Page:United States Statutes at Large Volume 52.djvu/1228

 52 STAT.] 75TH CONG., 3D SESS.-CH. 691-JUNE 25, 1938 improvement or otherwise, pursuant to the provisions of this Act, of any property acquired under subparagraph (1) of this subsec- tion; and "(3) any other land, together with any structures that may be located thereon, in the District of Columbia that may be necessary to provide decent, safe, adequate, and sanitary housing accommo- dations for persons or families substantially equal in number to those who are to be deprived of habitation by reason of the demoli- tion of buildings pursuant to the provisions of this title. "(c) The Authority is authorized and empowered to replat any land acquired under this Act; to pave or repave any street or alley thereon; to construct sewers and water mains therein; to install street lights thereon; to demolish, move, or alter any buildings or structures situated thereon and erect such buildings or structures thereon as deemed advisable: Provided, however, That the same shall be done and per- formed in accordance with the laws and municipal regulations of the District of Columbia applicable thereto. "(d) The Authority is hereby authorized and empowered to lease, rent, maintain, equip, manage, exchange, sell, or convey any such lands, buildings, or structures acquired under this title, for such amounts and upon such terms and conditions as it may determine: Provided, That sales of real property shall be made at public sale to the highest responsible bidder on terms satisfactory to the Authority after adver- tising for three consecutive weeks in at least one daily newspaper of general circulation published in the District of Columbia: Provided, however, That the Authority may, without advertising, sell such prop- erty to a quasi-public institution or agency not organized or operated for private profit at not less than the cost of such property to the Authority, including improvements: And provided further, That if any such lands, buildings, or structures are required for the purposes of the United States or of the District of Columbia, they may be transferred thereto upon payment to the Authority of the reasonable value thereof. "(e) The Authority is authorized and empowered to aid in provid- ing, equipping, managing, and maintaining houses and other build- ings, improvements, and general community utilities on the property acquired under the provisions of this title, by loans, upon such terms and conditions as it may determine, to limited dividend corporations whose dividends do not exceed 6 per centum per annum, or to honle owners to enable such corporations or home owners to acquire and develop sites on the property: Provided, 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. Section 3 (b) of such Act is hereby amended by adding thereto the following: "The Authority is hereby authorized and em- powered to accept gifts of money from private sources; to borrow from the Treasury of the United States not to exceed $1,000,000 in the fiscal year ending June 30, 1939, and a like sum in each of the four succeeding fiscal years, upon such terms and conditions as the President may deem advisable, and appropriations for such purpose are hereby authorized out of the general fund of the Treasury: Pro- vided, That the Authority shall be obligated for the payment of interest at the going Federal rate as defined in the United States Housing Act of 1937." SEO. 3. Section 3 (d) of such Act is amended to read as follows: "(d) The total amount paid for property or properties acquired, except by condemnation, in any square shall not exceed 30 per centum over and above the current assessed value of all the property or prop- 1187 Powers of the Au- thority. ProVfo. Application of D.C . laws, etc. Lease, conveyance, etc., of lands or struo. tures. Prolhoi. Public sales of real property. Sales to quasi-pub. lic institution without advertising. Transfer to United States or D. C. iffor government purposes; payment. Aid in property development by loans to limited dividend corporations. Provlso. Interest rate loans. Security. on 48 Stat.932 Acceptance of gifts. Loans from Treas- ury authorized. Appropriations au- thorized. Provio. Interest. 50 Stat. 888 42 U.. . C., Spp. III,§ 1401. 48 Stat. 932. Limitation on amount of payment for property.

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