79 STAT. 509. FEDERAL RESERVE ACT SEC. 1111. Section 24 of the Federal Reserve Act is amended by 76 Stat. 663. striking out "eighteen months", wherever it appears in the third para- 12 USC 371. graph, and inserting in lieu thereof "twenty-four months". REPAYMENT OF CERTAIN PLANNING GRANTS SEC. 1112. Notwithstanding any other provision of law, no advance made under section 501 of Public Law 458, Seventy-eighth Congress; 58 Stat. 791. Public Law 352, Eighty-first Congress; or section 702, Housing Act of 50 USC app.1671. 1954, Public Law 560, Eighty-third Congress, for the planning of any 63 Stat. 841. public works project shall be required to be repaid if construction of 40 USC 451-458. such project has been heretofore or is hereafter initiated as a result 69 Stat. 641. of a grant-in-aid made from an allocation made by the President under 40 USC 462. the Public Works Acceleration Act. STUDY CONCERNING RELIEF OF HOMEOWNERS IN PROXIMITY TO AIRPORTS SEC. 1113. The Housing and Home Finance Administrator shall undertake a study to determine feasible methods of reducing the economic loss and hardship suffered by homeowners as the result of the depreciation in the value of their properties following the construction of airports in the vicinity of their homes, including a study of feasible 76 Stat. 541. 42 USC 2641 note. methods of insulating such homes from the noise of aircraft. Find- Report to Presings and recommendations resulting from such study shall be reported ident and Conto the President for transmission to the Congress at the earliest practi- gress. cable date, but in no event later than one year after the date of the enactment of this Act. Approved August 10, 1965. LEGISLATIVE HISTORY: HOUSE REPORTS: No. 365 (Comm. on Banking & Currency) and No. 679 (Comm. of Conference). SENATE REPORT No. 378 accompanying S. 2213 (Comm. on Banking & Currency). CONGRESSIONAL RECORD, Vol. 111 (1965): June 28, 29: Considered in House. June 30: Considered and passed House. July 14: S. 2213 considered in Senate. July 15: Considered and passed Senate, amended, lin lieu of S.2213. July 27: House agreed to conference report. HIGHLIGHTS OF THE HOUSING AND URBAN DEVELOPMENT ACT OF 1965 PUBLIC LAW 89-117 TOGETHER WITH A SECTION-BY-SECTION COMMITTEE ON BANKING AND CURRENCY HOUSE OF REPRESENTATIVES 89th Congress, 1st Session AUGUST 11, 1965 55-272 O-65-5 LETTER OF TRANSMITTAL To the Members of the Committee on Banking and Currency: The Housing and Urban Development Act of 1965 is one of the most important pieces of legislation to be acted on by this Congress. Our housing programs affect the lives of all of our citizens through their impact on community development, housing production and rehabilitation, and mortgage finance, and also through the impact they have on employment, national output, and our financial system. Congressional action on the housing bill involved hundreds of decisions made after weighing the results of special studies and reports and many hours of testimony by witnesses representing every facet of the Nation. The 11 titles and nearly 100 sections of the act are the result of painstaking work by the committees and Members of Congress. This act creates a number of entirely new programs shown by experience to be needed, and makes important modifications in many existing programs. The most important new venture contained in the Housing Act is President Johnson's rent supplement program, which he called "the most crucial new instrument in our effort to improve the American city." This is supplemented by a revitalization of the lowrent public housing program and by the continuation at high levels of the FHA below-market-interest-rate housing program and the housing for the elderly program, along with reductions in the interest rate on those two programs. The pressing housing needs of rural America will be served by a new program of insured home loans. The growth and improvement of our communities will be advanced by the new authorization for the urban renewal program, the largest ever approved by the Congress, and by the many improvements made in that program to encourage rehabilitation and code enforcement and to provide more equitable treatment of those displaced by slum clearance. Our towns and cities will also benefit from a series of new community facility programs. These include an entirely new program of continuing grant assistance to meet one of the most critical problems facing local government today, the provision of adequate water and sewer systems. In addition, the act contains the President's new programs to provide parks and recreation areas in our communities and to aid them in their efforts to make the urban environment more attractive. The act will help our colleges and universities to meet mounting enrollments through the continuation of the highly successful college housing loan program and the reduction of the interest rate on these loans. In these and many other ways, the Housing and Urban Development Act of 1965 will help us to overcome our housing problems and make our towns and cities better places in which to live and work. Sincerely, WRIGHT PATMAN, Chairman. III |