Pub. L. 86-372, tit. VII, sec. 701

Sec. 701. (a) Section 803(a) of the National Housing Act is amended by striking out “September 30, 1960” and inserting in lieu thereof “October 1, 1961”. (b) The second sentence of section 803(b) (3) of such Act is amended by striking out “have a maturity not to exceed twenty-five years” and inserting in lieu thereof “but not to exceed thirty years from the beginning of amortization of the mortgage”. (c) Section 803(b)(3) of such Act is further amended by adding at the end thereof the following: “The property or project may include such nondwelling facilities as the Commissioner deems adequate to serve the occupants.” (d) Section 803(c) of such Act is amended by adding at the end thereof the following new sentence: “The Commissioner is further authorized to reduce the amount of the premium charge below one-half of 1 per centum per annum with respect to any mortgage on property acquired by the Secretary of Defense or his designee if the mortgage is insured pursuant to the provisions of this title as in effect prior to August 11, 1955.” (e) Section 803 of such Act is further amended by adding at the end thereof the following new subsection: “(k) The Commissioner shall not insure any mortgage under this section unless the principal contractor or contractors engaged in the construction of the project involved file a certificate or certificates (at such times, in the course of construction or otherwise, as the Commissioner may prescribe) certifying that the laborers and mechanics employed in the construction of such project have been paid not less than one and one-half times the regular rate of pay for employment in excess of eight hours in any one day or in excess of forty hours in any one week.”