Pub. L. 86-372, tit. VI, sec. 603

Sec. 603. (a) Section 404(b) of the Housing Act of 1950 is amended by striking out “and (4)” and inserting in lieu thereof “(4)” and by inserting before the period at the end thereof the following: “, and (5) any nonprofit student housing cooperative corporation established for the purpose of providing housing for students or students and faculty of any institution included in clause (1) of this subsection”. (b) Section 401 of such Act is amended by adding at the end thereof the following new subsection: “(g) In the case of any loan made under this section to a nonprofit student housing cooperative corporation referred to in clause (5) of section 404(b), the Administrator shall require that the note securing such loan be co-signed by the educational institution (referred to in clause (1) of such section) at which such corporation is located; and in the event of the dissolution of such corporation, title to the housing constructed with such loan shall vest in such educational institution.”