Page:United States Statutes at Large Volume 82.djvu/537

 82 STAT. ]

PUBLIC LAW 90-448-AUG. 1, 1968

495

(2) A report of each such audit shall be made by the Comptroller gresT°and p^eTiGeneral to the Congress not later than January 15 following the close dent. of the fiscal year for which the audit was made. The report shall set forth the scope of the audit and shall include a statement of assets and liabilities, capital, and surplus or deficit; a statement of sources and application of funds; and such comments and information as may be deemed necessary to keep the (\mgress informed of the operations and financial condition of the Foundation, together with such recommendations with respect thereto as the Comptroller General may deem advisable. The report shall also show specifically any program, expenditure, or other financial transaction or undertaking, observed in the course of the audit, which, in the opinion of the Comptroller General, has been carried on or made without authority of law. A copy of each report shall be furnished to the President and to the Foundation at the time submitted to the Congress. (h) Funds of the Foundation shall be deposited, to the extent practicable, in accounts with financial institutions which are actively engaged in making loans or are otherwise carrying on activities in furtherance of homeownership and housing opportunities for lower income families. (i) There is authorized to be appropriated to the Foundation not to Appropriation. exceed $10,000,000 to carry out the purposes of this section. Appropri, ations made hereunder shall remain available until expended. I NEW

TECHNOLOGIES

IN

THE DEVFXOPMENT O r INCOME FAMILIES

HOUSING

FOR

LOWER

SEC. 108. (a) I n order to encourage the use of new housing technologies in providing decent, safe, and sanitary housing for lower income families; to encourage large-scale experimentation in the use of such technologies; to provide a basis for comparison of such technologies with existing housing technologies in providing such housing; and to evaluate the effect of local housing codes and zoning regulations on the lar^e-scale use of new housing technologies in the provision of such housing, the Secretary of Housing and LTrban Development (hereinafter referred to as the "Secretary") shall institute a program under which qualified organizations, public and private, will submit plans for the development of housing for lower income families, using new and advanced technologies, on Federal land which has been made available by the Secretary for the purposes of this section, or on other land where (1) local building regulations permit the construction of experimental housing, or (2) State or local law permits variances from building regulations in the construction of experimental housing for the purpose of testing and developing new building technologies. (b) The Secretary shall approve not more than five plans utilizing consideration7^^' new housing t^echnologies which are submitted to him pursuant to the " ' ^^ ^ "^ " program referred to in subsection (a) and which he determines are most promising in furtherance of the purposes of this section. I n making such determination the Secretary shall consider— (1) the potential of the technology employed for producing housing for lower income families on a large scale at a moderate cost; (2) the extent to which the plan envisages environmental quality; (3) the possibility of mass production of the technology; and (4) the financial soundness of the organization submitting the plan, and the ability of such organization, alone or in combination with other organizations, to produce at least one thousand dwelling units a year utilizing the technology proposed.

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