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,

To:
Y

'

Mr. Eccles
iiz

J, M. Daiger




8/19/57

A BILL

to provide additional. stimulation to the financing of housing
construction through private aeans^ to iacrense the supply of stoderAtepriced rental housing, to increase employment in tbe building tradee
and related occupations, to smmA the National Housing ict, M l for other
purposes*

n m m

n

THE

n u n mv

UNITED r-ThlEZ OF AJn&XG* IS COHGEEf:

HOUSE OF

RKPBEs-arTAtnis

OF THE

. .BLED, That Titles II and III

of tbe national Housing Act, •* saende£, h$ further emended as follows;
Sec* Zm

Section 201 (a) of Title II of the national Housing

Act i s amended by {striking out the >vords *not MM teaa fmirR and ia~
MHrtilg in lieu thereof the *ords "one or more*.
Sec* 3.

Section 203 (b) subsection (2) of Title II of the

I f i t i w i Housing Act is amended by ??trifeing out the §ord "executed0 and
the period at the end of et«ld ;r-ul>eection &ad inserting is lieu thereof
the following:

^instireci; or cover & simlti-f&isily duelling tad involve

a ,>rincipa.l obligation in excess of fl6,CK5O but not In excer-t of
f 200,000 &ad not to axcesd S per centum of th<D >ppre1—i v^lae of
O
the property M of the cat® the mortgage is inmrtil

Provided, that

such p&rt thereof as »&y be attributable to duelling use shall not
exceed $1,000 ;*$? rooss; M l srOTJUM further, that the a -plication
M
for insuranet in re&peet of puch mortgage shall be rabadtteci prior
to UM beginning of the conrtruction ci' such sulti-faiaily




* 4*

The f i r s t sentence of Section 307 of Title 11 of the

Housing Act i s aaendad by striking out the WM#I BptmW
of low ineoffio* and inserting in lieu thereof the vtvie "rent or s
and by inserting after the v*orc; '•rents,11 the words "conditions of
The second eenteuce of ^aic section is a&ended by ttldklaf out the
period after the figures
jm£ addling the following?

w

2038 awi inserting in l i e s thereof $ comma
Nad HMtii part thereof as susy be s t t r i b u t -

able to dVilllag U:-e ?h&ll not exceed 11*300 per rowu" fb« third
sentence of raid section i*' amended by striking out the period tt the
en<5 of said seat#nc« and ia^ertiag in lieu thereof u colon and adciag
the followingt

*aad provided fturtMfj that the principal obligatiOEi

of a !3ort$&g« msiie b/ a. private lt«1t#d uividead eorpora-tioa shall
not «jse©@d. 80 p©r oon.tu& of the MMMrt wh,icb UM AdaittlsinWr e s t i mates will &* UM fair value of the property or project wh«a cosplsted^11
«
Sec* 5*

Section 301 (a) of Title i l l of the H&tional Housing

Act i s eaeiuSffd by striding o^t the MttloftlM after the word- "purchased"
in sale section aid inserting in lieu thereof a comma and ftAdlag the
foXXowiztgi

"aad to js&k^ lo&ne and advettMMi upon raal MHMAi

b/ MV%pk0M and eitkflV f i r s t I I I ! «hich er« insured under .^
207 of this Act and to purehsse mA sell such sortgagee or -crtial
interests therein; R »
<
B—n 6.

Section ?02 of Title I I I of the IrtiMti Housing M
H

as iMMtoAf its further aasancec fcy etri«ing cmt the wojrd "twelve* in the
f i r s t sentence of oald tjoctioa anc inserting in lieu the.reor the >«ord
"twenty*•