States Housing Act of 1937, or under a State or local program found by the Administrator to have the same general purposes as the Federal program under such Act, the property shall be made available to the public housing agency undertaking the lowrent housing project at a price equal to its fair value, as determined in accordance with subsection (a), of this section, and such amount shall be included as part of the development cost of such low-rent housing project: Provided, That the local contribution in the form of tax exemption or tax remission required by section 1410(h) of this title, or by analogous provisions in legislation authorizing such State or local program, with respect to the low-rent housing project into which such property was incorporated on or after September 23, 1959, shall (if covered by a contract which, in the determination of the Public Housing Commissioner, will assure that such local contribution will be made during the entire period that the project is used as low-rent housing within the meaning of such Act, or by provisions found by the Administrator to give equivalent assurance in the case of State or local programs) be accepted as a local grant-in-aid equal in amount, as determined by the Administrator, to one-half (or one-third in the case of an urban renewal project on a three-fourths capital grant basis) of the difference between the cost of such property (including costs of land, clearance, site improvements, and a share, prorated on an area basis, of administrative, interest, and other project costs) and its sales price, and shall be considered a local grant-in-aid furnished in a form other than cash within the meaning of section 1460 (d) of this title. (July 15, 1949, ch. 338, title I, § 107, 63 Stat. 419; Aug. 2, 1954, ch. 649, title III, § 309, 68 Stat. 626; Sept. 23, 1959, Pub. L. 86-372, title IV, § 411, 73 Stat. 674; June 30, 1961, Pub. L. 87-70, title III, § 306(a), 75 Stat. 169; Sept. 2, 1964, Pub. L. 88-560, title III, § 306, 78 Stat. 786.)

REFERENCES IN TEXT

The United States Housing Act of 1937, as amended, referred to in the text, is classified to chapter 8 of this title.

AMENDMENTS

1964-Pub. L. 88-560 provided that property held as part of an urban renewal project may be made available to purchasers eligible for a mortgage insured under section 17157 (d)(3) of Title 12, and that the price of property made available to a public housing agency undertaking the construction of a low-rent housing project shall be equal to its fair value as determined in accordance with subsec. (a) of this section, and eliminated provisions setting the price of the site to be made available to the public housing agency undertaking the lowrent housing project equal to the fair value of land to a private redeveloper who wants a site in the community for private rental housing with physical characteristics similar to those of the low-rent project and including such amount as part of the development cost of the lowrent project.

1961-Pub. L. 87-70 substituted "Property to be used for public housing or housing for moderate income families" for "Payment for land used in low-rent housing projects" in the section catchline, designated existing provisions as subsec. (a), substituted therein "land acquired as a part of an urban renewal project" for "land to be acquired as a part of an urban renewal project", and "was incorporated on or after September 23, 1959," for "is incorporated", and added subsec. (b).

1959-Pub. L. 86-372 substituted "When it appears in the public interest that land to be acquired as part of an urban renewal project should be used in whole

or in part as a site for a low-rent housing project assisted under the United States Housing Act of 1937, as amended, or under a State or local program found by the Administrator to have the same general purposes as the Federal program under such Act, the site shall be made available to the public housing agency undertaking the low-rent housing project at a price equal to the fair value of land to a private redeveloper who wants to buy a site in the community for private rental housing with physical characteristics similar to those of the proposed low-rent housing project" for "If the land for a low-rent housing project assisted under the United States Housing Act of 1937, as amended, is made available from a project assisted under this subchapter, payment equal to the fair value of the land for the uses specified in accordance with the urban renewal plan shall be made therefor by the public housing agency undertaking the housing project", and inserted proviso relating to tax exemption and tax remission.

1954 Act Aug. 2, 1954, substituted "urban renewal plan" for "redevelopment plan."

§ 1458. Disposition of surplus Federal real property; sale at fair market value; disposition of proceeds. The President may at any time in his discretion, transfer, or cause to be transferred, to the Administrator any right, title, or interest held by the Federal Government or any department or agency thereof in any land (including buildings thereon) which is surplus to the needs of the Government and which a local public agency certifies will be within the area of a project being planned by it. When such land is sold to the local public agency by the Administrator, it shall be sold at a price equal to its fair market value, and the proceeds from such sale shall be covered into the Treasury as miscellaneous receipts. (July 15, 1949, ch. 338, title I, § 108, 63 Stat. 419.) DELEGATION OF FUNCTIONS

For delegation of functions, vested in the President by this section, to the Director of the Bureau of the Budget. see section 1 (n) of Ex. Ord. No. 10530, May 11, 1954, 19 F. R. 2709, set out as a note under section 301 of Title 3, The President.

CROSS REFERENCES

Disposition of surplus property, see section 484 of Title 40, Public Buildings, Property, and Works. Proceeds from transfer, sale, etc. of property, see section 485 of Title 40.

§ 1459. Protection of labor standards.

In order to protect labor standards

(a) any contract for loan or capital grant pursuant to this subchapter shall contain a provision requiring that not less than the salaries prevailing in the locality, as determined or adopted (subsequent to a determination under applicable State or local law) by the Administrator, shall be paid to all architects, technical engineers, draftsmen, and technicians employed in the development of the project involved and shall also contain a provision that not less than the wages prevailing in the locality, as predetermined by the Secretary of Labor pursuant to the Davis-Bacon Act, shall be paid to all laborers and mechanics, except such laborers or mechanics who are employees of municipalities or other local public bodies, employed in the development of the project involved for work financed in whole or in part with funds made available pursuant to this subchapter; and the Administrator shall require certification as to compliance with the provisions of this paragraph prior to making any payment under such contract; and

(b) the provisions of section 874 of Title 18, and of section 276c of Title 40, shall apply to work financed in whole or in part with funds made available for the development of a project pursuant to this subchapter. (July 15, 1949, ch. 338, title I, § 109, 63 Stat. 419; Aug. 2, 1954, ch. 649, title III, § 310, 68 Stat. 626.)

REFERENCES IN TEXT

The Davis-Bacon Act, referred to in subsection (a), is classified to sections 276a to 276a-5 of Title 40, Public Buildings, Property, and Works.

AMENDMENTS

1954 Subsec. (a). Act Aug. 2, 1954, made it clear that the labor standards apply only to development work financed in whole or in part with funds under this subchapter, and excepted from the prevailing wage requirements laborers or mechanics who are employees of municipalities or other local public bodies.

Subsec. (b). Act Aug. 2, 1954, substituted "work financed in whole or in part with funds made available for the development of a project pursuant to this subchapter" for "any project financed in whole or in part with funds made available pursuant to this subchapter". Former subsec. (c). Act Aug. 2, 1954, in a general amendment of the section, omitted former subsec. (c) which required contractors to submit monthly reports to the Secretary of Labor.

ENFORCEMENT OF LABOR STANDARDS

Labor standards under provisions of this section to be prescribed and enforced by Secretary of Labor, see 1950 Reorg. Plan No. 14, eff. May 24, 1950, 15 F. R. 3176, 64 Stat. 1267, set out in note under section 133z-15 of Title 5, Executive Departments and Government Officers and Employees.

§ 1460. Definitions.

The following terms shall have the meanings, respectively, ascribed to them below, and, unless the context clearly indicates otherwise, shall include the plural as well as the singular number:

(a) "Urban renewal area" means a slum area or a blighted, deteriorated, or deteriorating area in the locality involved which the Administrator approves as appropriate for an urban renewal project.

(b) "Urban renewal plan" means a plan, as it exists from time to time, for an urban renewal project, which plan (1) shall conform to the general plan of the locality as a whole and to the workable program referred to in section 1451 of this title and shall be consistent with definite local objectives respecting appropriate land uses, improved traffic, public transportation, public utilities, recreational and community facilities, and other public improvements; and (2) shall be sufficiently complete to indicate, to the extent required by the Administrator for the making of loans and grants under this subchapter, such lands acquisition, demolition, and removal of structures, redevelopment, improvements, and rehabilitation as may be proposed to be carried out in the urban renewal area, zoning and planning changes, if any, land uses, maximum densities, and building requirements.

(c) "Urban renewal project" or "project" may include undertakings and activities of a local public agency in an urban renewal area for the elimination and for the prevention of the development or spread of slums and blight, and may involve slum clearance and redevelopment in an urban renewal area, or rehabilitation or conservation in an urban renewal area, or a program of code enforcement in

an urban renewal area, or any combination or part thereof, in accordance with such urban renewal plan. Such undertakings and activities may include

(1) acquisition of (i) a slum area or a deteriorated or deteriorating area, or (ii) land which is predominantly open and which because of obsolete platting, diversity of ownership, deterioration of structures or of site improvements, or otherwise, substantially impairs or arrests the sound growth of the community, or (iii) open land necessary for sound community growth which is to be developed for predominantly residential uses, or (iv) air rights in an area consisting principally of land in highways, railway or subway tracks, bridge or tunnel entrances, or other similar facilities which have a blighting influence on the surrounding area and over which air rights sites are to be developed for the elimination of such blighting influences and for the provision of housing (and related facilities and uses) designed specifically for, and limited to, families and individuals of low or moderate income: Provided, That the requirement in paragraph (a) of this section that the area be a slum area or a blighted, deteriorated or deteriorating area shall not be applicable in the case of projects under clauses (iii) and (iv) hereof: Provided further, That the aggregate amount of capital grants for projects under clause (iv) shall not exceed 5 per centum of the aggregate amount of grants authoried by this subchapter to be contracted for after September 2, 1964;

(2) demolition and removal of buildings and improvements;

(3) installation, construction, or reconstruction of streets, utilities, parks, playgrounds, and other improvements necessary for carrying out in the urban renewal area the urban renewal objectives of this subchapter in accordance with the urban renewal plan;

(4) disposition of any property acquired in the urban renewal area (including sale, leasing or retention by the local public agency itself) at its fair value for uses in accordance with the urban renewal plan or as provided in section 1457 of the title;

(5) carrying out plans for programs of code enforcement or voluntary repair and rehabilitation of buildings or other improvements in accordance with the urban renewal plan: Provided, That no program of code enforcement shall be included as part of an urban renewal project unless the locality shall agree to increase its total expenditures with respect to code enforcement, during the period such project is under contract for a loan or capital grant, by an amount equal to the required local grants-in-aid with respect to the code enforcement included as part of such project;

(6) acquisition of any other real property in the urban renewal area where necessary to eliminate unhealthful, insanitary or unsafe conditions, lessen density, eliminate obsolete or other uses detrimental to the public welfare, or otherwise

to remove or prevent the spread of blight or deterioration, or to provide land for needed public facilities;

(7) construction of foundations and platforms necessary for the provision on air rights sites of housing (and related facilities and uses) designed specifically for, and limited to, families and individuals of low or moderate income; and

(8) acquisition and repair or rehabilitation for guidance purposes, and resale by the local public agency, of structures which are located in the urban renewal area and which, under the urban renewal plan, are to be repaired or rehabilitated for dwelling use or related facilities: Provided, That the local public agency shall not acquire for such purposes, in any urban renewal area, structures which contain or will contain more than (A) one hundred dwelling units, or (B) 5 per centum of the total number of dwelling units in such area which, under the urban renewal plan, are to be repaired or rehabilitated, whichever is the lesser. Notwithstanding any other provision of this subchapter, no contract shall be entered into for any loan or capital grant under this subchapter for any project which provides for demolition and removal of buildings and improvements unless the Administrator determines that the objectives of the urban renewal plan could not be achieved through rehabilitation of the project area.

For the purposes of this subchapter, the term "project" shall not include (except as provided in paragraphs (7) and (8) above) the construction or improvement of any building, and the term "redevelopment" and derivatives thereof shall mean development as well as redevelopment. For any of the purposes of section 1459 of this title, the term "project" shall not include any donations or provisions made as local grants-in-aid and eligible as such pursuant to clauses (2) and (3) of subsection 1460 (d) of this title.

Financial assistance shall not be extended under this subchapter with respect to any urban renewal area which is not predominantly residential in character and which, under the urban renewal plan therefor, is not to be redeveloped for predominantly residential uses: Provided, That, if the governing body of the local public agency determines that the redevelopment of such an area for predominantly nonresidential uses is necessary for the proper development of the community, the Administrator may extend financial assistance under this subchapter for such a project: Provided further, That the aggregate amount of capital grants contracted to be made pursuant to this subchapter with respect to such projects after September 23, 1959 shall not exceed 30 per centum of the aggregate amount of grants authorized by this subchapter to be contracted for after such date.

In addition to all other powers hereunder vested, where land within the purview of clause (1) (ii) or (1) (iii) of the first paragraph of this subsection (whether it be predominantly residential or nonresidential in character) is to be redeveloped for predominantly nonresidential uses, loans and advances under this subchapter may be extended therefor if the governing body of the local public agency

determines that such redevelopment for predominantly nonresidential uses is necessary and appropriate to facilitate the proper growth and development of the community in accordance with sound planning standards and local community objectives and to afford maximum opportunity for the redevelopment of the project area by private enterprise: Provided, That loans and outstanding advances to any local public agency pursuant to the authorization of this sentence shall not exceed 21⁄2 per centum of the estimated gross project costs of the projects undertaken under other contracts with such local public agency pursuant to this subchapter. (d) "Local grants-in-aid" shall mean assistance by a State, municipality, or other public body, or (in the case of cash grants or donations of land or other real property) any other entity, in connection with any project on which a contract for capital grant has been made under this subchapter, in the form of (1) cash grants to defray expenditures within the purview of subsection (e) (1) of this section; (2) donations, at cash value, of land or other real property (exclusive of land in streets, alleys, and other public rights-of-way which may be vacated in connection with the project, or of air rights over streets, alleys, and other public rights-of-way) in the urban renewal area, and demolition, removal, or other work or improvements in the urban renewal area, at the cost thereof, of the types described in clause (2) and clause (3) of the second sentence of subsection (c) of this section; and (3) the provision, at their cost, of public buildings or other public facilities (other than publicly owned housing and revenue producing public utilities the capital cost of which is wholly financed with local bonds or obligations payable solely out of revenues derived from service charges) which are necessary for carrying out in the area the urban renewal objectives of this subchapter in accordance with the urban renewal plan: Provided, That in any case where, in the determination of the Administrator, any park, playground, public building, or other public facility is of direct benefit both to the urban renewal area and to other areas, and the approximate degree of the benefit to such other areas is estimated by the Administrator at 20 per centum or more of the total benefits, the Administrator shall provide that, for the purpose of computing the amount of the local grants-in-aid for the project, there shall be included only such portion of the cost of such facility as the Administrator estimates to be proportionate to the approximate degree of the benefit of such facility to the urban renewal area: And provided further, That for the purpose of computing the amount of local grants-in-aid under this subsection with respect to any project covered by a Federal-aid contract under this subchapter, the estimated cost (as determined by the Administrator) of parks, playgrounds, public buildings, or other public facilities may be deemed to be the actual cost thereof if (i) the construction or provision thereof is not completed at the time of final disposition of land in the project to be acquired and disposed of under the urban renewal plan, and (ii) the Administrator has received assurances satisfactory to him that such park, play

ground, public building, or other public facility will be constructed or completed when needed and within a time prescribed by him: And provided further, That in any case where a public facility furnished as a local grant-in-aid is financed in whole or in part by special assessments against real property in the project area acquired by the local public agency as part of the project, an amount equal to the total special assessments against such real property (or, in the case of a computation pursuant to the proviso immediately preceding, the estimated amount of such total special assessments) shall be deducted from the cost of such facility for the purpose of computing the amount of the local grants-inaid for the project. With respect to any demolition or removal work, improvement or facility for which a State, municipality, or other public body has received or has contracted to receive any grant or subsidy from the United States, or any agency or instrumentality thereof, the portion of the cost thereof defrayed or estimated by the Administrator to be defrayed with such subsidy or grant shall not be eligible for inclusion as a local grant-in-aid.

Notwithstanding any other provision of this subsection, no donation or provision of a public improvement or public facility of a type falling within the purview of this subsection shall be deemed to be ineligible as a local grant-in-aid for any project solely on the basis that the construction of such improvement or facility was commenced without notification to the Administrator or prior to Federal recognition of such project, if such construction was commenced not more than three years prior to the authorization by the Administrator of a contract for loan or capital grant for the project.

(e) "Gross project cost" shall comprise (1) the amount of the expenditures by the local public agency with respect to any and all undertakings necessary to carry out the project (including the payment of carrying charges, but not beyond the point where the project is completed), and (2) the amount of such local grants-in-aid as are furnished in forms other than cash. There may be included as part of the gross project cost, under any contract for loan or grant heretofore or hereafter executed under this subchapter with respect to moneys of the local public agency which are actually expended and outstanding for undertakings (other than in the form of local grants-in-aid) necessary to carry out the project, in the absence of carrying charges on such moneys, an amount in lieu of carrying charges which might otherwise have been payable thereon for the period such moneys are expended and outstanding but not beyond the point where the project is completed, computed for each six-month period or portion thereof, at an interest rate to be determined by the Administrator after taking into consideration for each preceding six-month period the average interest rate borne by any obligations of local public agencies for short-term funds obtained from sources other than the Federal Government in the manner provided in section 1452(c) of this title: Provided, That such amount may be computed on the net total of all such moneys of the local public agency remaining expended and outstanding, less other moneys received from the project undertaken in excess of project expenditures, in

all projects of the local public agency under this subchapter, and allocated, as the Administrator may determine, to each of such projects. With respect to a project for which a contract for capital grant has been executed on a three-fourths basis pursuant to section 1453 (a) (2) (C) of this title, gross project cost shall include, in lieu of the amount specified in clause (1) above, the amount of the expenditures by the local public agency with respect to the following undertakings and activities necessary to carry out such project:

(i) acquisition of land (but only to the extent of the consideration paid to the owner and not title, appraisal, negotiating, legal, or any other expenditures of the local public agency incidental to acquiring land), disposition of land, demolition and removal of buildings and improvements, and site preparation and improvements, all as provided in paragraphs (1), (2), (3), (4), (6), (7), and (8) of subsection (c) of this section; and

(ii) the payment of carrying charges related to the undertakings in clause (i) (including amounts in lieu of carrying charges as determined above), exclusive of taxes and payments in lieu of taxes, but not beyond the point where such project is completed;

but not the cost of any other undertakings and activities (including, but without being limited to, the cost of surveys and plans, legal services of any kind, and all administrative and overhead expenses of the local public agency) with respect to such project. Where real property in the project area is acquired and is owned as part of the project by the local public agency and such property is not subject to ad valorem taxes by reason of its ownership by the local public agency and payments in lieu of taxes are not made on account of such property, there may (with respect to any project for which a contract of Federal assistance under this subchapter is in force or is hereafter executed, other than a project on which a contract for capital grant is made on a three-fourths basis pursuant to section 1453(a) (2) (C) of this title) be included, at the discretion of the Administrator, in gross project cost an amount equal to the ad valorem taxes which would have been levied upon such property if it had been subject to ad valorem taxes, but in all cases prorated for the period during which such property is owned by the local public agency as part of the project, and such amount shall also be considered a cash local grantin-aid within the purview of subsection (d) of this section. Such amount, and the amount of taxes or payments in lieu of taxes included in gross project cost, shall be subject to the approval of the Administrator and such rules, regulations, limitations, and conditions as he may prescribe.

Where a project includes the acquisition of property which has been damaged because of the collapse or subsidence of underlying coal mines, or underground mine fires, and the property is to be acquired from an individual, family, business concern, or nonprofit organization which was the owner of such property at the time the damage first occurred, the amount otherwise allowable as the acquisition price of such property may be increased by an amount equal to so much of any diminution in the value of

such property as is determined to be reasonably attributable to such damage and to represent an otherwise uncompensated and (but for such acquisition) uncompensable loss actually sustained by such

owner.

(f) "Net project cost" shall mean the difference between the gross project cost and the aggregate of (1) the total sales prices of all land or other property sold, and (2) the total capital values (i) imputed, on a basis approved by the Administrator, to all land or other property leased, and (ii) used as a basis for determining the amounts to be transferred to the project from other funds of the local public agency to compensate for any land or other property retained by it for use in accordance with the urban renewal plan.

(g) "Going Federal rate" means (with respect to any contract for a loan or advance entered into after the first annual rate has been specified as provided in this sentence) the annual rate of interest which the Secretary of the Treasury shall specify as applicable to the six-month period (beginning with the six-month period ending December 31, 1953) during which the contract for loan or advance under this subchapter is authorized by the Administrator, which applicable rate for each six-month period shall be determined by the Secretary of the Treasury by estimating the average yield to maturity, on the basis of daily closing market bid quotations or prices during the month of May or the month of November, as the case may be, next preceding such six-month period, on all outstanding marketable obligations of the United States having a maturity date of fifteen or more years from the first day of such month of May or November, and by adjusting such estimated average annual yield to the nearest one-eighth of 1 per centum. Any contract for a loan or advance, authorized by the Administrator after September 2, 1964, shall provide for a single interest rate which shall be applicable also to future amendments of the contract which provide additional funds thereunder, and shall further provide for a periodic revision of the interest rate on the balance outstanding or to be outstanding of such loan or advance based on the going Federal rate on the date of such revision: Provided, That any contract for a loan or advance authorized prior to September 2, 1964 shall be amended (with the first amendment to such contract authorized after September 2, 1964) to provide for such a single interest rate (based on the going Federal rate at the time such amendment is authorized) and for periodic revision thereof.

(h) "Local public agency" means any State, county, municipality, or other governmental entity or public body, or two or more such entities or bodies, authorized to undertake the project for which assistance is sought. "State" includes the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the Territories and possessions of the United States.

(i) "Land" means any real property, including improved or unimproved land, structures, improvements, easements, incorporeal hereditaments, estates, and other rights in land, legal or equitable. (j) "Administrator" means the Housing and Home Finance Administrator.

(k) "Federal recognition" means execution of any contract for financial assistance under this subchapter or concurrence by the Administrator in the commencement, without such assistance, of surveys and plans. (June 30, 1949, ch. 288, title I, § 103, 63 Stat. 380; July 15, 1949, ch. 338, title I, § 110, 63 Stat. 420; June 30, 1953, ch. 170, § 24(a), 67 Stat. 127; Aug. 2, 1954, ch. 649, title III, § 311, 68 Stat. 626; Aug. 11, 1955, ch. 783, title I, § 106(c), 69 Stat. 637; Aug. 7, 1956, ch. 1029, title III, 302(a) (2), (b)-(d), 70 Stat. 1097; July 12, 1957, Pub. L. 85104, title III, §§ 302(3)—(5), 305, 306, 71 Stat. 300, 301; Sept. 23, 1959, Pub. L. 86-372, title IV, §§ 412414(a), 415, 416, 417(3), 73 Stat. 675, 677; June 30, 1961, Pub. L. 87-70, title III, §§ 301(c), 306(b), 307, 308, 314(c), 75 Stat. 166, 168, 172; Sept. 2, 1964, Pub. L. 88-560, title III, §§ 301(b), (c), 303(b), 307— 309, 311(a), 78 Stat. 785, 787, 788, 790.)

AMENDMENTS

1964 Subsec. (c). Pub. L. 88–560, §§ 301 (b), (c), 307, 308(b), included a program of code enforcement in an urban renewal area within “urban renewal projects", the acquisition of air rights over areas such as highways, tracks, bridge and tunnel entrances, limited the grants for projects under clause (c) (1) (iv) to not exceeding 5 percent of the amount authorized by this subchapter to be contracted for after Sept. 2, 1964, substituted "projects under clauses (iii) and (iv) hereof" for "an open land project” in par. (c)(1), provided that no program of code enforcement shall be included as part of a project unless the locality agrees to increase its expenditures for code enforcement by an amount equal to the required local grants-in-aid, no contract shall be entered for any loan or grant for any project which provides for removal of buildings and improvements unless the Administrator determines that the objectives of the renewal plan could not be achieved through rehabilitation of the project area, redesignated former par. (c) (7) as (c) (8) and added par. (7).

Subsec. (d). Pub. L. 88-560, § 308 (c), inserted "or of air rights over streets, alleys, and other public rightsof-way."

Subsec. (e). Pub. L. 88-560, §§ 308(d), 311(a), inserted reference to par. (8) of subsec. (c) of this section, and provided that where a project includes the acquisition of property affected by coal mine subsidence or underground mine fires and the property is to be acquired from the owner at the time the damage occurred, the acquisition price may be increased equal to the diminution of such property as is reasonably attributable to such damage and an otherwise uncompensated and uncompensable loss actually sustained by such owner.

Subsec. (g). Pub. L. 88-560, §§ 303(b), 309, provided that contracts authorized after Sept. 2, 1964, shall provide for a single interest rate applicable also to future contract amendments, for periodic revision of the interest rate on the outstanding balance based on the going Federal rate on the date of revision, and that contracts authorized prior to Sept. 2, 1964, shall be amended to provide for such single rate and for periodic revision thereof, deleted "for any project" preceding "under this subchapter is authorized by the Administrator", and provisions that contracts may be revised or superseded by later contracts so that the going Federal rate shall mean the going rate on the date the later contract is authorized.

1961-Subsec. (c). Pub. L. 87-70, §§ 306(b), 307 (a), (b), 308, 314(c), struck out the word "initial" which preceded "leasing or retention" and inserted words "or as provided in section 1457 of this title" in par. (4), added par. (7), inserted the phrase "(except as provided in paragraph (7) above" in the third sentence, and substituted "30 per centum" for "20 per centum" in the second proviso of the fifth sentence.

Subsec. (e). Pub. L. 87-70, §§ 301(c), 307(c), substituted "pursuant to section 1453 (a) (2) (C) of this title" for "pursuant to the proviso in the second sentence of section 1453 (a) of this title" in the third and fourth sen