Page:United States Statutes at Large Volume 82.djvu/560

 518

PUBLIC LAW 90-448-AUG. 1, 1968

[82 STAT.

11 vTc 3^^o2 79 Stat. 931.

eral overhead expenses as are acceptable to the Secretary, and other items of expense incidental to development which may be approved by the Secretary. If the Secretary determines that there is an identity of interest between the new community developer and a contractor, there may be included as a part of actual costs an allowance for the contractor's profit in an amount deemed reasonable by the Secretary, (c) The term "new community assistance projects" means projects assisted by grants made under section 70^ of the Housing and Urban I^velopment Act of 1965, section 306(a)(2) of the Consolidated Farm^rs' Home Administration Act, or title VII of the Housing Act of

7 USC 1926.

1961.

7S Stat 1 8"^* 79 Stat. 494 42 USC 1500-

isooe. 75 Stat. 174; ^°42 USC^i492 69 Stat. 633. 12 USC 3 7 1.

79 Stat. 4 6 1. 12 USC 1749aa.

12 us^c 1^^^

CONFORMING

AMENDMENTS

SEC. 416. (a) Section 202(b)(4) of the Housing Amendments of 1955 is amended by adding before the period at the end of the second sentence "or under title IV of the Housing and Urban Development Act of 1968". (b) The first paragraph of section 24 of the Federal Reserve Act is amended by striking out all that follows "national banking association" in the fourth sentence and adding "may make loans or purchase obligations for land development which are secured by mortgages insured under title X of the National Housing Act or guaranteed under title IV of the Housing and Urban Development Act of 1968.". (c) The paragraph which, prior to the amendments made by this Act, was the next to last paragraph of section 5(c) of the Home Owners' I ^ a n Act of 1933 is amended by adding at the end thereof the following new sentence: "Without regard to any other provision of this subsection, an association may invest in loans or obligations, or interests therein, as to which the association has the benefit of any guaranty under title IV of the Housing and Urban Development Act of 198, as now or hereafter in effect, or of a commitment or agreement therefor, and such investments shall not be included in any percentage of assets or other percentage referred to in this subsection." TITLE V—URBAN R E N E W A L NEIGHBORHOOD DEVELOPMENT

79^star45V^477 42 USC 1450-

PROGRAMS

^ ^ - ^^^' ^^^ ^^^^^ ^ ^^ ^^^ Housing Act of 1949 is amended by adding after the title heading the following new subheading:

1468.

"PART A—URBAN RENEWAL PROJECTS, DEMOLITION PROGRAMS, AND CODE ENFORCEMENT PROGRAMS"

(b) Title I of such Act is further amended by adding at the end thereof the following new part: " P A R T B—NEIGHBORHOOD DEVELOPMENT PROGRAMS "PURPOSE AND AUTHORITY

"SEC. 131. (a) To facilitate more rapid renewal and development of urban areas on an effective scale, and to encourage more efficient and flexible utilization of public and private development opportunities by local communities in such areas, the Secretary is authorized to make financial assistance available under this title to local public agencies for undertakings and activities which are carried out under a neighborhood development program approved by him pursuant to this part. "(b) A neighborhood development program shall consist of urban renewal project undertakings and activities in one or more urban re-

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