PUBLIC LAW 87-70-JUNE 80, 1961
(1) by striking out "$&76,000,000" each place it appears and inserting in lieu thereof "$1,000,000,000"; and (2) by striking out "$125,000,000" in the sixth sentence and inserting in lieu thereof "$160,000,000". RESALE o r
42 vtc 14S7
PROPERTY I N URBAN RENEWAL AREAS FOR HOUSING FOR MODERATE INCOME FAMILIES
^^^' ^^^' (^) Section 107 of the Housing Act of 1949 is amended by— (1) changing the title thereof to read "PROPERTY TO BE USED FOR PUBLIC H O U S I N G OR HOUSING FOR MODERATE INCOME FAMILIES";
12 USC 1715/.
(2) inserting " (a) " before the first sentence and striking out the words "to be" in such sentence; (3) striking out "is incorporated" and inserting in lieu thereof "was incorporated on or after September 23, 1959,"; and (4) adding at the end thereof the following new subsection: "(b) Upon approval of the Administrator and subject to such conditions as he may determine to be in the public interest, any real property held as part of an urban renewal project may be made available to (1) a limited dividend corporation, nonprofit corporation or association, cooperative, or public body or agency, or (2) a purchaser who would be eligible for a mortgage insured under section 221(d)(4) of the National Housing Act, for purchase at fair value for use by such urchaser in the provision of new or rehabilitated rental or cooperative ousing for occupancv by families of moderate income." (h) Clause (4) of the second sentence of section 110(c) of the Hous^^^ ^^^ ^^ ^^^^ ^ amended by inserting before the semicolon at the ® end thereof the following: "or as provided in section 107".
E 42 us*c u6o'
42 USC 1460.
SEC 307. (a) The second sentence of section 110(c) of the Housing Act of 1949 is amended by— (1) striking out "and" at the end of paragraph (5); (2) striking out the period at the end of paragraph (6) and inserting in lieu thereof "; and"; and (3) addino; after paragraph (6) a new paragraph as follows: " (7) acquisition and repair or rehabilitation for guidance purposes, and resale by the local public agency, of structures which are located in the urban renewal area and which, under the urban renewal plan, are to be repaired or rehabilitated for dwelling use or related facilities: Provided, That the local public agency shall not acquire for such purj^oses, in any urban renewal area, structures which contain or will contain more than (A) one hundred dwelling units, or (B) 5 per centum of the total number of dwelling units in such area which, under the urban renewal plan, are to be repaired or rehabilitated, whichever is the lesser." (b) The third sentence of section 110(c) of such Act is amended by inserting after "include" the following: (except as provided in paragraph (J) above)". (c) Clause (i) of section 110(e) of such Act is amended by striking out "and (6)" and inserting in lieu thereof "(6), and (7)". INCREASE IN NONRESIDENTIAL EXCEPTION
SEC. 308. The fifth sentence of section 110(c) of the Housing Act of 1949 is amended by striking out "20 per centum" in the second proviso and inserting in lieu thereof "30 per centum".