Page:United States Statutes at Large Volume 48 Part 1.djvu/957

 73d C ONGRESS. SESS. II. CH. 465 . JUNE 12, 1934 . 931 buildings or structures thereon as deeme d advisable : P rovid ed, Pro vis o-Mu nic ipa l reg uia • however, That the same shall be done and performed in accordance tions to govern. with t he law s and munici pal re gulati ons of the Di strict of Co lumbia applicable thereto ; (c) To lease, rent, maintain, equip, manage, exchange, ssell, or Lease, equ ip, conve y, > etc ., s tru ctu res and convey any such lands, buildings, or structures upon such terms and land. ooiao conditions as he may determine : Provided, That if any such land Trans fer t o Di stric t, is required for the purposes of the government of the District of if for government p ur- Columbia such land may be transferred to the said government upon poses. payment to the Authority of the reasonable value thereof (d) To aid in providing, equipping, managing, and maintaining Aid in redeveloping property by loans to houses and other buildings, improvements, and general community limited dividend cor- utiliti es on the pr operty acqui red un der the provi sions of thi s Act, p orations. by loans, upon such terms and conditions as he may determine, to limited dividend corporations whose dividends do not exceed 6 per centum per annum, or to home owners to enable such corporations or home owners to acquire and develop sites on the property : Pro- Proviso. rateonloans . vided, however, That no loan shall be made at a lower rate of interest than 5 per centum per annum, and that all such loans shall be secured by reserving a first lien on the property involved for the benefit of the United States. SEC. 2 (a) The President may designate, for the purpose of President may desig- nate an administrative carrying out the provisions of this Act, such official or agency of agency the Government of the United States or of the District of Columbia (herei nafter refer red to as " the Authority ") as in his judgment To be referred to as is deemed necessary or advantageous, and the Authority shall have e e Authority ' pow- or obtain all powers necessary or appropriate therefor, including the employment of necessary personal services ; but (1) all plans Approval of replat- for replatting and/or method of condemnation under the provisions coondemnatiomethod of of this Act shall be submitted to and receive the written approval of th e Nat ional Cap ital Park and Plann ing C ommis sion and of th e, Board of Commissioners of the District of Columbia : Provided, Failure to formally howev er, That (a) failu re of the Nati onal Capi tal P ark a nd P lan- approveordisapprove. ning Commission or of the Board of Commissioners of the District of Columbia to formally approve or disapprove in writing within sixty clays after a plan has been submitted shall be equivalent to a formal approval, and (b) disapproval shall be accompanied by a ~oaestated, written statement giving all the reasons for disapproval any plan which shall involve action by a ny department, bureau. P lan i nvol ving ac- tion by Federal or Dis- or agen cy of the Un ited S tates or of the Dis trict of Col umbia shall tact Governments. be made after consultation with such department, bureau, or agency. (b) In the event condemnation proceedings are required to carry Co ndemnation pro- ceedings . out the provisions of this Act the same shall be conducted in ac- Vol.45,p. 1437 cordanc e with the p rovisi ons of the A ct enti tled " An Act to pr ovide for the acqui sition of la nd in the Di strict of Col umbia for th e use of the United States ", approved March 1, 1929. (c) If the Authority determines in the case of any alley that it vol .ai,pp. ;i will be more advantageous to proceed in accordance with sections 1608 to 1610, inclusive, of the Code of Laws of the District of Columbia, the Commissioners of the District of Columbia shall be n otifi ed of suc h det ermin ation and proc eedin gs s hall then be h ad as provided in such sections for alleys and minor streets, except that if the total amount of damages awarded by the jury and the cost and expenses of the proceedings be in excess of the total amount of the assessment for benefits, such excess shall be borne and paid by the Authority. SEC. 3 . (a) The President is hereby authorized, in his discretion, Fund allocated . to make immediately available to the Authority for its lawful uses
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