Page:United States Statutes at Large Volume 86.djvu/742

 700

PUBLIC LAW 92-424-SEPT. 19, 1972

[86 STAT.

s/stlt^'iso^s!' 12 USC 1701X. 17^5:^^7/5^-^/.' 42 USC 1450.

^^^^ Housing and I'lban Development Act of 1968, and sections 2*21,285, and 236 of the National Housing Act of 1949; (2) to assure that hind ^^^ housing and business location and expansion is made available under title I of the Housing Act of 1949 as may be necessary to carry out the purposes of this part; and (3) to assure that funds are availAnte, p. 405. .^j^jg Under section 701(b) of the Housing Act of 1954 to community development corporations assisted under this part. " (d) COORDINATION AND COOPERATION.—The Director shall take such steps as may be necessary and appropriate, in coordination and cooperation with the heads of other Federal departments and agencies, so that contracts, subcontracts, and deposits made by the Federal Government or in connection with programs aided with Federal funds are placed in such a way as to further the purposes of this part. Report to Conu^g^ REPORTING ON OTHER FEDERAL RESOURCES.—On or before six gress months after the date of enactment of the Economic Opportunity Amendments of 1972, and annually thereafter, the Director shall sul)mit to the Congress a detailed report setting forth a description of all Federal agency programs which he finds relevant to achieving the purposes of this part and the extent to which such programs have been made available to community development corporations receiving financial assistance under this part including specifically the availability and effectiveness of programs referred to in subsections (a), (b), and (c) of this section. Where appropriate, the report required under this subsection also shall contain recommendations for the more effective utilization of Federal agency programs for carrying out the purposes of this part. "FEDERAL SHARE

"SEC. 715. Federal grants to any program carried out pursuant to this part, including grants used by community development corporations for capital investments, shall (1) not exceed 90 per centum of the cost of such program including costs of administration unless the Director determines that assistance in excess of such percentage is required in furtherance of the purposes of this part, and (2) be made available for deposit to the grantee, under conditions which the Director deems appropriate, within thirty days following approval by the Director and the local community development corporation of the grant agreement. Non-Federal contributions may be in cash or in kind, fairly evaluated, including but not limited to plant, equipment, and services. Capital investments made with funds granted as a result of the Federal share of the costs of programs carried out under this part, and the proceeds from such capital investments, shall not be considered Federal property. "PART B — R U R A L PROGRAMS "STATEMENT or PURPOSE

"SEC. 721. I t is the purpose of this part to meet the special economic needs of rural communities or areas with concentrations or substantial numbers of low-income persons by providing support to self-help programs which promote economic development and independence, as a supplement to existing similar programs conducted by other departments and agencies of the Federal Government. Such programs should encourage low-income families to pool their talents and resourres so as to create and expand rural economic enterprise. "FINANCIAL ASSISTANCE

" S E ( \ 722. (a) The Director is authorized to provide financial assistance, including loans having a maximum maturity of 15 years and in amounts not resulting in an aggregate principal indebtedness of more

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