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FEDERAL R E SER VE BANK
OF NEW YORK
r Circular N o. 3 6 6 4 T
L
M arch 2, 1951
J

R EA L ESTATE CREDIT
Am endm ent No. 1 to Regulation X o f the B oard o f Governors o f the
Federal Reserve System, Effective M arch 5, 1951

To all Persons E ngaged in the Business o f E xtend in g R eal E sta te Credit
in the Second Federal R eserve D istrict:

The Board o f Governors o f the Federal Reserve System has adopted Amendment No. 1
to Regulation X, effective March 5, 1951. Follow ing is the text o f the statement issued by the
Board relating to the amendment and released fo r publication March 3, 1951:
The B oard o f Governors has amended Regulation X to perm it terms different from those prescribed
by the regulation to apply to specific new construction necessary to the national defense. The amend­
ment, which becomes effective March 5, 1951, has been concurred in by the H ousing and Home Finance
Administrator.
The provisions o f the amendment, to be known as Section 6 (p ) o f Regulation X , are as follow s:
(p ) Defense Construction.— Terms different from those prescribed by this regulation and the
Supplement thereto, to be applicable to specific new construction necessary to the national defense,
may be authorized by the B oard in areas designated by the H ousing and Home Finance Adm inis­
trator with the concurrence o f the Board and after surveys have been made b y the A dm inistrator
with respect to the needs fo r such necessary construction within such areas. Such different terms
when so authorized w ill be applicable only to such new construction as may be specified b y the
Adm inistrator within such designated areas and will be subject to such conditions as may be
prescribed.
A t the same time the B oard adopted this amendment to Regulation X , it concurred in the recom­
mendation o f Housing and Home Finance A dm inistrator Foley that specific areas adjacent to new
defense industry installations at Paducah, K entucky, and Savannah River, South Carolina, be
designated defense areas. Mr. Foley advised the B oard that, because o f the urgent need fo r housing
workers at the Atom ic E nergy Commission installations, he had designated these two areas for special
housing consideration with the approval o f defense mobilization authorities. A n y further designations,
he said, would be based on criteria now being developed with the Office o f Defense Mobilization and its
related agencies.
The modified terms and method o f handling applications fo r both non-Government-aided and
Government insured or guaranteed loans in the Paducah and Savannah R iver areas will be announced
by the B oard and the H ousing and Home Finance A gen cy in a few days.

A printed copy o f Amendment No. 1 to Regulation X is enclosed; additional copies will be
furnished upon request.




A

llan

S

proul,

President.

R E A L E STA TE C R E D IT
A M E N D M E N T NO. 1 TO R E G U L A T IO N X

ISSUED B Y T H E BOARD OF GOVERNORS OP TH E FEDERAL RESERVE SYSTEM
W IT H T H E CONCURRENCE OF T H E HOUSING AND
HO M E FIN A N C E ADM INISTRATOR

Regulation X is hereby amended effective March 5, 1951, by
adding the follow ing subsection ( p ) to section 6 :
(p ) Defense Construction.— Terms different from those
prescribed by this regulation and the Supplement thereto, to be
applicable to specific new construction necessary to the national
defense, may be authorized b y the B oard in areas designated by
the H ousing and Home Finance Adm inistrator with the con­
currence o f the Board and after surveys have been made b y the
Adm inistrator with respect to the needs fo r such necessary con­
struction within such areas. Such different terms when so
authorized will be applicable only to such new construction as
may be specified by the Adm inistrator within such designated
areas and will be subject to such conditions as may be prescribed.




P R IN T E D IN N E W Y O R K


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102