§57 [Retirement or Adjustment of Outstanding Mortgage Obligation.]

Summary

Authorizes the President to give Alaska extra grant money, up to $5,500,000 total, to match state funds dollar-for-dollar so the State can retire or adjust mortgages or other liens on one- to four-family homes that were badly damaged or destroyed by the March 1964 earthquake and its seismic waves. To get the grant, Alaska must have a President-approved plan, name the state agency that will handle the mortgage work, require each homeowner to cover damage up to their equity and pay at least $1,000 toward the mortgage, limit any single-property payment to $30,000, adopt rules to make treatment fair and to stop unjust payments or gains to the State, lenders, or homeowners, and file reports and give the President access to the records he asks for.