Page:United States Statutes at Large Volume 88 Part 1.djvu/739

 88 STAT. ]

PUBLIC LAW 93-383-AUG. 22, 1974

695

period beginning July 1, 1956, and ending June 30, 1977; (c) not to exceed $80,000,000 for financial assistance pursuant to section 516 for '^^ ^^^ ^'**^* the period ending June 30, 1977; (d) not to exceed $250,000 per year for research and study programs pursuant to subsections (b), (c), and (d) of section 506 during the period beginning July 1, 1961, and end- ^"^^' p- ^94. ing June 30, 1974, and not to exceed $1,000,000 per year for such programs during the period beginning October 1, 1974, and ending June 30, 1977;". (b) Sections 515(b)(5) and 517(a)(1) of such Act are amended by ^^f^ use i485. striking out "October 1, 1974" and inserting in lieu thereof "June 30, 1977". DIRECT A N D I N S U R E D LOANS TO PROVIDE H O U S I N G A N D RELATED F A C I L I T I E S FOR ELDERLY PERSONS A N D LOWER I N C O M E F A M I L I E S I N RURAL AREAS

SEC. 510. (a) Section 515(b)(1) of the Housing Act of 1949 is amended— (1) by striking out "$750,000 or"; and (2) by striking out "least" and inserting in lieu thereof "less", (b) Section 515(d)(4) of such Act is amended to read as follows: "(4) the term 'development cost' means the costs of construeing, purchasing, improving, altering, or repairing new or existing housing and related facilities and purchasing and improving the necessary land, including necessary and appropriate fees and charges, and initial operating expenses up to 2 per centum of the aforementioned costs, approved by the Secretary. Such fees and charges may include payments of qualified consulting organizations or foundations which operate on a nonprofit basis and which render services or assistance to nonprofit corporations or consumer cooperatives who provide housing and related facilities for low or moderate income families."

42 USC i485.

"Development

DEFINITION OF RURAL AREA

SEC. 511. Section 520 of the Housing Act of 1949 is amended by inserting before the period at the end thereof a comma and the following: "or (3) has a population in excess of 10,000 but not in excess of 20,000, and (A) is not contained within a standard metropolitan statistical area, and (B) has a, serious lack of mortgage credit, as determined by the Secretary and the Secretary of Housing and Urban Development". M U T U A L AND SELF-HELP

42 USC i49o.

HOUSING

SEC. 512. (a) Section 623(b)(1) of the Housing Act of 1949 is amended by inserting immediately before "; and" at the end thereof the following: ": Provided, That the Secretary may advance funds under this paragraph to organizations receiving assistance under clause (A) to enable them to establish revolving accounts for the purchase of land options and any such advances may bear interest at a rate determined by the Secretary and shall be repaid to the Secretary at the expiration of the period for which the grant to the organization involved was made". (b) Section 523(f) of such Act is amended— (1) by striking out "1974" each place it appears and inserting in lieu thereof "1977"; and (2) by striking out "$5,000,000" and inserting in lieu thereof "$10,000,000". (c) Section 523 of such Act is amended by adding at the end thereof the following new subsection:

42 USC 1490c.

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