400 42 USC 1 4 7
PUBLIC LAW 91-152-DEC. 24, 1969
^^^ Section 517(b) of such Act is amended by striking out "and 515" and inserting ", 515", and by adding after " (b)(4)), " the following: "and 524,". SALE o r LAND FOR H O U S I N G
SEC. 414. (a) Notwithstanding the provisions of the Federal Prop40 USC 4^Y ^^^y ^"^ Administrative Services Act of 1949, any surplus real propnote, erty within the meaning of such Act may in the discretion of the Administrator of General Services be transferred to the Secretary of Housing and Urban Development at his request for sale or lease by him at its fair value for use in the provision of rental or cooperative housing to be occupied by families or individuals of low or moderate income. Any such sale or lease of surplus land shall be made only to (1) a public body which will use the land in connection with the development of a low-rent housing project assisted under the United States 50 Stat. 888. Housing Act of 1937, or under a State or local program found by the Secretary of Housing and Urban Development to have the same general purposes as the Federal program under such Act, or (2) a purchaser or lessee who will use the land in connection with the development of housing (A) with respect to which annual payments will be made to the housing owner pursuant to section 101 of the Housing and 12 USC 1*7^\s l^i'ban Development Act of 1965, (B) financed with a mortgage which receives the benefit of the interest rate provided for in the proviso in 75 Stat. 152; section 221(d)(5) of the National Housing Act, or (C) with respect to 12 USC 1715/. which interest reduction payments will be macte under section 236 of 82 Stat. 498. the National Housing Act: Provided, That prior to any such sale or 12 USC 1715Z-1. igg^gg IQ ^ purchaser or lessee other than a public body, the Secretary shall notify the governing body of the locality where the land is located of the proposed sale or lease and no such sale or lease shall be made if the local governing body, within ninety days of such notification, formally advises the Secretary that it objects to the proposed sale or lease. If the United States paid valuable consideration for any such land the Secretary shall not sell it for less than its cost to the United States at the time of acquisition. In addition, if such land contains improvements constructed by the Federal Government which have potential use in the provision of housing for low- or moderate-income families or individuals, the improvements shall be separately appraised for such use and the price for which such land is sold shall include an amount which is not less than the value of such improvements as so appraised. (b) As a condition to any sale or lease of surplus land under this section to a purchaser or lessee other than a public body, the Secretary shall obtain such undertakings as he may consider appropriate to assure that the property will be used in the provision of rental or cooperative housing to be occupied by families or individuals of low or moderate income for a period of not less than forty years. If during such period the property is used for any purpose other than the purpose for which it was sold or leased it shall revert to the United States (or, in the case of leased property, the lease shall terminate) unless the Secretary, after the expiration of the first twenty years of such period, has approved the use of the property for such other purpose. The Secretary shall notify the Committees on Banking and Currency of the Senate and House of Representatives whenever any surplus land is sold or leased by him, or he approves a change in the use of any surplus land theretofore sold or leared by him, pursuant to the authority of this section.