Page:United States Statutes at Large Volume 92 Part 2.djvu/811

 PUBLIC LAW 95-557—OCT. 31, 1978

92 STAT. 2091

(b) The second sentence of section 202(a)(4)(C) of such Act is 12 USC 1701q. amended— (1) by striking out "in any fiscal year" immediately after "under this section"; and (2) by striking out "for such year" immediately after "authority established". (c) Section 202(d)(3) of such Act is amended by inserting "the cost of movables necessary to the basic operation of the project as determined by the Secretary," immediately after "related facilities,". (d) Section 202(d)(2) of such Act is amended to read as follows: "(2) The term 'corporation' means any incorporated private "Corporation." institution or foundation— "(A) no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual; "(B) which has a governing board (i) the membership of, which is selected in a manner to assure that there is significant representation of the views of the community in which such project is located, and (ii) which is responsible for the operation of the housing project assisted under this section; and "(C) which is approved by the Secretary as to financial responsibility.". LOW-INCOME HOUSING

SEC. 206. (a) Section 5(c) of the United States Housing Act of 1937 is amended-(1) by striking out "and" immediately after "October 1, 1976," in the first sentence; (2) by inserting immediately after "on October 1, 1977," in the first sentence the following: "and by $1,195,043,000 on October 1, 1978"; (3) by striking out the second and fourth sentences; and (4) by inserting "and on and after October 1, 1978," immediately after "October 1, 1976," in the third sentence. (b) Section 5(c) of such Act is amended by inserting after the fourth sentence the following: "Of the additional authority to enter into contracts for annual contributions provided on October 1, 1978, and approved in appropriation Acts, the Secretary shall make available not less than $50,000,000 for modernization of low-income housing projects.". (c) Section 3(2)(D) of such Act is amended by striking out "10" in the first proviso and inserting in lieu thereof "15". (d)(1) Section 8 of such Act is amended by adding at the end thereof the following new subsection: "(i) In entering into contracts under this section with respect to substantially rehabilitated dwelling units, the Secretary shall provide that— "(1) the maximum monthly rent permitted for the assisted units be not greater than the amount permitted under subsection (c) or a lesser amount which the Secretary determines is appropriate taking into consideration the investment of the owner in the assisted units and such other factors as the Secretary determines to be relevant; "(2) the assisted units be rehabilitated to a level which meets but does not exceed applicable codes and standards for decent, safe, and sanitary housing which are prescribed by the Secretary; "(3) all the dwelling units in the housing structure in which the assisted units are located meet applicable codes and standards prescribed by the Secretary for decent, safe, and sanitary housing; " (4) the term of any such contract does not exceed the maxi-

42 USC 1437c.

42 USC 1437a. 42 USC 1437f. Contracts,

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