resale of property in urban renewal areas for housing for moderate income families

resale of property in urban renewal areas for housing for moderate income families Sec. 306. (a) Section 107 of the Housing Act of 1949 is amended by— (1) changing the title thereof to read “property to be used for public housing or housing for moderate income families”; (2) inserting “(a)” before the first sentence and striking out the words “to be” in such sentence; (3) striking out “is incorporated” and inserting in lieu thereof “was incorporated on or after September 23, 1959,”; and (4) adding at the end thereof the following new subsection: “(b) Upon approval of the Administrator and subject to such conditions as he may determine to be in the public interest, any real property held as part of an urban renewal project may be made available to (1) a limited dividend corporation, nonprofit corporation or association, cooperative, or public body or agency, or (2) a purchaser who would be eligible for a mortgage insured under section 221 (d)(4) of the National Housing Act, for purchase at fair value for use by such purchaser in the provision of new or rehabilitated rental or cooperative housing for occupancy by families of moderate income.” (b) Clause (4) of the second sentence of section 110 (c) of the Housing Act of 1949 is amended by inserting before the semicolon at the end thereof the following: “or as provided in section 107”.