Housing Act of 1949

(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, staff services in connection with programs of code enforcement and voluntary rehabilitation and repair (including community organization), demolition and removal of buildings and improvements, and site preparation and improvements, all as provided in paragraphs (1), (2), (3), (4), (5)2,(6)3, (7)," (8),5 (9), and (10)6 of subsection (c); 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

1sec. 310(a), Housing and Urban Development Act of 1965, Public Law 89-117, approved August 10, 1965, 79 Stat. 451,477, inserted "staff services in connection with programs of code enforcement and voluntary rehabilitation and repair (including community organization)," and also inserted "(5)" in the enumerated paragraphs that follow.

Sec. 310(b), Housing and Urban Development Act of 1965, provided that urban renewal contracts executed before the date of the enactment of that Act (August 10, 1965) may be amended to incorporate the provisions of subsection (a) as to costs incurred on or after that date.

2

Sec. 310(a), Housing and Urban Development Act of 1965, Public Law 89-117, approved August 10, 1965, 79 Stat. 451, 477, inserted "(5), ". 3Sec. 307(c), Housing Act of 1961, Public Law 87-70, approved June 30, 1961, 75 Stat. 149, 168, substituted "(6), and (7)" for "and (6)". 4Sec. 308(a), Housing Act of 1964, Public Law 88-560, approved Sept. 2, 1964, 78 Stat. 769, 788, substituted "(7) and (8)" for "and (7)". 5

Sec. 309(b), Housing and Urban Development Act of 1965, Public Law 89-117, approved August 10, 1965, 79 Stat. 451, 477, substituted "(8), and (9)" for "and (8)".

6

Sec. 1722(c), Housing and Urban Development Act of 1968, Public Law 90-448, approved August 1, 1968, 82 Stat. 476, 610, substituted "(9) and (10)" for "and (9)".

Housing Act of 1949

PAYMENT IN

LIEU OF
TAXES

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. Wherel 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
title 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 pursuant3 to section 103(a) (2) (c) be
included, at the discretion of the Secretary,
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 agency as part of the project,
and such amount shall also be considered a cash
local grant-in-aid within the purview of section

title2

1

This sentence was added by sec. 302(a), Housing Act of 1956, Public Law 1020, 84th Congress, approved Aug. 7, 1956, 70 Stat. 1091, 1099, and amended as indicated by subsequent footnotes.

2Sec. 302(5), Housing Act of 1957, Public Law 85-104, approved July 12, 1957, 71 Stat. 294, 300, inserted ",other than a project on which a contract for capital grant is made on a three-fourth basis pursuant to the proviso in the second sentence of section 103(a)". 3Sec. 301(c), Housing Act of 1961, Public Law 87-70, approved June 30, 1961, 75 Stat. 149, 166, substituted "pursuant to section 103(a) (2) (C)" for "pursuant to the proviso in the second sentence of section 103(a)".

Housing Act of 1949

SUBSIDENCE

NET PROJECT
COST

Such1

110(d) hereof. 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 Secretary and such rules, regula-
tions, limitations, and conditions as he may
prescribe.

Where2
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

This sentence was added by sec. 302(d), Housing Act of 1956, Public Law 1020, 84th Congress, approved Aug. 7, 1956, 70 Stat. 1091, 1099.

2 This This paragraph was added by sec. 311(a), Housing Act of 1964, Public Law 88-560, approved Sept. 2, 1964, 78 Stat. 769, 790.

Sec. 311(b), Housing Act of 1964, Public Law 88-560, approved Sept. 2, 1964, 78 Stat. 769, 790, provided that:

"Any contract under title I of the Housing Act of 1949 executed prior to the date of enactment of the Housing Act of 1964 may be amended to provide for payment of the increased amounts authorized under the amendment made by subsection (a) with respect to any uncompleted project if the project includes acquisitions which, under any State or local law in effect on such date, would involve expenditures by a local public agency that could not otherwise be included in the costs of such project.

Housing Act of 1949

GOING FEDERAL
RATE

1

other property sold, and (2) the total capital
values (1) imputed, on a basis approved by
the Secretary, 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
use
renewal plan,

or for subsequent disposition or retention as provided under section 106(i).

(8)4 "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

1

Sec. 311, Housing Act of 1954, Public Law 560, 83d Congress, approved Aug. 2, 1954, 68 Stat. 590, 628, inserted "or other property".

2

Sec. 311, Housing Act of 1954, Public Law 560, 83d Congress, approved Aug. 2, 1954, 68 Stat. 590, 628, substituted "urban renewal" for "redevelopment".

3sec. 508(b), Housing and Urban Development Act of 1968, Public Law 90-448, approved August 1, 1968, 82 Stat. 476, 523, added the balance of this subsection.

4

As originally enacted subsection (g) read as follows:

"(g) 'Going Federal rate' means the annual rate of interest (or, if there shall be two or more such rates of interest, the highest thereof) specified in the most recently issued bonds of the Federal Government having a maturity of ten years or more, determined at the date the contract for advance of funds or for loan is made. Any contract for loan made may be revised or superseded by a later contract, so that the going Federal rate, on the basis of which the interest rate on the loan is fixed, shall mean the going Federal rate, as herein defined, on the date that such contract is revised or superseded by such later contract."

Sec. 24(a), Housing Amendments of 1953, Public Law 94, 83d Congress, approved June 30, 1953, 67 Stat. 121, 127, amended subsection (g) to read as set forth in the text, except for subsequent amendments noted by footnotes indicated in the text.

Housing Act of 1949

contract for loan or advance1 under this title

is authorized by the Secretary, 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 Secretary after
the date of enactment of the Housing Act of 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

1sec. 416(1), Housing Act of 1959, Public Law 86-372, approved Sept. 23, 1959, 73 Stat. 654, 676, struck out "is approved" and substituted "for any project under this title is authorized". Sec. 303(b), Housing Act of 1964, Public Law 88-560, approved Sept. 2, 1964, 78 Stat. 769, 785, deleted "for any project.

2Sec. 311, Housing Act of 1954, Public Law 560, 83d Congress, approved Aug. 2, 1954, 68 Stat. 590, 629, substituted "advance is approved by the Administrator" for "advance is made", but see preceding footnote for later amendment.

3.

Sec. 309, Housing Act of 1964, Public Law 88-560, approved Sept. 2, 1964, 78 Stat. 769, 788, substituted this sentence and the proviso for "Any such contract for loan made may be revised or superseded by a later contract, so that the going Federal rate, on the basis of which the interest rate on the loan is fixed, shall mean the going Federal rate, as herein defined, on the date that such later contract is authorized. Sec. 416(2), Housing Act of 1959, Public Law 86-372, approved Sept. 23, 1959, 73 Stat. 654,676, had inserted the word "such" before "contract for loan" in the foregoing, and sec. 416 (3), Housing Act of 1959, Public Law 86-372, approved Sept. 23, 1959, 73 Stat. 654, 676, had substituted "later contract is authorized" for " contract is revised or superseded by such later contract."