Page:United States Statutes at Large Volume 78.djvu/566

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PUBLIC LAW 88-452-AUG. 20, 1964

[78 STAT.

PART D—AUTHORIZATION or APPROPRIATIONS

SEC. 221. The Director shall carry out the programs provided for in this title during the fiscal year ending June 30, 1965, and the two succeeding fiscal years. For the purpose of carrying out this title, there is hereby authorized to be appropriated the sum of $340,000,000 for the fiscal year ending June 30, 1965; and for the fiscal year ending June 30, 1966, and the fiscal year ending June 30, 1967, such sums may be appropriated as the Congress may hereafter authorize by law. TITLE III — S P E C I A L P E O G R A M S TO COMBAT P O V E R T Y IN RURAL AREAS STATEMENT OF PURPOSE

SEC. 301. I t is the purpose of this title to meet some of the special problems of rural poverty and thereby to raise and maintain the income and living standards of low-income rural families and migrant agricultural employees and their families. PART A—AUTHORITY TO MAKE GRANTS AND LOANS

SEC. 302. (a) The Director is authorized to make— (1) loans having a maximum maturity of 15 years and in amounts not exceeding $2,500 in the aggregate to any low income rural family where, in the judgment of the Director, such loans have a reasonable possibility of effecting a permanent increase in the income of such families by assisting or permitting them to— (A) acquire or improve real estate or reduce encumbrances or erect improvements thereon, (B) operate or improve the operation of farms not larger than family sized, including but not limited to the purchase of feed, seed, fertilizer, livestock, poultry, and equipment, or (C) participate in cooperative associations; and/or to finance nonagricultural enterprises which will enable such families to supplement their income. (b) Loans under this section shall be made only if the family is not qualified to obtain such funds by loan under other Federal programs. COOPERATIVE ASSOCIATIONS

SEC. 303. The Director is authorized to make loans to local cooperative associations furnishing essential processing, purchasing, or marketing services, supplies, or facilities predominantly to low-income rural families. LIMITATIONS ON ASSISTANCE

SEC. 304. No financial or other assistance shall be provided under this part unless the Director determines that— (a) the providing of such assistance will materially further the purposes of this part, and (b) in the case of assistance provided pursuant to section 303, the applicant is fulfilling or will fulfill a need for services, facilities, or activities which is not otherwise being met. LOAN T E R M S A N D CONDITIONS

SEC. 305. Loans pursuant to sections 302 and 303 shall have such terms and conditions as the Director shall determine, subject to the following limitations:

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