PROPERTY IMPROVEMENT LOANS

PROPERTY IMPROVEMENT LOANS Sec. 101. (a) (1) Section 2 (a) of the National Housing Act is amended by striking out “September 30, 1956” and inserting in lieu thereof “September 30, 1959”. (2) The proviso in the second paragraph of section 2 (a) of such Act is amended to read as follows: “: Provided, That this clause (iii) may in the discretion of the Commissioner be waived with respect to the period of occupancy or completion of any such new residential structures”. (b) Section 2 (b) of such Act is amended— (1) by striking out “made for the purpose of financing the alteration, repair, or improvement of existing structures exceeds $2,500, or for the purpose of financing the construction of new structures exceeds $3,000” and inserting in lieu thereof “exceeds $3,500”; (2) by striking out “except that” in clause (2) and inserting in lieu thereof “except that the Commissioner may increase such maximum limitation to five years and thirty-two days if he determines such increase to be in the public interest after giving consideration to the general effect of such increase upon borrowers, the building industry, and the general economy, and”; and (3) by striking out “$10,000” and inserting in lieu thereof “$15,000 nor an average amount of $2,500 per family unit”. (c) Section 2 (b) of such Act is further amended by striking out “Provided, That” and inserting in lieu thereof the following: “Provided, That any such obligation with respect to which insurance is granted under this section on or after sixty days from the date of the enactment of this proviso shall bear interest, and insurance premium charges, not exceeding (A) an amount, with respect to so much of the net proceeds thereof as does not exceed $2,500, equivalent to $5 discount per $100 of original face amount of a one-year note payable in equal monthly installments, plus (B) an amount, with respect to any portion of the net proceeds thereof in excess of $2,500, equivalent to $4 discount per $100 of original face amount of such a note: Provided further, That the amounts referred to in clauses (A) and (B) of the preceding proviso, when correctly based on tables of calculations issued by the Commissioner or adjusted to eliminate minor errors in computation in accordance with requirements of the Commissioner, shall be deemed to comply with such proviso: Provided further, That”.