Page:United States Statutes at Large Volume 75.djvu/213

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[75 Stat. 173]
[75 Stat. 173]
PUBLIC LAW 87-000—MMMM. DD, 1961

75 S T A T. ]

PUBLIC LAW 87-70-JUNE 30, 1961

173

APPORTIONMENT BY STATES

SEC. 402. Section 403 of the Housing Act of 1950 is amended by striking out "10 per centum" and inserting in lieu thereof "121/^ per centunr'.

e* st^t. so.

HOUSING PROVIDED BY NONPROFIT CORPORATIONS

SEC. 403. (a) Clause (3) of section 404(b) of the Housing Act of 1950 is amended— (1) by striking out "established by any institution included in clause (1) of this subsection for the sole purpose" and inserting in lieu thereof "established for the sole purpose"; and (2) by striking out "such institution" where it first appears and inserting in lieu thereof "one or more institutions included in clause (1) of this subsection". (b) Clause (i) of section 404(b) of such Act is further amended by striking out "will pass to such institution" and inserting in lieu tnereof "will pass to such institution (or to any one or more of such institutions) unless it is shown to the satisfaction of the Administrator that such property or the proceeds from its sale will be used for some other nonprofit educational purpose". (c) Section 404(b) of such Act is further amended by adding at the end thereof the following new sentence: "In the case of any loan made under section 401 to a corporation described in clause (3) of this subsection which was not established by the institution or institutions for whose students or students and faculty it would provide housing, the Administrator shall require that the note securing such loan be cosi^ned by such institution (or by any one or more of such institutions)."

J[ fj^. 304^^

Jf ® ^" fw. g^

TITLE V—COMMUNITY FACILITIES PTJBLIO FACILITY LOANS

SEC. 501. (a)(1) The second paragraph of section 201 of the Housing Amendments of 1956 is amended by inserting after "public works or facilities" the following: "(including mass transportation facilities and equipment)". (2) The third paragraph of section 201 of such Amendments is amended by inserting after "title" the following: "(subject to the limitations contained herein)". (b) The first sentence of section 202(a) of such Amendments is amended to read as follows: "The Housing and Home Finance Administrator is authorized (1) to purchase the securities and obligations of, or make loans to, municipalities and other political subdivisions and instrumentalities of States (including public agencies and instrumentalities of one or more municipalities or other political subdivisions in the same State), to finance specific projects for public works or facilities under State, municipal, or other applicable law, and (2) to purchase the securities and obligations of, or make loans to, States, municipalities and other political subdivisions of States, public agencies and instrumentalities of one or more States, municipalities and political subdivisions of States, and public corporations, boards, and commissions established under the laws of any State, to finance the acquisition, construction, reconstruction, and improvement of facilities and equipment for use, by operation or lease or otherwise, in mass transportation service in urban areas, and for use in coordinating highway, bus, surface-rail, underground, parking and other transportation facilities in such areas. The facilities and equipment referred to in clause (2) may include land, but

69 st^. 642. '*^" ^'^ '

42 USC 1492.