82 STAT. ]
PUBLIC LAW 90-448-AUG. 1, 1968
of or retain such land for uses in accordance with the urban renewal plan, the urban renewal project may be deemed completed, and the net project cost may be computed and the capital grant paid." (b) Section 110(f) of such Act is amended by inserting before the period at the end thereof the following: "or for subsequent disposition or retention as provided under section 106(i) ". REHABILITATION
523
^^ ^^^^- f^^^ 42 USC 1460.
LOANS
SEC. 509, (a) The first sentence of section 812(d) of the Housing Act of 1964 is amended to read as follows: There is authorized to be 7/5131^479^°' appropriated not to exceed $150,000,000 for each fiscal year which 42 USC 1452b. shall constitute a revolving fund to be used by the Secretary in carrying out this section." (b) Section 312(h) of such Act is amended by striking out "October 1, 1969" and inserting in lieu thereof June 30, 1973". (c) Section 312(a) of such Act is amended to read as follows: " (a) The Secretary is authorized, through the utilization of local public and private agencies where feasible, to make loans as herein provided to the owners and tenants of property to finance the rehabilitation of such property. No loan shall be made under this section unless— "(1)(A) the property is situated in an urban renewal area or an area in which a program of concentrated code enforcement activity is being carried out pursuant to section 117 of the Housing Act of 1949, and the rehabilitation is required to make the prop- ^^ us^c iles erty conform to applicable code requirements or to carry out the objectives of the urban renewal plan for the area and, in addition, to generally improve the condition of the property; or " (B)(i) the property is in an area (other than an area described in subparagraph (A) which the governing body of the locality has determined, and so certifies to the Secretary, contains a substantial number of structures in need of rehabilitation, (ii) there is in effect for the locality a workable program meeting the requirements of section 101(c) of the Housing Act of 1949, (iii) ^^usc' ^^ the property is residential and owner-occupied, (iv) the property ^^ is in need of rehabilitation and is in violation of the local minimum housing or similar code, and (v) the area is definitely planned for rehabilitation or concentrated code enforcement within a reasonable time, and the rehabilitation of such property is consistent with the plan for rehabilitation or code enforcement; " (2) the applicant is unable to secure the necessary funds from other sources upon comparable terms and conditions; and " (3) the loan is an acceptable risk taking into consideration the need for the rehabilitation, the security available for the loan, and the ability of the applicant to repay the loan." (d) Section 312 of such Act is further amended— (1) by inserting "or" after the semicolon at the end of paragraph (1)(B) in subsection (a) (as amended by subsection (c) of this section), and by inserting after such paragraph (1)(B) the following new subparagraph: " (C)(i) the property has been determined to be uninsurable because of physical hazards after an inspection pursuant to a statewide property insurance plan approved by the Secretary under title X II of the National Housing Act, and (ii) the loan Post, p. 556. is made to the owner or tenant of the property to finance rehabilitation which the Secretary determines to be necessary to make the property meet reasonable underwriting standards: "; and
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