78 STAT. ]
PUBLIC LAW 88-560-SEPT. 2, 1964
' 787
public housing ajrenoy undertaking the low-rent housing project at a price equal to its fair value, as determined in accordance with subsection (a), and such amount shall be included as part of the development cost of such low-rent housing project: Provided, That the local contribution in the form of tax exemption or tax remission required by section 10(h) of such Act, or by analogous provisions in legislation ^s Stat. 63ii; authorizing such State or local program, with respect to the low-rent °/2usc uio. housing project into which such property was incorporated on or after September 23, 1959, shall (if covered by a contract which, in the determination of the Public Housing Commissioner, wdll assure that such local contribution will be made during the entire period that the project is used as low-rent housing within the meaning of such Act, or by provisions found by the Administrator to give equivalent assurance in the case of State or local programs) be accepted as a local grant-in-aid equal in amount, as determined by the Administrator, to one-half (or one-third in the case of an urban renewal project on a three-fourths capital grant basis) of the difference between the cost of such property (including costs of land, clearance, site improvements, and a share, prorated on an area basis, of administrative, interest, and other project costs) and its sales price, and shall be considered a local grant-in-aid furnished in a form other than cash within the meaning of section 110(d) of this Act." es Stat. 62<5. 42 USC 1460.
REHABILITATION
OF PROPERTY
IN
URBAN RENEWAL
AREAS
SEC. 307. Section 110(c) of the Housing Act of 1949 is amended by Jl^f^^ ^°^' adding immediately after and below paragraph (7) the following new
- ^*' ^^^'
paragraph: "Notwithstanding any other provision of this title, no contract shall be entered into for any loan or capital grant under this title for any project which provides for demolition and removal of buildings and improvements unless the Administrator determines that the objectives of the urban renewal plan could not be achieved through rehabilitation of the project area." l ' R () J E ( T S INVOLVING THE ACQUISITION A N D DEVELOPMENT OF AIR R I G H T S SITES
SEC. 308. (a) Section 110(c)(1) of the Housing Act of 1949 is amended by— (1) inserting a new clause (iv) before the proviso to read as follows: ", or (iv) air rights in an area consisting principally of land in highways, railway or subway tracks, bridge or tunnel entrances, or other similar facilities which have a blighting influence on the surrounding area and over which air rights sites are to be developed for the elimination of such blighting influences and for the provision of housing (and related facilities and uses) designed specifically for, and limited to, families and individuals of low or moderate income"; (2) striking out in the proviso "an open land project" and inserting in lieu thereof "projects under clauses (iii) and (iv) hereof"; and (3) adding before the semicolon at the end thereof the following: ": Provided further, That the aggregate amount of capital grants for projects under clause (iv) shall not exceed 5 per centum of the aggregate amount of grants authorized by this title to be contracted for after the date of enactment of the Housing Act of 1964".
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