Page:United States Statutes at Large Volume 81.djvu/296

 262

PUBLIC LAW 90-103-OCT. 11, 1967

68 Stat. 599. 12 USC 1715Z.

Appalachian Housing Fund,

Post,

p. 266.

79 Stat. 16. 40 USC app. 211,

40 USC a p p. 212.

73 Stat. 678; 78 Stat. 792, 793; 79 Stat. 17.

79 Stat. 2 1. 40 USC a p p. 4 0 3. Post, p. 266. 79 Stat. 19. 40 USC a p p. 3 0 1.

[81 STAT.

region determined by the Commission to have significant potential for future growth. administrative expenses, incident to planning a project and obtaining an insured mortgage under section 221, which the Secretary considers not to be recoverable from the proceeds of a mortgage insured under such section: Provided, That no grant shall be made to an organization established for profit. "(c) No loan under this section shall exceed 80 per centum of the cost of planning a project and obtaining an insured mortgage under section 221, including, but not limited to, preliminary surveys and analyses of market needs, preliminary site engineering and architectural fees, site options. Federal Housing Administration and Federal National Mortgage Association fees, and construction loan fees and discounts. Loans may be made without interest, or at any market or below market interest rate authorized for a mortgage insured under section 221: Provided, That any loan made to an organization established for profit shall bear interest at the prevailing market rate authorized for a mortgage insured under such section. The Secretary may, except in the case of a loan to an organization established for profit, waive the repayment of all or any part of a loan made under this section, including interest, which he finds the borrower is unable to recover from the proceeds of a mortgage insured under section 221. " (d) All funds allocated to the Secretary for the purposes of this section shall be deposited in a fund which shall be known as the Appalachian Housing Fund and shall be used as a revolving fund by the Secretary for carrying out such purposes. General expenses of administration of this section may be charged to the fund. Moneys in the fund not needed for current operation may be invested in bonds or other obligations guaranteed as to principal and interest by the United States. " (e) Not to exceed $5,000,000 of the funds authorized in section 401 of this Act for the two-fiscal-year period ending June 30, 1969, shall be available to carry out this section." SEC. 113. (a) Subsection (a) of section 211 of the Act, entitled "VOCATIONAL EDUCATION FACILITIES", is amended by inserting before the word "needed" in the first sentence, the following: "and for the equipment of such facilities and other school facilities". (b) Subsection (b) of section 211 of the Act is amended to read as follows: "(b) Not to exceed $26,000,000 of the funds authorized in section 401 of this Act for the two-fiscal-year period ending June 30, 1969,' shall be available to carry out this section." SEC. 114. Subsection (b) of section 212 of the Act, entitled "SEWAGE TREATMENT WORKS", is amended to read as follows: "(b) Not to exceed $6,000,000 of the funds authorized in section 401 of this Act for the two-fiscal-year period ending June 30, 1969, shall be available to carry out this section." SEC. 115. (a) Section 701(a) of the Housing Act of 1954 (40 U.S.C. 461 (a)) is amended by striking out "and" at the end of clause (8) and all of clause (9) and inserting m lieu thereof the following: "(9) the Appalachian Regional Commission, for comprehensive planning for the Appalachian region as defined by section 403 of the Appalachian Kegional Development Act of 1965; and " (10) local development districts, certified under section 301 of the Appalachian Regional Development Act of 1965, for comprehensive planning for their entire areas, or for metropolitan planning, urban planning, county planning, or small municipality
 * ' (b) No ^rant under this section shall exceed 80 per centum of those

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