Page:United States Statutes at Large Volume 63 Part 1.djvu/944

This page needs to be proofread.

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.