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borrowed money in their pockets instead of having any real investment in the project. These were t the so-called “windfall” profits, which the Bureau of Internal Revenue found some taxpayers were trying to claim as capital gains to -avoid the higher rate of Jncome_ taxes. ' '
3. Builders and sellers of'FHA or VA insured residence housing must give the buyer a certificate showing that the construction was in conformity with plans and specifications..
In addition to these specific provisions we included in our report on the bill a statement that it is the intent of the Congress that the Congress that the Federal housing agencies “shall at all times regard as a primary responsibility their duty to act in the interest of the individual home purchaser and in so doing to protect his interest to the extent feasible.”
One section of the bill, inserted by the committee on my motion, provides $10,000,000 for advances to local and state agencies for public works plants, with the money to be repaid when construction is undertaken. Our Virginia State Planning Commission recommended this as a valuable means of encouraging localities to make advance plans for public works which can be started quickly at any fu^rui^rlatr^whm-economic condi-^ tions call for an expanded pro* gram.
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