urban renewal wan contracts

urban renewal wan contracts Sec. 507. (a) Section 102(c) of the Housing Act of 1949 is amended— (1) by striking out “at interest, rates lower than provided in the loan contract” in the first sentence; and (2) by inserting before the period at the end of the first sentence the following: “: Provided, That, if at any time during the undertaking of the project, the interest rate on such a loan from a source other than the Federal Government is greater than the rate at which funds could lie made available under the Federal loan contract, the Secretary may make a supplemental grant to the local public agency in the amount of the difference between the interest cost from such sources and the interest cost at the contract rate, and no part of the amount of any such grant shall be required to be contributed as a part of the local grant-in-aid”. (b) Loan contracts outstanding on the date of enactment of this section may be amended to incorporate the provisions authorized by the amendment contained in subsection (a) without regard to the proviso in section 110(g) of the Housing Act of 1949.