximum mortgage amounts not to exceed- "(A) $8,100 if such dwelling is designed for a single- family residence, or "(B) $12,500 if such dwelling is designed for a two-family residence, or "(C) $15,750 if such dwelling is designed for a three- family residence, or " (D) $18,0 0 0 if such dwelling is designed for a four-family residence." (c) Section 603 (b) (5) of the National Housing Act, as amended, is hereby amended to read as follows: "(5) bear interest (exclusive of premium charges for insur- ance) at not to exceed 4 per centum per annum on the amount of the principal obligation outstanding at any time." (d) Section 603 (c) of the National Housing Act, as amended, is hereby amended (1) by striking out of the third sentence the word "emergency" and inserting in lieu thereof the words "shortage of housing", and (2) by striking out the last sentence thereof and insert- ing in lieu thereof the following sentence: "The Administrator shall prescribe such procedures as in his judgment are necessary to secure to veterans of World War II, and their immediate families, and to hardship cases as defined by the Administrator, preference or priority of opportunity to purchase or rent properties covered by mortgages insured under this title." (e) Section 604 (b) of the National Housing Act, as amended, is hereby amended by striking out the words "appraised value of such property as determined by the Administrator" and inserting in lieu thereof the following: "Administrator's estimate of the necessary current cost". 213 55 Stat. 56 . 12 U. S. C., Supp. V, § 1738 (b) (2). Principal obliga- tion. Limitations. Higher maximum mortgage amounts. 55 Stat. 57 . 12 U. S. C., Sulpp. V, § 1738 (b) (5). Interest. 55 Stat. 57. 12 U. S. C., Supp. V, § 1738 (c). Preference or prior- ity of opportunity. 55 Stat. 59. 12 U. S. C., Snpp. V, § 1739 (b).