Public Law 87–779

so much of the first sentence of section 5(c) of the Home Owners’ Loan Act of 1933 as precedes the comma after “first lien thereon” is amended to read as follows: “Such associations shall lend their funds only on the security of their shares or on the security of first liens upon real property within fifty miles of their home office which constitute first liens upon homes, combinations of homes and business property, other dwelling units, or combinations of dwelling units, including homes, and business property involving only minor or incidental business use (all of which may be defined by the Board): Provided, That not more than $35,000 for each single-family dwelling, and not more than such amount per room as the Board may determine by regulation within the limits allowable (at the time of the loan) in section 207(c)(3)

70 Stat. 1092.

12 USC 1713.

of the National Housing Act for any other dwelling unit covered by such lien, shall be loaned on the security of any such lien, and the Board shall by regulation limit to not more than 15 per centum of the assets of the association the aggregate amount or amounts of the investments which may be made by an association under the foregoing provisions of this sentence on the security of property which comprises or includes more than four dwelling units or does not constitute homes or combinations of homes and business property; except that not exceeding 20 per centum of the assets of such association may be loaned on the security of first liens upon improved real estate without regard to the foregoing limitations”.

The first sentence of such section 5(c) is further amended by

73 Stat. 687.

striking out “one-to four family homes” in the first proviso and inserting in lieu thereof “real property of the type described in this sentence in the matter preceding this proviso”.

The fourth paragraph of such section 5(c) is amended by striking

75 Stat. 189.

out “$35,000 limitation” and inserting in lieu thereof “dollar amount limitation”.

Paragraph (6) of section 2 of the Federal Home Loan

Federal Home Loan Bank Act, amendment.

48 Stat. 1754; 49 Stat. 293.

12 USC 1422.

Bank Act is amended by striking out “upon which there is located a dwelling for not more than four families” and inserting in lieu thereof “upon which is located, or which comprises or includes, one or more homes or other dwelling units, nil of which may be defined by the Board”.

Section 10(b) of such Act is amended by striking out “$35,000”

47 Stat. 732; 68 Stat. 634.

12 USC 1430.

and inserting in lieu thereof “a sum equal to $35,000 for each home or other dwelling unit covered by such mortgage”.