Section 2
SEC. 2. Section one of Republic Act Numbered Two hundred and sixty-seven is amended to read as follows: "SECTION 1. Cities, municipalities and provinces are authorized to purchase and/or expropriate home sites and landed estates within their respective jurisdictions and resell them at cost to residents of the said provinces, cities and municipalities, and to use their own funds or contract loans for the purpose from the Reconstruction Finance Corporation and the Philippine National Bank, both of which are authorized to grant such loans and/or any other entity or person at a rate of interest not exceeding eight per cent per annum."