definitions

definitions Sec. 415. As used in this title— (a) The term “land development” means the process of grading land, making, installing, or constructing water lines and water supply installations, sewer lines and sewage disposal installations, steam, gas, and electric lilies and installations, roads, streets, curbs, gutters, side-walks, storm drainage facilities, and other installations or work, whether on or off the site, which the Secretary deems necessary or desirable to prepare land for residential, commercial, industrial, or other uses, or to provide facilities for public or common use. The term “land development” shall not include any building unless it is (1) a building which is needed in connection with a water supply or sewage disposal installation or a steam, gas, or electric line or installation, or (2) a building, other than a school, which is to be owned and maintained jointly by the residents of the new community or is to be transferred to public ownership, but not prior to its completion. (b) The term “actual costs” means the costs (exclusive of rebates or discounts) incurred by a new community developer in carrying out the land development assisted under this title. These costs may include amounts paid for labor, materials, construction contracts, land planning, engineers’ and architects’ fees, surveys, taxes, and interest during development, organizational and legal expenses, such allocation of gen-82 Stat. 518eral overhead expenses as are acceptable to the Secretary, and other items of expense incidental to development which may be approved by the Secretary. If the Secretary determines that there is an identity of interest between the new community developer and a contractor, there may be included as a part of actual costs an allowance for the contractor’s profit in an amount deemed reasonable by the Secretary. (c) The term “new community assistance projects” means projects assisted by grants made under section 702 of the Housing and Urban Development Act of 1965, section 306 (a) (2) of the Consolidated Farmers’ Home Administration Act, or title VII of the Housing Act of 1961.