Page:United States Statutes at Large Volume 92 Part 2.djvu/1158

 92 STAT. 2438

PUBLIC LAW 95-568—NOV. 2, 1978 'FEDERAL SHARE

42 USC 2982c. Ante, p. 2437. Non-Federal contributions. Grantees.

Proceeds from Federal property.

Assets purchased with grant funds. 42 USC 2983a.

42 USC 2781.

15 USC 637. 42 USC 29850-1, 2985d-2985g.

"SEC. 714. (a)(1) Assistance provided under this title to any program described in section 712(a) shall not exceed 90 per centum of the cost of such program including costs of administration unless the Director determines that the assistance in excess of such percentage is required in furtherance of the purposes of this title. Non-Federal contributions may be in cash or in kind, fairly evaluated, including but not limited to plant, equipment, and services. "(2) The assistance referred to in paragraph (1) shall be made available (A) for deposit to the order of grantees which have demonstrated successful program performance, under conditions which the Director deems appropriate, within thirty days following approval of the grant agreement by the Director and such grantee, or (B) whenever the Director deems appropriate, in accordance with applicable rules and regulations prescribed by the Secretary of the Treasury, and including any other conditions which the Director deems appropriate, within 30 days following approval of the grant agreement by the Director and such grantee. "(b) Property acquired as a result of capital investments made by any community development corporation with funds granted as its Federal share of the cost of programs carried out under this title, and the proceeds from such property, shall become the property of the community development corporation and shall not be considered to be Federal property. The Federal Government retains the right to direct that on severance of the grant relationship the assets purchased with grant funds shall continue to be used for the original purpose for which they were granted.". (g) Section 722(b) of the Act (42 U.S.C. 2983) is amended by inserting "or local public and private nonprofit organizations or agencies^' after "local cooperative associations". (h) The first sentence of section 731(a) of the Act (42 U.S.C. 2984 (a)) is amended to read as follows: "The Director is authorized to make or guarantee loans (either directly or in cooperation with banks or other organizations through agreements to participate on an immediate or deferred basis) to community development corporations, to families and local cooperatives and the designated supportive organizations of cooperatives eligible for financial assistance under this title, to community action agencies and other community-based organizations eligible for financial assistance under title 11 of this Act, or to public and private nonprofit organizations or agencies, for business facilities and community development projects, including community development credit unions, which the Director determines will carry out the purposes of this part.". (i) Section 732(b) of the Act (42 U.S.C. 2984a(b)) is amended by striking out "1975" and inserting in lieu thereof "1979". (j) Section 742(a)(2) of the Act (42 U.S.C. 2985a(a)(2)) is amended— (1) by striking out "prescribe such" and inserting in lieu thereof "promulgate"; (2) by striking out "as may be necessary and appropriate";, (3) by inserting ", including, but not limited to, programs under section 8(a) of the Small Business Act" before the period. (k) Title VII of the Act (42 U.S.C. 2981 et seq.) is amended by striking out section 745 and by redesignating sections 746, 747, 748, and 749 as sections 745,746,747, and 748, respectively.
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