housing provided by nonprofit corporations

housing provided by nonprofit corporations Sec. 403. (a) Clause (3) of section 404(b) of the Housing Act of 1950 is amended— (1) by striking out “established by any institution included in clause (1) of this subsection for the sole purpose” and inserting in lieu thereof “established for the sole purpose”; and (2) by striking out “such institution” where it first appears and inserting in lieu thereof “one or more institutions included in clause (1) of this subsection”. (b) Clause (i) of section 404(b) of such Act is further amended by striking out “will pass to such institution” and inserting in lieu thereof “will pass to such institution (or to any one or more of such institutions) unless it is shown to the satisfaction of the Administrator that such property or the proceeds from its sale will be used for some other nonprofit educational purpose”. (c) Section 404(b) of such Act is further amended by adding at the end thereof the following new sentence: “In the case of any loan made under section 401 to a corporation described in clause (3) of this subsection which was not established by the institution or institutions for whose students or students and faculty it would provide housing, the Administrator shall require that the note securing such loan be cosigned by such institution (or by any one or more of such institutions).”