Pub. L. 87-70, tit. VIII, sec. 801

Sec. 801. (a) Section 501(b) of the Housing Act of 1949 is amended by inserting “(1)” immediately after “(b)” and by adding at the end thereof a new paragraph as follows: “(2) For the purposes of this title, the terms ‘owner’, ‘farm’, and ‘mortgage’ shall be deemed to include, respectively, the lessee of, the land included in, and other security interest in, any leasehold interest which the Secretary determines has an unexpired term (A) in the case of a loan, for a period sufficiently beyond the repayment period of the loan to provide adequate security and a reasonable probability of accomplishing the objectives for which the loan is made, and (B) in the case of a grant for a period sufficient to accomplish the objectives for which the grant is made.” (b) Section 502(b)(1) of such Act is amended by striking out “and such additional security” and inserting in lieu thereof the words “or such other security”. (c) Sections 511, 512, and 513 of such Act are each amended by striking out “1961” and inserting in lieu thereof “1965”.