Page:United States Statutes at Large Volume 86.djvu/741

 86 STAT. ]

PUBLIC LAW 92-424--SEPT. 19, 1972

699

participation in ownership of assisted businesses and housing, cooperatively or otherwise, by residents of the area served; "(4) projects will be planned and carried out with the maximum participation of local businessmen and financial institutions and organizations by their inclusion on program boards of directors, advisory councils, or through other appropriate means; "(5) the program will be appropriately coordinated with local planning under this Act, the Demonstration Cities and Metropolitan Development Act of 1966, and with other relevant plan^° ^^^^ ^y^^^^ning for physical and human resources of the areas served; note. "(6) the requirements of subsections 122(e) and 124(a) of this Act have been met; s i Stat. 683. "(7) preference will be given to low income or economically ^2 USC 2739, disadvantaged residents of the areas served in filling jobs and ^^'*^' training opportunities; and "(8) training programs carried out in connection with projects financed under this part shall be designed wherever feasible to provide those persons who successfully complete such training with skills which are also in demand in communities, neighborhoods, or rural areas, other than those for which programs are established under this part. " (b) Financial assistance under this section shall not be extended to assist in the relocation of establishments from one location to another if such relocation would result in an increase in unemployment in the area of original location. "(c) The level of financial assistance for related purposes under this Act to the area served by a special impact program shall not be diminished in order to substitute funds authorized by this part. "APPLICATION OF OTHER FEDERAL RESOURCES " SEC. 714.

(a)

SMALL BUSINESS ADMINISTRATION PROGRAMS.—

"(1) Funds granted under this part which are invested, directly oi' indirectly, in a small business investment company or a local development company shall be included as 'private paid-in capital and paid-in surplus,' 'combined paid-in capital and paid-in surplus,' and 'paid-in capital' for purposes of sections 302, 303, and 502, respectively, of the Small Business Investment Act of 1958. ^g^^ ^^^ ^^^' "(2) Within ninety days of the enactment of the Economic Oppor- Regulations. tunity Amendments of 1972, the Administrator of the Small Business Administration, after consultation with the Director, shall prescribe such regulations as may be necessary and appropriate to insure the availability to community development corporations of such programs as shall further the purposes of this part. "(b)

ECONOMIC DEVELOPMENT ADMINISTRATION PROGRAMS.—

"(1) Areas selected for assistance under this part shall be deemed 'redevelopment areas' within the meaning of section 401 of the Public Works and Economic Development Act of 1965, and shall qualify for 79 Stat. seo; assistance under the provisions of title I and title II of that Act. 42 USC 3161. "(2) Within ninety days of the enactment of the Economic Oppor- 42 USC 3131, tunity Amendments of 1972, the Secretary of Commerce, after consul- Regulations. tation with the Director, shall prescribe such regulations as may be necessary and appropriate to insure the availability to community development corporations of such programs as shall further the purposes of this part. "(c)

PROGRAMS OF THE DEPARTMENT OF HOUSING AND URBAN DEVEL-

OPMENT.—The Secretary of Housing and Urban Development, after consultation with the Director, shall take all necessary steps (1) to assure that community development corporations assisted under this part or their subsidiaries, shall qualify as sponsors under section 106 of

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