75
STAT.]
PUBLIC LAW 87-70-JUNE 30, 1961
on the reduction of urban transportation needs, the improvement of mass transportation service, and the contribution of such service toward meeting total urban transportation needs at minimum cost. Such grants shall not be used for major long-term capital improvement; shall not exceed two-thirds of the cost, as determined or estimated by the Administrator, of the project for which the grant is made; and shall be subject to such other terms and conditions as he may prescribe. The Administrator is authorized, notwithstanding the provisions of section 3648 of the Revised Statutes, as amended, to make advance or progress payments on account of any grant contracted to be made pursuant to this section." RELOCATION
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PAYMENTS
SEC. 304. Section 106(f)(2) of the Housing Act of 1949 is amended(1) by striking out "and business concerns*' in the first sentence and inserting in lieu thereof the following: "business concerns, and nonprofit organizations"; (2) by striking out "business concern." in the second sentence and inserting in lieu thereof the following: "business concern or nonprofit organization." (3) by inserting after "$3,000" the following: "(or, if greater, the total certified actual moving expenses)"; and (4) by inserting "and actual direct losses of property" before the period at the end of the last sentence.
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F I N A N C I A L ASSISTANCE FOR DISPLACED B U S I N E S S CONCERNS
SEC. 305. Section 7(b) of the Small Business Act is amended— (1) by striking out "and" at the end of paragraph (1); (2) by striking out the period at the end of paragraph (2) and inserting in lieu thereof "; and"; (3) by adding after paragraph (2) a new paragraph as follows: "(3) to make such loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis) as the Administration may determine to be necessary or appropriate to assist any smallbusiness concern in reestablishing its business, if the Administration determines that such concern has suffered substantial economic injury as a result of its displacement by a federally aided urban renewal or highway construction program or by any other construction conducted by or with funds provided by the Federal Government."; and (4) by adding immediately before the period at the end of the third sentence the following: ", except that in the case of a loan made pursuant to paragraph (3), the rate of interest on the Administration's share of such loan shall not be more than the higher of (A) 2% per centum per annum; or (B) the average annual interest rate on all interest-bearing obligations of the United States then forming a part of the public debt as computed at the end of the fiscal year next preceding the date of the loan and adjusted to the nearest one-eighth of 1 per centum, plus onequarter of 1 per centum per annum." (b) Section 2(b) of such Act is amended by inserting before the period at the end thereof the following: ", and small-business concerns which are displaced as a result of federally aided construction programs". (c) Section 4(c) of such Act is amended—
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is use 631.
" Stat. «47.
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