Page:United States Statutes at Large Volume 82.djvu/597

 82 STAT. ]

PUBLIC LAW 90-448-AUG. 1, 1968

555

assistance will fulfill a need in the area which is not otherwise being met through other programs, including those carried out by other Federal, State, or local agencies. " (d) As used in this section, the term 'construction' includes the "construction." erection of new dwellings, and the rehabilitation, alteration, conversion, or improvement of existing structures. "(e) The Secretary is authorized to establish appropriate criteria applicants, °^ „„^J|^i^'/"^ and procedures in order to determine the eligibility of applicants for criteria. " """ ' " " the financial assistance provided under this section, including criteria and procedures with respect to the periodic review of any construction carried out with such financial assistance. " (f) There are hereby authorized to be appropriated for each fiscal Appropriation. year commencing after June 30, 1968, and ending prior to July 1, 1973, such sums, not in excess of $5,000,000 for any such fiscal year, as may be necessary to carry out the provisions of this section. No grant or loan may be made or contract entered into under the authority of this section after June 30, 1973, except pursuant to a commitment or other obligation entered into pursuant to this section before that date. " (g) There are hereby authorized to be appropriated for the pur]X)ses of subsection (b)(1)(B) not to exceed $1,000,000 for the fiscal year ending June 30, 1969. and not to exceed $2,000,000 for the fiscal year ending June 30, 1970. Any amount so authorized to be appropriated for any fiscal year which is not appropriated may be appropriated for any succeeding fiscal year or years. Amounts appropriated under this subsection shall be deposited in the Self-Help Fund, which shall be available without fiscal year limitation for making loans under subsection (b)(1)(B). Instruments and property acquired by the Secretary in or as a result of making such loans shall be assets of the SelfHelp Fund. Sums received from the repayment of such loans shall be deposited in and be a part of the Self-Help Fund." TITLE XI—URBAN PROPERTY PROTECTION AND REINSURANCE SHORT TITLE

SEC. 1101. This title may be cited as the "Urban Property Protection and Reinsurance Act of 1968." FINDINGS AND DECLARATION OF PURPOSE

SEC. 1102. (a) The Congress finds that (1) the vitality of many American cities is being threatened by the deterioration of their inner city areas; responsible owners of well-maintained residential, business, and other properties in many of these areas are unable to obtain adequate property insurance coverage against fire, crime, and other perils; the lack of such insurance coverage accelerates the deterioration of these areas by discouraging private investment and restricting the availability of credit to repair and improve property therein; and this deterioration poses a serious threat to the national economy; (2) recent riots and other civil commotion in many American cities have brought about abnormally high losses to the private property insurance industry for which adequate reinsurance cannot be obtained at reasonable cost, and the risk of such losses will make most lines of property insurance even more difficult to obtain; (3) the capacity of the private property insurance industry to provide adequate insurance is threatened, and the continuity of such property insurance protection is essentia] to the extension of credit in these areas; and (4) the national interest demands urgent action by the Congress to assure that essential lines of property insurance, including lines providing protection

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