Page:United States Statutes at Large Volume 50 Part 1.djvu/916

 75TH CONGRESS, 1sT SESSION-CH. 896 -SEPT EMBER 1, 19 37 (c) The use of funds made available for the purposes of this Act shall be subject to the provisions of section 2 of title 3 of the Treasury and Post Office Appropriation Act for the fiscal year 1934 (47 Stat . 1489), and to make such provisions effective every contract or agree- ment of any kind pursuant to this Act shall contain a provision iden- tical to the one prescribed in section 3 of title 3 of such Act. (d) No annual contribution, grant, or loan, and no contract for any annual contribution, grant, or loan, under this Act, shall b e undertaken by the Authority except with the approval of the Pres ide nt. t SEC. 7. (a) The Authority may publish and disseminate informa- ion p ertinent to the various aspects of housing. (b) In January of each year the Authority shall make an annual report to Congress of its operations and expenses, including loans, contributions, and grants made or contracted for, low-rent-housing and slum-clearance projects undertaken, and the assets and liabilities of the Authority. Such report shall include operating statements of all projects under the jurisdiction of or receiving the assistance of the Author ity, inclu ding s ummar ies o f the incom es of occup ants, sizes of families, rentals, and other related information. SEC. 8 . The Auth ority may from time to time m ake, amen d, and rescind such rules and regulations as may be necessary to carry out the provisions of this Act. LOANS FOR LOW-RENT-HOUSING AND SLUM-CL EARANCE PROJECTS SEC. 9 . The Authority may make loans to public-housing agencies to assist the development, acquisition, or administration of low-rent- housin g or slum- cleara nce p rojec ts by such agenci es. Where capital grants are made pursuant to section 11 the total amount of such loans outstanding on any one project and in which the Authority partici- pates shall not exceed the development or acquisition cost of such project less all such capital grants, but in no event shall said loans exceed 90 per centum of such cost. In the case of annual contributions i n assistance of low ren tals as pro vided in se ction 10 th e total of such loans outstanding on any one project and in which the Authority participates shall not exceed 90 per centum of the development or acquisition cost of such project. Such loans shall bear interest at such rate not less than the going Federal rate at the time the loan is made, plus one-half of one per centum, shall be secured in such man- ner, and shall be repaid within such period not exceeding sixty years, as may be deemed advisable by the Authority. ANNUAL CON TRI BU TIO NS IN AS SIS TAN CE OF LOW R ENT ALS SEC. 10 . (a) The Authority may make annual contributions to public housing agencies to assist in achieving and maintaining the l ow-re nt cha racte r of their housi ng pro jects. The annual contribu- tions for a ny such project shall be fixed in uniform amounts, and shall be paid in such amounts over a fixed period of years. No part of such annual contributions by the Authority shall be made avail- able for any project unless and until the State, city, county, or other political subdivision in which such project is situated shall contribute, in the form of cash or tax remissions, general or special, or tax exemptions, at least 20 per centum of the annual contributions herein p rovided. The Authority shall embody the provisions for such annual contributions in a contract guaranteeing their payment over such fixed period : Provided, That no annual contributions shall be made, and the Authority shall enter into no contractt guaranteeing 891 Articles of Ameri- can manufacture, etc. 47 Stat. 1520. 41U.S.C.°loa. Provision concern- ing, in contracts. 47 Stat. 1520. 41 U.S. C.°101) . App rov al of the President required . Dissemi nation of in- for mat ion . Ann ual re port to Congress. Rules and regula- tions . Loans for low-rent- housing and slum- clearan ce projec ts . Maximum grants . Annual contribu- tions . Interest . Ann ual con tri bu- tions i n assista nce of low rentals . Provisions guaran- tee ing pay ment . Proviso . Elimination of un- saf e or insanitary dwellings.