Joint resolution making continuing appropriations for the fiscal year 1963, and for other purposes
PL 87-724 (H.J.Res.897), enacted 09/29/1962

672 
PUBLIC LAW 87-724-SEPT. 29, 1962 
[76 STAT. 
Loan authority, 
expiration date. 
Definitions. 
63 Stat. 438; 
IS Stat. 186. 
42 u s e 1483. 
42 u s e 1481. 
42 u s e 1474. 
Ante, p. 671. 
42 u s e 1471. 
42 u s e 1476. 
42 u s e 1484. 
insured under this subsection; but the aggregate of the principal 
amounts of such loans made by the Secretary and not disposed of 
shall not exceed $10,000,000 outstanding at any one time; and the 
Secretary may take liens running to the United States though the 
notes may be held by other lenders; and 
"(5) no loan shall be insured under this subsection after June 
30, 1964. 
"(c) No loan shall be made or insured under subsection (a) or (b) 
unless the Secretary finds that the construction involved will be under-
taken in an economical manner and will not be of elaborate or extrava-
gant design or materials. 
"(d) As used in this section— 
"(i) the term 'housing' means new or existing housing suitable 
for dwelling use by elderly persons or elderly families; 
"(2) the term 'related facilities' includes cafeterias or dining 
halls, community rooms or buildings, appropriate re^eation 
facilities, and other essential service facilities; 
"(3) the term 'elderly persons' means persons who are 62 years 
of age or over; and the term 'elderly families' means families the 
head of which (or his spouse) is 62 years of age or over; and 
"(4) the term 'development cost' means the costs of construct-
ing, purchasing, improving, altering, or repairing new or existing 
housing and related facilities and purchasing and improving the 
necessary land, including necessary and appropriate fees and 
charges approved by the Secretary. 
"(e) Amounts made available pursuant to section 513 of this Act 
shall be available for administrative expenses incurred under this 
section." 
(c) (1) Section 511 of the Housing Act of 1949 is amended— 
(A) by striking out "section 504(b)" and inserting in lieu 
thereof "section 504(b) or 515(a)"; and 
(B) by striking out "$650,000,000" and inserting in lieu thereof 
"$700,000,000, of which $50,000,000 shall be available exclusively 
for assistance to elderly persons as provided in clause (3) of 
section 501(a)". 
(2) Section 506(a) of such Act is amended by striking out "section 
514" each place it appears and inserting in lieu thereof "sections 514 
and 515". 
(3)'Section 504(a) of such Act is amended by striking out "(1) 
in the form of a loan, or combined loan and grant, in excess of $1,000, 
or (2) in the form of a grant (whether or not combined with a loan) 
in excess of $500" and inserting in lieu thereof "in the form of a loan, 
grant, or combined loan and grant in excess of $1,000". 
(4) Paragraph (12) of section 5200 of the Revised Statutes (12 
U.S.C. 84) is amended by inserting "or title V of the Housing Act of 
1949," immediately before "shall be subject under this section". 
Approved September 28, 1962. 
Public Law 87-724 
September 29. 1962 
J O I N T R E S O L U T I O N 
[H. J. Res. 897] 
Making continuing appropriations for the fiscal year 1963, and for other purposes. 
Resolved by the /Senate and House of Representatives 
of the United 
States of America in Congress assembled^ That the joint resolution of 
Ante, p. 427. 
August 31, 1962 (Public Law 87-625), is hereby amended by striking 
out "September 30, 1962" and inserting in lieu thereof "October 31, 
1962". 
Approved September 29, 1962.