Pub. L. 83-560, tit. III, sec. 307

Sec. 307. Section 105 of said Act, as amended, is hereby amended— (1) by striking “Contracts for financial aid” and inserting “Contracts for loans or capital grants”; (2) by amending subsections (a) and (b) to read as follows: “(a) The urban renewal plan (including any redevelopment plan constituting a part thereof) for the urban renewal area be approved by the governing body of the locality in which the project is situated, and that such approval include findings by the governing body that (i) the financial aid to be provided in the contract is necessary to enable the project to be undertaken in accordance with the urban renewal plan; (ii) the urban renewal plan will afford maximum opportunity, consistent with the sound needs of the locality as a whole, for the rehabilitation or redevelopment of the urban renewal area by private enterprise; and (iii) the urban renewal plan conforms to a general plan for the development of the locality as a whole; “(b) When real property acquired or held by the local public agency in connection with the project is sold or leased, the purchasers or lessees and their assignees shall be obligated (i) to devote such property to the uses specified in the urban renewal plan for the project area; (ii) to begin within a reasonable time any improvements on such property required by the urban renewal plan; and (iii) to comply with such other conditions as the Administrator finds, prior to the execution of the contract for loan or capital grant pursuant to this title, are necessary to carry out the purposes of this title: Provided, That clause (ii) of this subsection shall not apply to mortgagees and others who acquire an interest in such property as the result of the enforcement of any lien or claim thereon;” (3) by striking the word “project” wherever it appears in subsection (c) and inserting the term “urban renewal”; and (4) by striking out the proviso at the end of subsection (c), and substituting a period for the colon preceding said proviso.