An Act to amend title VIII of the National Housing Act with respect to the authority of the Federal Housing Commissioner to pay certain real property taxes and to make payments in lieu of real property taxes
PL 87-756 (H.R.13067), enacted 10/05/1962

76 STAT.] 
PUBLIC LAW 87-756-OCT. 5, 1962 
751 
Public Law 87-755 
AN ACT 
To amend section 510(a) (1), Merchant Marine Act, 1936. 
October 5, 1962 
[H. R. 10022] 
Re it enacted hy the Senate and. House of Representatives 
of the 
United States of America in Congress assermled^ That the proviso in 
section 510(a) (1), of the Merchant Marine Act, 1936, is amended to ;J^i/^^^'^°"* 
read as f 
oUows: ''^Provided^ That until June 30,1964, the term 'obsolete 
vessel' shall mean a vessel or vessels, each of which (A) is of not less 
than one thousand three hundred and fifty gross tons, (B) is not less 
than twelve years old, and (C) is owned by a citizen or citizens of 
the United States and has been owned by such citizen or citizens for 
at least three years immediately prior to the date of acquisition here-
under.*' 
Approved October 5, 1962. 
Merchant Marine 
ment. 
72 Stat. 17. 
46 u s e 1160. 
' • Obsolete ves-
sel.»» 
Public Law 87-756 
AN ACT 
To amend title VIII of the National Housing Act with respect to the authority 
of the Federal Housing Commissioner to pay certain real property taxes and 
to make payments in lieu of real property taxes. 
Be it enacted hy the Senate a/nd House of Representatives 
of the 
United States of America in Congress assemhled^ That title VIII of 
the National Housing Act is amended by adding at the end thereof the 
following new section: 
"SEC. 811. (a) The Commissioner is authorized to make payments in 
lieu of taxes on any real property to which title has been or is here-
after acquired by him in fee under section 803 as effective prior to 
August 11,1955, and on which taxes or payments in lieu of such taxes 
were payable or paid prior to acquisition by the Commissioner. Such 
payments may be made in connection with tax years occurring prior to 
or subsequent to the date of the enactment of this section. The amount 
of any such payments shall not exceed taxes on similar property and 
shall not include interest or penalties. 
If the Commissioner has 
acquired or hereafter acquires title in fee to real property by fore-
closure or by transfer from some other department or agency of the 
Govenment or otherwise during a tax year, he may make a payment 
in lieu of taxes prorated for that portion of the year remaining after 
his acquisition of title. This subsection shall not authorize any lien 
against property held by the Commissioner, nor the payment of any 
tax, nor any payment in lieu of any tax, on any interest of the Com-
missioner as lessee or mortgagee. 
"(b) Nothing in this title shall be construed to exempt any real 
property which has been or is hereafter acquired and held by the Com-
missioner under section 809 or 810 from taxation by any State or 
political subdivision thereof, to the same extent, according to its 
value, as other real property is taxed." 
Approved October 5, 1962. 
October 5, 1962 
tH. R.13067] 
Military housing. 
Payments in lieu 
of taxes. 
63 Stat. 570; 
70 Stat. 273; 
73 Stat. 683. 
12 u s e 1748-
1748h-2.