522
PUBLIC LAW 90-448-AUG. 1, 1968
[82 STAT.
DISPOSITION OF PROPERTY FOR LOW AND MODERATE INCOME HOUSING
78 Stat. 786.
SEC. 505. Section 107(a) of the Housing Act of 1949 is amended— (1) by inserting after "public body or agency, the following: "or other approved purchaser or lessee,"; (2) by inserting ", section 221(h)(1), section 2 3 5 (j)(l), or section 286" after "or (d)(4) "; (3) by inserting "or lessee'* after "a purchaser" and after "such purchaser", and "or lease" after "purchase"; (4) by striking out "rental or cooperative"; (5) by striking out "moderate" and inserting in lieu thereof "low or moderate"; and (6) by inserting before the period at the end thereof the following: ": Provided, That when property is made available under clause (1) to an approved purchaser or lessee other than a limited dividend corporation, nonprofit corporation or association, cooperative, or public body or agency, the Secretary shall assure that the benefits of this subsection will go to the occupant of the property rather than to such purchaser or lessee". (JRANTS FOR LOW AND MODERATE INCOME HOUSING IN OPEN LAND PROJECTS
^^63 stat^.^416; 42 USC 1453.
gpy. 506. Section 103(a)(1) of the Housing Act of 1949 is amended by inserting before the period at the end thereof the following: ", except that he may contract for a grant in an amount not to exceed two-thirds of the difference between the proceeds from any land disposed of pursuant to section 107 and the fair value of the land without regard to such section". URBAN RENEWAL IX)AN CONTRACTS
63 Stat. 414. 42 USC 1452.1
68 Stat. 626. 42 USC 1460
gjx^, 507. (a) Section 102(c) of the Housing Act of 1949 is J J
^
amended— (1) by striking out "at interest rates lower than provided in the loan contract" in the first sentence; and (2) by inserting before the period at the end of the first sentence the following: ": Provided, That, if at any time during the undertaking of the project, the interest rate on such a loan from a source other than the Federal Government is greater than the rate at which funds could be made available under the Federal loan contract, the Secretary may make a supplemental grant to the local public agency in the amount of the difference between the interest cost from such sources and the interest cost at the contract rate, and no part of the amount of any such grant shall be required to be contributed as a part of the local grant-in-aid". (b) Loan contracts outstanding on the date of enactment of this section may be amended to incorporate the provisions authorized by the amendment contained in subsection (a) without regard to the proviso in section 110(g) of the Housing Act of 1949. PROJECT COMPLETION PRIOR TO DISPOSITION OF CERTAIN PROPERTY
63 Stat. 417. 42 USC 1456.
SEC. 508. (a) Section 106 of the Housing Act of 1949 is amended by adding at the end thereof the following new subsection: "(i) Upon a determination by the Secretary that (1) not more than 5 per centum of the total area of land acquired as part of an urban renewal project remains to be disposed of, (2) the local public agency does not expect to be able, due to circumstances beyond its control, to dispose of such land in the near future, (3) all other project activities are completed, and (4) the local public agency has agreed to dispose
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