advances for public works planning

advances for public works planning Sec. 502. Section 702 of the Housing Act of 1954 is amended by— (1) striking out in subsection (a) “10” and inserting in lieu thereof “12½”; (2) striking out the first sentence of subsection (b) and inserting in lieu thereof the following: “No advance shall be made hereunder with respect to any individual project, including a regional or metropolitan or other area-wide project, unless (1) it is planned to be constructed within or over a reasonable period of time considering the nature of the project, (2) it conforms to an overall State, local, or regional plan approved by a competent State, local, or regional authority, and (3) the public agency formally contracts with the Federal Government to complete the plan preparation promptly and to repay such advance or part thereof when due.”; (3) inserting after “1958;” in subsection (e) the following: “$10,000,000 which may be made available to such fund on or after July 1, 1961;”; and (4) striking out in subsection (e) “$48,000,000” and inserting in lieu thereof “$58,000,000”.