Volume 69 · 162
Public Law 84–84
To amend the Servicemen’s Readjustment Act of 1044, so as to authorize loans for farm housing to be guaranteed or insured under the same terms and conditions as apply to residential housing.
Approved June 16, 1955
Statutory text
AN ACT
To amend the Servicemen’s Readjustment Act of 1044, so as to authorize loans for farm housing to be guaranteed or insured under the same terms and conditions as apply to residential housing.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 501 of the Servicemen’s Readjustment Act of 1944 (38 U. S. C., sec. 694a), is hereby amended by adding at the end thereof the following new subsection:
“(c) Notwithstanding section 502 of this title, but subject to paragraphs
(1), (2), and (3) of subsection (a) of this section, any loan made to a veteran under this title may be guaranteed if the proceeds thereof will be used for any of the following purposes:
“(1) To purchase a farm on which there is a farm residence to be occupied by the veteran as his home;
“(2) To construct on 1 and owned by the veteran a farm residence to be occupied by him as his home; or
“(3) To repair, alter, or improve a farm residence owned by the veteran and occupied by him as his home.
If there is an indebtedness which is secured by a lien against land owned by the veteran, the proceeds of a loan for the construction of a farm residence on such land may be expended also to liquidate such lien, but only if the reasonable value of the land is equal to or in excess of the amount of the lien.”
Sec. 2.
Subsection (b) of such section is hereby amended by inserting immediately after “specified in subsection (a)” the following: “or subsection (c)”.
Approved June 16, 1955.