college housing

college housing Sec. 601. (a) Section 401 (d) of the Housing Act of 1950 is amended by striking out “$750,000,000” and inserting in lieu thereof “$925,000,000”, and by inserting before the period at the end thereof a colon and the following: “Provided further, That the amount outstanding for hospitals, referred to in clause (2) of section 404 (b) of this title, shall not exceed $25,000,000”. 71 Stat. 304 (b) Section 404 (b) of such Act is amended to read as follows: “(b) ‘Educational institution’ means (1) any educational institution offering at least a two-year program acceptable for full credit toward a baccalaureate degree, including any public educational institution, or any private educational institution no part of the net earnings of which inures to the benefit of any private shareholder or individual, (2) any hospital operating a school of nursing beyond the level of high school approved by the appropriate Stat. authority, or any hospital approved for internships by recognized authority, if such hospital is either a public hospital or a private hospital, no part of the net earnings of which inures to the benefit of any private shareholder or individual, (3) any corporation (no part of the net earnings of which inures to the benefit of any private shareholder or individual ) (A) established by any institution included in clause (1) of this subsection for the sole purpose of providing housing or other educational facilities for students or students and faculty of such institution without regard to their membership in or affiliation with any social, fraternal, or honorary society or organization, and (B) upon dissolution of which all title to any property purchased or built from the proceeds of any loan secured under this title will pass to such institution, and (4) any agency, public authority, or other instrumentality of any Stat. established for the purpose of providing or financing housing or other educational facilities for students or faculty of any public educational institution included in clause (1) of this subsection, but nothing herein contained shall require an institution included in clause (1) of this subsection to obtain loans through any instrumentality included in this clause of this subsection.”.