65 STAT.]
31
PUBLIC LAW 139—SEPT. 1, 1951
Administrator not only for the purposes of section 401 hereof but for the defense installation to be served thereby, the Administrator is authorized to acquire improved or unimproved land for such defense installation and, in connection therewith, to exercise any powers granted under this title. The Administrator may transfer such property to the appropriate Federal, State, local or private agency, person, or corporation upon such terms and conditions as he shall determine to be in the public interest. SEC. 403. With respect to any real property acquired and held by the Administrator pursuant to this title and with respect to any defense installation owned by the Federal Government in connection with which such property is acquired, the Administrator may pay annual sums in lieu of taxes to the appropriate State and local taxing authorities: Provided, That, in making any such payments, the Administrator shall take into consideration other payments by the Federal Government to the State and local taxing authorities, the value of services furnished by such taxing authorities in connection with the property or installation, and the value of any services provided by the Federal Government. There are hereby authorized to be appropriated such sums as may be necessary and appropriate for the carrying out of the provisions and purposes of this section. SEC. 404. The Administrator is authorized to obtain money from the Treasury of the United States for use in the performance of the functions, powers, and duties granted to him by this title, not to exceed a total of $10,000,000 outstanding at any one time. For this purpose appropriations not to exceed $10,000,000 are hereby authorized to be made to a revolving fund in the Treasury. Advances shall be made to the Administrator from the revolving fund when requested by the Administrator. As the Administrator repays the amounts thus obtained from the Treasury, the repayments shall be made to the revolving fund. The Administrator shall pay into the Treasury as miscellaneous receipts interest on the outstanding advances from the Treasury provided for by this section. The Secretary of the Treasury shall determine the interest rate annually in advance, such rate to b^ calculated to reimburse the Treasury for its cost, taking into consideration the current average interest rate which the I r e a s u r y pays upon its marketable obligations. SEC. 405. I n any city or in two contiguous cities in which, on March 1, 1951, there were in one of such cities more than twelve thousand temporary housing units held by the United States of America, the powers authorized by this title may be exercised for the acquisition of land for the provision of improved sites for privately financed defense housing: Provided, That acquisitions pursuant to this section shall be limited to not exceeding 300 acres of land in the general area in which approximately one thousand five hundred units of such temporary housing were unoccupied on said date.
Payments in lieu of taxes.
Appropriation thorized. Advances Treasury.
from
Revolving fund.
Interest.
Acquisition of lard for privately financed defense housing.
TITLE V—PREFABRICATED HOUSING SEC. 501. Section 102 of the Housing Act of 1948, as amended, is amended by striking out the words "for the production of prefabricated houses or prefabricated housing components, or for large-scale modernized site construction" at the end of the first sentence thereof and inserting the following: "for production or distribution of prefabricated houses or housing components and for related purposes, or for modernized site construction: Provided, howe'ver^ That no loan in excess of $500,000 shall be made to any individual or corporation for purposes of production", and by inserting after the word "determine in the second sentence thereof the words "and may be made
Housing Act of IMS, amendments. 62 Stat. 1275. 12 U.S.C. § 1701g.
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