Page:United States Statutes at Large Volume 88 Part 1.djvu/769

 88 STAT. ]

PUBLIC LAW 93-383-AUG. 22, 1974

725

connection with any security, subrogation, or other rights obtained by him in administering this section. (2) With respect to any obligation issued by a State housing finance or State development agency for which the issuer has elected to receive the benefits of the assistance provided under this section, the interest paid on such obligation and received by the purchaser thereof (or his successor in interest) shall be included in gross income for the purposes of chapter 1 of the Internal Revenue Code of 54. 26 USC i et (i)(1) Section 24(a)(2) of the Federal Reserve Act (as amended ^^^' by section 711 of this Act) is amended by inserting the following ^"t^- P- 716. before the period at the end thereof: ", or to obligations guaranteed under section 802 of the Housing and Community Development Act of 1974". (2) The twelfth paragraph of section 5(c) of the Homeowners' 12 USC 1464. Loan Act of 1933 is amended by adding in the last sentence immediately after the words "or under part B of the Urban G'rowth and New Community Development Act of 1970" the following: "or under section 802 of the Housing and Community Development Act of 1974". N E W COMMUNITY PROGRAM AMENDMENTS

SEC. 803. (a)(1) Part B of title VII of the Housing and Urban Development Act of 1970 is amended by striking out "Community Development Corporation" wherever it appears and inserting in lieu thereof "New Community Development Corporation". (2) The heading of section 729 of such Act is amended by inserting

^2 USC 4511. ^'^ use 4532.

" N E W " before "COMMUNITY".

(b) Section 729(b) of such Act is amended— (1) by striking out "five members" in the matter preceding paragraph (1) and inserting in lieu thereof "seven members"; and (2) by striking out "three persons" in paragraph (3) and inserting in lieu thereof "five persons". (c) The last sentence of section 713(a) of such Act is amended by striking out "in amounts" and all that follows and inserting in lieu thereof "in amounts equal to 30 per centum of the interest paid on such obligations." (d) Section 718(c) of such Act is amended by inserting before the period at the end thereof the following: ", or a project or portion of a project consisting of the purchase, renovation, or construction of facilities, the purchase of land, or the acquisition of equipment or works of art assisted by contracts or grants under section 5 of the National Foundation on the Arts and the Humanities Act of 1965". (e) Section 711(f) of such Act is amended— (1) by striking out "sewage disposal" in the first and second sentences and inserting in lieu thereof "sewage or waste disposal"; (2) by inserting "community or neighborhood central heating or air-conditioning systems," after "storm drainage facilities," in the first sentence; and (3) by inserting ", a community or neighborhood central heating or air-conditioning system," after "disposal installation" in the second sentence. E X P A N S I O N o r E X P E R I M E N T A L H O U S I N G ALLOWANCE

''^ "^^ '*^^^-

^° "^^ ^^''• 42 USC 4512.

PROGRAM

SEC. 804. Section 504 of the Housing and Urban Development Act of 1970 is amended to read as follows:

38-194 O - 76 - 49 Pt. 1

^'^ use 4514.

12 USC 1701 z-3.

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