advance acquisition of land

advance acquisition of land Sec. 704. (a) In order to encourage and assist in the timely acquisition of land planned to be utilized in connection with the future construction of public works or facilities, the Administrator is authorized to make grants to local public bodies and agencies to assist in financing the acquisition of a fee simple estate or other interest in such land. (b) The amount of any grant made under the authority of this section shall not exceed the aggregate amount of reasonable interest, charges on the loan or other financial obligation incurred to finance the acquisition of such land for a period not exceeding the lesser of (1) five years from the date such loan was made or such financial obligation was incurred, or (2) the period of time between the date 79 Stat. 492such loan was made or such financial obligation was incurred and the date construction is begun on the public work or facility for which the land acquired was planned to be utilized. (c) No grant shall be made under this section for any project for the acquisition of land unless the Administrator determines that the public work or facility for which such land is to be utilized is planned to be constructed or initiated within a reasonable period of time (not to exceed five years after a contract to make such grant is entered into) and that construction of such public work or facility will contribute to economy, efficiency, and the comprehensively planned development of the area. (d) As a condition to providing assistance under this section, the Administrator may, under terms and conditions prescribed by him, require an applicant to agree to repay such assistance, if (1) the land purchased with such assistance is not utilized within five years after the agreement is entered into in connection with the construction of the public work or facility for which such land was acquired, or (2) such land is diverted to oilier uses.