PUBLIC LAWS-CH. 729-OCT. 25 , 1949
Nonadministrative inserting a colon and the following: "Provided, That, notwithstand-
ing any other provisions of law except provisions of law hereafter
enacted expressly in limitation hereof, all expenses of the Federal
Housing Administration in connection with the examination and
insurance of loans or investments under any title of this Act, all prop-
erly capitalized expenditures, and other necessary expenses not attrib-
utable to general overhead in accordance with generally accepted
accounting principles shall be considered nonadministrative and pay-
Exception.
able from funds made available by this Act, except that, unless made
pursuant to specific authorization by the Congress therefor, expendi-
tures made in any fiscal year pursuant to this proviso, other than the
payment of insurance claims and other than expenditures (including
services on a contract or fee basis, but not including other personal
services) in connection with the acquisition, protection, completion,
operation, maintenance, improvement, or disposition of real or per-
sonal property of the Administration acquired under authority of
this Act, shall not exceed 35 per centum of the income received by the
Federal Housing Administration from premiums and fees during the
preceding fiscal year."
SEC. 3. Said Act, as amended, is hereby further amended by adding
12 U8..
.
1.
the following new section after section 514:
Amendment, etc., of
"SEC. 515. At any time prior to final endorsement for insurance, the
Commissioner, in his discretion, may amend, extend, or increase the
amount of any commitment, provided the mortgage, as finally endorsed
for insurance is eligible for insurance under the provisions of this Act,
and the rules and regulations thereunder in effect at the time the
original commitment to insure was issued.'
65 Stat. C .,up.
SEC. 4 . Section 4 (c) of the Reconstruction Finance Corporation
II, 604(e).
Act, as amended, is hereby amended by striking out "$2,500,000,000"
Ate, P. 4.
and inserting in lieu thereof "$3,500,000,000".
SEC. 5 . Section 313 of the Act entitled "An Act to expedite the pro-
vision of housing in connection with national defense, and for other
57Stat. 3; 62 tat. purposes", approved October 14, 1940, as amended, is hereby amended
42 U. . C. , Supp. by striking out "January 1, 1950" and inserting in lieu thereof
,§1
"January 1, 1951".
38 Stat. 2 3.
SEC. 6 . Section 24 of the Federal Reserve Act, as amended, is hereby
Supp. I, §371.
amended-
t lien
(1) by striking out the second sentence thereof and inserting
Frst ien
o
n
real
in lieu thereof the following: "A loan secured by real estate
within the meaning of this section shall be in the form of an
obligation or obligations secured by a mortgage, trust deed or
other instrument upon real estate, which shall constitute a frst
lien on real estate in fee simple or, under such rules and regula-
tions as may be prescribed by the Comptroller of the Currency,
on a leasehold (1) under a lease for not less than ninety-nine years
which is renewable or (2) under a lease having a period of not
less than fifty years to run from the date the loan is made or
acquired by the national banking association, and any national
banking association may purchase any obligation so secured when
the entire amount of such obligation is sold to the association.";
and
(2) by striking out of the third sentence "titles II and VI" and
62 tat. 1207.
inserting in lieu thereof the words "title II, title VI, or title VIII".
12
s
.s.
C., Supp.
SEC. 7.
S
ection 301 (a) of the National Housing Act, as amended,
e, 7(a).
is hereby amended by striking out the proviso at the end of paragraph
(1) (E) and inserting in lieu thereof the following: ": Provided,That
this clause (2) shall not apply to (nor shall any terms therein include)
688tat. 22
any mortgage which is (i) guaranteed under section 501 of the Serv-
38 U. .c.s69W.
icemen's Readjustment Act of 1944, as amended, and made for the
construction or purchase of a family dwelling or dwellings in an
906
[63 STAT.
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