additional requirements for redevelopment of urban renewal area

additional requirements for redevelopment of urban renewal area Sec. 703. (a) Section 105 of the Housing Act of 1949 is amended by adding at the end thereof the following new subsection: “(f) The redevelopment of the urban renewal area, unless such redevelopment is for predominantly nonresidential uses, will provide a substantial number of units of standard housing of low and moderate cost and result in marked progress in serving the poor and disadvantaged people living in slum and blighted areas.” (b) The amendment made by subsection (a) shall apply only in the case of contracts for loans or capital grants which are made with respect to urban renewal projects undertaken pursuant to urban renewal plans approved after the date of the enactment of this Act.