800 Identification code 25-05-0123-0-1-553 10 Program by activities: Operating costs: Administrative expenses (program costs, funded). Change in selected resources 1 Total obligations (object class 41.0).. Financing: 40 New obligational authority (appropriation). Relation of obligations to expenditures: 71 Total obligations (affecting expenditures) __ 74 Obligated balance, end of year.. 1964 actual 1965 1966 estimate estimate 90 FEDERAL-STATE TRAINING PROGRAMS Program and Financing (in thousands of dollars) 145 2,500 2,645 7,500 10,145 Expenditures.. 1 Selected resources as of June 30: Undisbursed grant obligations, 1965, $0: 1966, $500 thousand. Fellowships in urban planning and related housing and urban studies programs are authorized to be awarded to qualified students preparing for careers in the urban public service under the provisions of the Housing Act of 1964 (20 U.S.C. 811). The program is intended to attract students into graduate studies in urban affairs in order to increase the supply of trained personnel and alleviate the growing shortage of skilled persons needed in the urban public service. Applicants will apply to the accredited school of their choice. Each fellowship will be for $3,000 and shall be renewable for a second year. Proposed for separate transmittal: FELLOWSHIPS FOR CITY PLANNING AND URBAN STUDIES Program and Financing (in thousands of dollars) HOUSING AND HOME FINANCE AGENCY OPEN SPACE LAND GRANTS For expenses in connection with grants to aid in the acquisition of open-space land or interests therein, and with the provision of technical assistance to State and local public bodies (including the undertaking of studies and publication of information), [$15,000,000] $60,500,000: Provided, That not to exceed [$262,000] $500,000 may be used for administrative expenses and technical assistance, and no part of this appropriation shall be used for administrative expenses in connection with grants requiring payments in excess of the amount herein appropriated therefor. (Independent Offices Appropriation Act, 1965; additional authorizing legislation to be proposed for $31,335,000 of the above estimate.) Identification code Program and Financing (in thousands of dollars) 1964 actual 1965 1966 estimate estimate Grants to State and local public bodies to help finance acquisition or permanent interest in undeveloped or predominantly undeveloped land in urban areas useful for park, recreation, conservation, historic, or scenic purposes are authorized by title VII of the Housing Act of 1961 (42 U.S.C. 1500), as amended. The program is designed to assist public bodies in taking prompt action to preserve as open space that land essential to economic and otherwise desirable long-range urban development, which will also curb urban sprawl and prevent the spread of urban blight and deterioration. Safeguards are provided to prohibit subsequent conversion of open space land to other uses. The budget estimate for administrative expenses includes funds for technical assistance and studies as authorized by section 705 of the Housing Act of 1961. The budget program for 1966 assumes enactment of additional authorization for appropriation and legislation to increase the Federal share of land acquisition cost. Object Classification (in thousands of dollars) Change in selected resources 1 9,843 1,000 42,500 pay increases.. 262 31,835 LOW-INCOME HOUSING DEMONSTRATION PROGRAMS For low-income housing demonstration programs pursuant to section 207 of the Housing Act of 1961, as amended, [$1,250,000] $2,575,000: Provided, That not to exceed [$20,0001 $75,000 may be available for administrative expenses, but no part of this appropriation shall be available for administrative expenses in connection with contracts to make grants in excess of the amount herein appropriated therefor. (Supplemental Appropriation Act, 1965.) [ADMINISTRATIVE EXPENSES, LOW INCOME HOUSING [For necessary expenses in connection with low income housing 1964 actual 1965 1966 estimate estimate 2. Administrative expenses. 43 Public enterprise funds-Continued OFFICE OF THE ADMINISTRATOR-Continued Revenue, Expense, and Retained Earnings (in thousands of dollars) 1964 1965 1966 actual estimate estimate COLLEGE HOUSING-Continued OPERATIONS, COLLEGE HOUSING LOANS FUND-continued The Housing Act of 1950, as amended (12 U.S.C. 1749), authorizes direct long-term loans to assist institutions of higher education in providing housing and related facilities for students and faculty, and to hospitals for housing facilities for student nurses and interns. The Treasury borrowing authorization which funds the program currently amounts to $2,875 million. Estimates for the budget year anticipate enactment of $110 million additional authority during the current year. Interest rates are based on a statutory formula and are limited to the higher of either 2.75% or 0.25% above the average rate on all interest-bearing obligations forming a part of the Federal debt. The 1965 rate is 3.75%. Budget program.-Net loan reservations are estimated at $300 million for the current year and for the budget year. A loan reservation is made after preliminary review of an application filed to determine the general eligibility and feasibility of a project. The reservation assures availability of loan funds to the applicant at the completion of Agency review of the loan application. The following table shows funds available and net reservations issued (in thousands of dollars): Retained earnings or 769 1,532,388 1,746,388 1,975,388 304,979 214,000 229,000 264,000 1,532,388 1,746,388 -1,119 1,975,388 2,239,388 2,789 6,324 End of year.. Analysis of Government Equity and Undrawn Authorizations Reservations are converted into loan contracts after detailed planning, filing of a full application, and comprehensive Agency review of engineering, architectural, financing, and legal aspects of proposed projects. After execution of the loan contracts, the institutions proceed with preparation of final plans and specifications, award of construction contracts, construction, and preparation of indentures and marketing of bonds in the private market or sale to the Government. Principal workload items are set forth in the following table: Undisbursed loan obliga 410,774 468,773 441,473 466,806 585,565 342,840 1,698,191 1,933,451 2,207,011 2,575,770 2,987,789 2,991,324 Identification code Financing.-Bond purchases are estimated at $288.5 million in the current year and $323.8 million in the budget 25.1 Other services. Disbursements are based on the following projected construction schedule: Construction starts.... 33.0 Investments and loans. 43.0 Interest and dividends. 93.0 Administrative expenses (see separate 1964 actual 1965 estimate 1966 estimate 270 Total costs, funded... 94.0 Change in selected resources. 267 Operating results and financial condition.-Net earnings of $6,324 thousand are estimated for the budget year. The cumulative deficit was eliminated by the end of 1964 by which time all operating costs, including staff expenses and allowances for losses, incurred since the inception of the program were entirely recovered by the Government. LIMITATION ON ADMINISTRATIVE EXPENSES, OFFICE OF THE ADMINISTRATOR, COLLEGE HOUSING LOANS Not to exceed [$1,900,000 $1,985,000 shall be available for all administrative expenses of carrying out the functions of the Ad |