Summary: H.R.15912 — 93rd Congress (1973-1974)All Information (Except Text)

Bill summaries are authored by CRS.

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Public Law No: 93-569 (12/31/1974)

(LATEST SUMMARY)

Veterans Housing Act - Entitles veterans to a guaranteed, insured, or a direct loan provided any prior GI loan has been paid in full, and the property has been disposed of by the veteran or any immediate veteran-transferee has agreed to the use of his veteran's entitlement.

Permits the guarantee of loans by the Veterans' Administration on an automatic basis in the case of unsupervised lenders such as consumer credit institutions, finance companies and mortgage companies who meet Veterans' Administration regulatory standards.

Increases the maximum home loan guarantee from $12,500 to $17,500.

Authorizes the guarantee of loans to veterans for individual condominium units without the present prerequisite that the Department of Housing and Urban Development has issued insurance on at least one loan in the project.

Increases the maximum loan guarantee to veterans for single-wide mobile home loans from $10,000 to $12,500; and for double-wide mobile home units from $15,000 to $20,000, with a maximum guarantee of $27,500 for a double-wide mobile home and an undeveloped lot.

Authorizes the guarantee of used mobile home units which meet Veterans' Administration mimimum requirements for construction, design, and general acceptability.

Increases the maximum maturity of loans made by Federal credit unions from 10 years to the maximum maturities specified.

Provides the authority for the guarantee of a loan for the acquisition of a lot in making necessary site preparations for the placement of a mobile home unit which the veteran already owns.

Removes the delimiting date presently in the law which prohibits guarantee of mobile home loans after July 1, 1975.

Increases the maximum grant payable for specially adapted housing for seriously service-connected disabled veterans from $17,500 to $25,000.