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Housing Act of 1949
1 Provided, That, if at any time during the underTaking of the project, the interest rate on such a loan from a source other than the Federal Government is greater than the rate at which funds could be made available under the Federal loan contract, the Secretary may make a supplemental grant to the local public agency in the amount of the difference between the interest cost from such sources and the interest cost at the contract rate, and no part of the amount of any such grant shall be required to be contributed as a part of the local grant-in-aid. In connection with any such pledge of a loan contract, including loan payments thereunder, as security for the repayment of obligations of the local public agency held by other than the Federal Government, the Secretary is authorized to agree to pay, through operations of a paying agent or agents, and to pay or cause to be paid when due, from funds obtained pursuant to subsection (e) of this section, to the holders of such obligations (or to their agents or designees) the principal of and the interest on such obligations, subject to such conditions as the Secretary may determine but without regard to any other condition or requirement. Notwithstanding any other provision
of law, any contract or other instrument executed by INCONTESTABLE the Secretary which, by its terms, includes an FEDERAL
obligation of the Secretary to make payment OBLIGATION IN
pursuant to this subsection shall be construed by PRIVATE FINANCING all officers of the United States separate and
apart from the loan contract and shall be
This proviso was added by sec. 507(a)(2), Housing and Urban Development Act of 1968, Public Law 90-448, approved August 1, 1968, 82 Stat. 476, 522. Sec. 507(b) provided that loan contracts outstanding on the date of its enactment "may be amended to incorporate the provisions authorized by the amendments contained in subsection (a) without regard to the proviso in section 119(8) of the Housing Act of 1949". (see also footnote 2, supra on page 12).
Sec. 302(a), Housing Act of 1961, Public Law 87-70, approved June 30, 1961, 75 Stat. 149, 166, added this sentence.
Housing Act of 1949
(a) The Secretary may make advances of funds
to local public agencies for surveys of urban areas
las originally enacted subsection (a) read as follows: "(a) The Administrator may make advances of funds to local public agencies for surveys and plans in preparation of projects which may be assisted under this title, and the contracts for such advances of funds may be made upon the condition that such advances of funds shall be repaid, with interest at not less than the applicable going Federal rate, out of any moneys which become available to such agency for the undertaking of the project or projects involved".
Sec. 304, Housing Act of 1954, Public Law 83-560, approved Aug. 2, 1954, 68 Stat. 590, 624, amended subsec. (a) to read as set forth in the text except for subsequent amendments noted by footnotes indicated in the text.
?sec. 303(b), Housing Act of 1956, Public Law 1020, 84th Congress, approved Aug. 7, 1956, 70 Stat. 1091, 1100, inserted "surveys of urban areas to determine whether the undertaking of urban renewal projects therein may be feasible and for".
Housing Act of 1949
for such advance of funds. Notwithstanding? section
In order to facilitate proper preliminary
objectives of this title, the Secretary may also GENERAL
make advances of funds (in addition to those NEIGHBORHOOD
authorized above) to local public agencies for the RENEWAL
preparation of General Neighborhood Renewal Plans PLANS
(as herein defined). A General Neighborhood Renewal Plan may be prepared for an area consisting of an urban renewal area or areas, together with any adjoining areas having specially related problems, and which is of such size that the urban renewal
IThis sentence was added by sec. 301, Housing Act of 1956, Public Law 1020, 84th Congress, approved Aug. 7, 1956, 70 Stat. 1091, 1097. The first two sentences of this paragraph were added by sec. 303,
. , Housing and Urban Development Act of 1965, Public Law 89-117, approved August 10, 1965, 79 Stat. 451, 475, in lieu of the following sentence: "In order to facilitate proper preliminary planning for the attainment of the urban renewal objectives of this title, the Administrator may also make advances of funds (in addition to those authorized above) to local public agencies for the preparation of General Neighborhood Renewal Plans (as herein defined) for urban renewal areas of such scope that the urban renewal activities therein may have to be carried out in stages, consistent with the capacity and resources of the respective local public agency, over an estimated period of not more than ten years.
This paragraph and the remainder of this subsection were added by sec. 303(a), Housing Act of 1956, Public Law 84-1020, approved August 7, 1956, 70 Stat. 1091, 1099.
Housing Act of 1949
activities in the urban renewal area or areas may have to be initiated in stages, consistent with the capacity and resources of the respective local public agency or agencies, over an estimated period of not more than eight years. No contract for advances for the preparation of a General Neighborbood Renewal Plan may be made unless the Secretary has determined that:
(1)1 in the interest of sound community planning, it is desirable that the urban renewal activities proposed for the area be planned in their entirety;
(2) the local public agency proposes to undertake promptly an urban renewal project embracing at least 10 per centum of such area, upon completion of the General Neighborhood Renewal Plan and the preparation of an urban renewal plan for such project; and
(3) the governing body of the locality bas by resolution or ordinance (1) approved the undertaking of the General Neighborhood Renewal Plan and the submission of an application for such advance and (11) represented that such plan will be used to the fullest extent feasible as a guide for the provision of public improvements in such area and that the plan will be considered in formulating codes and other regulatory measures affecting property in the area and in undertaking other local governmental activities pertaining to the development, redevelopment, rehabilitation, and conservation of the area.
The contract for any such advance of funds for
Paragraph (1) was amended to read as set forth in text by sec. 303(2) of the Housing and Urban Development Act of 1965, Public Law 89-117, approved August 10, 1965, 79 Stat. 451, 475. The original paragraph numbered (1) was added by sec. 303(a), Housing Act of 1956, Public Law 84-2020, approved August 7, 1956, 70 Stat. 1091, 1099, and
, , read as follows:
"(1) in the interest of sound community planning, it is desirable that the urban renewal area be planned for urban renewal purposes in its entirety;".
Housing Act of 1949
to the local public agency for the undertaking of
(e) Thel total amount of loan contracts out
standing at any one time under this title shall not 1. Subsec.
(e) was amended to read as set forth in the text by sec. 404, Housing Act of 1959, Public Law 86-372, approved Sept. 23, 1959, 73 Stat. 654, 671. As originally enacted subsection (e) read as follows:
"(e) To obtain funds for loans under this title, the Administrator, on and after July 1, 1949, may, with the approval of the President, issue and have outstanding at any one time notes and obligations for purchase by the Secretary of the Treasury in an amount not to exceed $25,000,000, which limit on such outstanding amount shall be increased by $225,000,000 on July 1, 1950, and by further amounts of $250,000,000 on July 1 in each of the years 1951, 1952, and 1953, respectively: Provided, That (subject to the total authorization of not to exceed $1,000,000,000) such limit, and any such authorized increase therein, may be increased, at any time or times, by additional amounts aggregating not more than $250,000,000 upon a determination by the President, after receiving advice from the Counsel of Economic Advisers as to the general effect of such increase upon the conditions in the building industry and upon the national economy, that such action is in the public interest.
Executive Order 10530, issued May 10, 1954, 19 Fed. Reg. 2709, empowered the Housing and Home Finance Administrator ( now Secretary of Housing and Urban Development) to issue obligations to the Treasury without the approval, ratification, or other action of the President, as provided at that time in subsec. (e).