1 this subsection, but nothing herein contained shall require an institution included in clause (1) of this subsection to obtain loans or grants through any instrumentality included in this clause of this subsection, and (5) any nonprofit student housing cooperative corporation established for the purpose of providing housing for students or students and faculty of any institution included in clause (1) of this subsection. 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, or 1 to a student housing cooperative corporation described in clause (5) of this subsection, and in the case of any loan which is obtained from other sources by such a corporation and is the subject of a contract for annual grants entered into under section 401, the Secretary shall require that the note securing such loan be cosigned by such institution (or by any one or more of such institutions: Provided, That where the law of any State in effect on the date of enactment of the Housing Act of 1964 prevents the institution or institutions, for whose students or students and faculty the housing is to be provided, from cosigning the note, the Secretary shall require the corporation and the proposed project to be approved by such institution (or by any one or more of such institutions) in lieu of such cosigning. 3 (c) "Development cost" means costs of the construction of the housing or other educational facilities and the land on which it is located, including necessary site improvements to permit its use for housing or other educational facilities; except that in the case of the purchase of facilities such term means the cost as approved by the Secretary. (d) "Faculties" means members of the faculty and their families. (e) "State" shall include the several States, the District of Columbia, and the Territories and possessions of the United States. (f) "Secretary" means the Secretary of Housing and Urban Development. (g) "Construction" means erection of new structures, or rehabilitation, alteration, conversion, or improvement of existing structures. (h) "Other educational facilities" means (1) new or existing 5 structures suitable for use as cafeterias or dining halls, student centers or student unions, infirmaries or other inpatient or outpatient health facilities, or for other essential service facilities, and (2) structures suitable for the above uses provided by rehabilitation, alteration, conversion, or improvement of existing structures which are otherwise inadequate for such uses. * Approved April 20, 1950. 1 The phrase "or to a student housing cooperative corporation described in clause (5) of this subsection," inserted by sec. 604 (a), Housing and Urban Development Act of 1965, Public Law 89-117, approved August 10, 1965, 79 Stat. 451, 489. 2 Added by sec. 1002, Housing Act of 1964, Public Law 88-560, approved September 2, 1964, 78 Stat. 769, 806. 3 September 2, 1964. 4 Subsec. (h) added by sec. 33(2) of the Housing Amendments of 1955 (the "College Housing Amendments of 1955"), Public Law 345, 84th Congress, approved August 11, 1955, 69 Stat. 635, 646. See also, secs. 106 and 108 (b), Higher Education Facilities Act of 1963, 20 U.S.C. 716, for grants to assist facilities. 5 Sec. 1705 (g) (7), Housing and Urban Development Act of 1968, Public Law 90-448, approved August 1, 1968, 82 Stat. 476, 605, added "or existing". EXCERPT FROM PUBLIC LAW 93-529 [88 Stat. 1710] * AN ACT To rescind certain budget authority recommended in the messages of the President of September 20, 1974 (H. Doc. 93–361), October 4, 1974 (H. Doc. 93-365) and November 13, 1974 (H. Doc. 93-387), transmitted pursuant to section 1012 of the Impoundment Control Act of 1974. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following rescissions of budget authority contained in the messages of the President of September 20, 1974 (H. Doc. 93-361), October 4, 1974 (H. Doc. 93-365) and November 13, 1974 (H. Doc. 93-387) are made pursuant to section 1012 of the Impoundment Contol Act of 1974, namely: CHAPTER I-DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT COLLEGE HOUSING The limitation otherwise applicable to the total payments that may be required in any fiscal year by all contracts entered into under title IV of the Housing Act of 1950, as amended (12 U.S.C. 1749 et seq.), is hereby reduced by the uncommitted balances of authorizations heretofore provided for this purpose in appropriation acts. * Approved December 21, 1974. § 312 EXCERPTS FROM HOUSING ACT OF 1964 TITLE III-URBAN RENEWAL * * REHABILITATION LOANS 1 SEC. 312. (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 2 activity is being carried out pursuant to section 117 of the Housing Act of 1949, and the rehabilitation is required to make the property 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 3 (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) 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; or (C) (i) the property has been determined to be uninsurable because of physical hazards after an inspection pursuant to a 1 Secretary of Housing and Urban Development. Sec. 21(b), Public Law 90-19, approved May 25, 1967, 81 Stat. 17, 25, substituted the Secretary of Housing and Urban Development for the Housing and Home Finance Administrator throughout this section in order to make it conform to the Department of Housing and Urban Development Act which placed all the functions of the Housing and Home Finance Administrator in the Secretary of Housing and Urban Development. The Secretary delegated to the Administrator, Small Business Administration, effective March 20, 1967, the authority to make and administer rehabilitation loans to owners or tenants of nonresidential property, 32 Fed. Reg. 4509. 2 Sec. 311(e), Housing and Urban Development Act of 1965. Public Law 89-117, approved August 10, 1965, 79 Stat. 451, 479, authorized loans in areas of concentrated code enforcement activities. 3 Sec. 509 (c), Housing and Urban Development Act of 1968, Public Law 90-448, approved August 1, 1968. 82 Stat. 476, 523, added this provision which permits a loan to include an amount for the general improvement of the property. Sec. 509, Housing and Urban Development Act of 1968, Public Law 90-448, approved August 1, 1968, 82 Stat. 476, 523, added subparagraphs (B) and (C). statewide property insurance plan approved by the Secretary under title XII of the National Housing Act, and (ii) the loan 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; or (D)1 the rehabilitation is a part of, or is necessary or appropriate to the execution of, an approved community development program under title I of the Housing and Community Development Act of 1974 or an approved urban homestead program under section 809 of such Act; (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. In 2 making loans with respect to residential property under this section, priority shall be given to applications made by persons whose annual income, as determined pursuant to criteria and procedures established by the Secretary, is within the limitations prescribed by the Secretary for occupants of projects financed with below-market interest rate mortgages insured (in the area involved) under section 221(d) (3) of the National Housing Act. (b) For the purposes of this section (1) the term "rehabilitation" means the improvement or repair of a structure or facilities in connection with a structure, and may include the provision of such sanitary or other facilities as are required by applicable codes, the urban renewal plan, or a statewide property insurance plan to be provided by the owner or tenant of the property; (2) the term "urban renewal area" means a slum area or a blighted, deteriorated, or deteriorating area as defined in section 110(a) of the Housing Act of 1949; (3) the term "tenant" means a person or organization who is occupying a structure under a lease having a period to run at the time a rehabilitation loan is made under this section of not less than the term of the loan; and (4) the term "Secretary" means the Secretary of Housing and Urban Development. (c) A rehabilitation loan made under this section shall be subject to the following limitations: (1) The loan shall be subject to such terms and conditions as may be prescribed by the Secretary. 1 Sec. 116(e) (2) of Housing and Community Development Act of 1974, Public Law 93-383, 88 Stat. 633, approved August 22, 1974, amended sec. 312(a) (1) by adding a new subparagraph (D). 2 Sec. 207, Housing and Urban Development Act of 1969, Public Law 91-152, approved December 24, 1969, 83 Stat. 379, 387, removed the requirement in the last sentence of section 312(a) that limited eligibility for residential rehabilitation loans to persons whose annual income is within locally applicable income limits under the section 221 (d) (3) belowmarket-interest-rate program. However, priority is required to be given to applicants whose incomes are within those limits. The above requirement had been added by sec. 509 (e), Housing and Urban Development Act of 1968, Public Law 90-448, approved August 1, 1968, 82 Stat. 476, 524. |