Pub. L. 83-560, tit. III, sec. 304

Sec. 304. Section 102 of said Act, as amended, is hereby amended— (1) by amending the first sentence in subsection (a) to read as follows: “To assist local communities in the elimination of slums and blighted or deteriorated or deteriorating areas, in preventing the spread of slums, blight or deterioration, and in providing maximum opportunity for the redevelopment, rehabilitation, and conservation of such areas by private enterprise, the Administrator may make temporary and definitive loans to local public agencies in accordance with the provisions of this title for the undertaking of urban renewal projects.”; (2) by inserting in the second sentence of subsection (a) before the word “expenditures” the word “estimated” and by inserting after the word “bonds” the words “or other obligations”; (3) by striking out “new uses of land in the project area” at the end of the first sentence of subsection (b) and inserting “new uses of such land in the project area”; (4) by striking out the words “bear interest as such rate” in the second sentence of subsection (b) and inserting “bear interest at such rate”; and (5) by amending subsection (d) to read as follows: “(d) The Administrator may make advances of funds to local public agencies for surveys and plans for urban renewal projects which may be assisted under this title, including, but not limited to, (i) plans for carrying out a program of voluntary repair and rehabilitation of buildings and improvements, (ii) plans for the enforcement of State and local laws, codes, and regulations relating to the use of land and the use and occupancy of buildings and improvements, and to the compulsory repair, rehabilitation, demolition, or removal of buildings and improvements, and (iii) appraisals, title searches, and other preliminary work necessary to prepare for the acquisition of land in connection with the undertaking of such projects. The contract for any such advance of funds shall be made upon the condition that such advance of funds shall be repaid, with interest at not less than the applicable going Federal rate, out of any moneys which become available to the local public agency for the undertaking of 68 Stat. 625 the project involved. No contract for any such advances of funds for surveys and plans for urban renewal projects which may be assisted under this title shall be made unless the governing body of the locality involved has by resolution or ordinance approved the undertaking of such surveys and plans and the submission by the local public agency of an application for such advance of funds.”