Volume 75 · 201
Public Law 87–84
To extend the veterans’ guaranteed and direct home loan program and to provide additional funds for the veterans’ direct loan program.
Approved July 6, 1961
Statutory text
AN ACT
To extend the veterans’ guaranteed and direct home loan program and to provide additional funds for the veterans’ direct loan program.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That
section
Veterans.
Housing loans.
1803 of title 38, United States Code, is amended by striking out subsection (a) and inserting in lieu thereof the following:
“(a) (1) Any loan to a World War II or Korean conflict veteran, if made within the applicable period prescribed in paragraph (3) of this subsection for any of the purposes, and in compliance with the provisions, specified in this chapter is automatically guaranteed by the United States in an amount not more than 60 per centum of the loan if the loan is made for any of the purposes specified in section 1810 of this title and not more than 50 per centum of the loan if the loan is for any of the purposes specified in section 1812, 1813, or 1814 of this title.
“(2) If a loan report or an application for loan guaranty relating to a loan under this chapter is received by the Administrator before the date of the expiration of the veteran’s entitlement, the loan may be guaranteed or insured under the provisions of this chapter after such date.
“(3) (A) A World War II veteran’s entitlement to the benefits of this chapter will expire as follows:
“(i) ten years from the date of discharge or release from the last period of active duty of the veteran, any part of which occurred during World War II, plus an additional period equal to one year for each three months of active duty performed by the veteran during World War II, except that entitlement shall not continue in any case after July 25, 1967, nor shall entitlement expire in any case prior to July 25, 1962; or
“(ii) on July 25, 1967, for a veteran discharged or released for a service-connected disability from a period of active duty, any part of which occurred during World War II.
“(B) A Korean conflict veteran’s entitlement to the benefits of this chapter will expire as follows:
“(i) ten years from the date of discharge or release from the last period of active duty of the veteran, any part of which occurred during the Korean conflict, plus an additional period equal to one year for each three months of active duty performed by the veteran during the Korean conflict, except that entitlement shall not continue in any case after January 31, 1975, nor shall entitlement expire in any case prior to January 31, 1965; or
“(ii) on January 31, 1975, for a veteran discharged or released for a service-connected disability from a period of active duty, any part of which occurred during the Korean conflict.”
The last sentence of section 1802(b) of title 38, United States
Code, is amended to read as follows: “Entitlement restored under this subsection may be used by a World War II veteran at any time before July 26, 1967, and by a Korean conflict veteran at any time before February 1, 1975.”
Section 1814(b) of title 38, United States Code, is amended (1)
by striking out paragraph (3); (2) by striking out “; and” at the end of paragraph (2) and inserting a period; and (3) by inserting “and” after the semicolon at the end of paragraph (1).
Sec. 2.
Paragraphs (2) and (3) of subsection (d) of section
1811 of title 38, United States Code, are amended by striking out “$13,600”, wherever it appears in such paragraphs, and inserting in lieu thereof “$15,000”.
Subsection (h) of such section 1811 is amended to read as follows:
“(h) No loan may be made under this section to any veteran after the expiration of his entitlement pursuant to section 1803(a)(3) of this title except pursuant to a commitment issued by the Administrator before such entitlement expires.”
Sec. 3.
Section 1823(a) of title 38, United States Code, is amended—
by deleting “June 30, 1962” in the second sentence and substituting therefor “June 30, 1961”;
by changing the comma to a period in the fourth sentence and deleting the remainder of that sentence;
by inserting the following new sentences immediately after the third sentence: “The Secretary of the Treasury shall also advance to the Administrator from time to time such additional sums as the Administrator may request, not in excess of $100,000,000 to be immediately available, plus an additional amount not in excess of $400,000,000 after June 30, 1961, plus $200,000,000 after June 30, 1962, plus $150,000,000 after June 30, 1963, plus $150,000,000 after June 30, 1964, plus $100,000,000 after June 30, 1965, plus $100,000,000 after June 30, 1966. Any such authorized advance which is not requested by the Administrator in the fiscal year in which the advance may be made shall be made thereafter when requested by the Administrator, except that no such request or advance may be made after June 30, 1967. Such authorized advances are not subject to the quarter annual limitation in the second sentence of this subsection, but the amount authorized to be advanced in any fiscal year after June 30, 1962, shall be reduced only by the amount which has been returned to the revolving fund during the preceding fiscal year from the sale of loans pursuant to section 1811(g) of this title.”
The last sentence of section 1823(c) of title 38, United States Code, is amended by striking out “June 30, 1963” and inserting in lieu thereof the following: “June 30, 1976”.
Approved July 6, 1961.