technical and conforming provisions

technical and conforming provisions Sec. 727. (a) No bonds, debentures, notes, or other obligations shall be guaranteed under title IV of the Housing and Urban Development Act of 1968 after the effective date of this part except pursuant to an offer or commitment to guarantee, or a project approval, made before that date; Provided, That a new community developer whose new community development project has, as of the effective date of this part, been approved by the Secretary under title IV shall be eligible with respect to obligations thereafter issued by him for guarantee assistance as authorized either by title IV or by this part, and such guarantee assistance may be given without a further determination by the Secretary under sections 712 and 716(a) of this part. If the Secretary finds that an applicant for title IV assistance has submitted complete financial and internal development plans and related materials pursuant to section 404 of such title IV, or major elements of such plans or materials, the Secretary may accept such plans and materials or major elements, respectively, as fully or partially satisfying the requirement under this part for the submission of a new community development program. All receipts, funds, or other assets and all liabilities of the revolving fund established pursuant to section 407 of the Housing and Urban Development Act of 1968 (including liabilities arising under guarantees made pursuant to such title IV and this section) shall become and be assets and liabilities of the revolving fund established pursuant to this part, as if such assets and liabilities had been received or incurred pursuant to this part, and shall be paid over, held, and accounted for accordingly. (b) Section 202(b)(4) of the Housing Amendments of 1955 is amended by adding before the period at the end thereof “or under part B of the Urban Growth and New Community Development Act of 1970”. 84 Stat. 1803 (c) The first paragraph of section 24 of the Federal Reserve Act is amended by inserting the following before the period at the end of the fourth sentence thereof: “or under part B of the Urban Growth and New Community Development Act of 1970”. (d) The twelfth paragraph of section 5(c) of the Homeowners’ Loan Act of 1933 is amended by adding in the last sentence immediately after “under title IV of the Housing and Urban Development Act of 1968” the words “or under part B of the Urban Growth and New Community Development Act of 1970”. (e) Section 701 of the Housing Act of 1954 is amended by— (1) striking out the word “approved” in subsection (a)(4) and adding before the semicolon at the end of such subsection “or under part B of the Urban Growth and New Community Development Act of 1970”; (2) inserting in subsection (b) after “(2) areas described in” the following: “subsection (a) (4) or”; and (3) striking out the “No” at the beginning of the third sentence of subsection (b) and inserting in lieu thereof “Except for planning for areas described in subsection (a) (4), no”. (f) All laborer’s and mechanics employed by contractors or subcontractors in land development assisted under this part shall be paid wages at rates not less than those prevailing on similar construction in the locality as determined by the Secretary of Labor in accordance with the Davis-Bacon Act, as amended (40 U.S.C. 276a–276a–5). No assistance shall be extended under this part for any land development without first obtaining adequate assurance that these labor standards will be maintained upon the construction work involved in such program. The Secretary of Labor shall have, with respect to the labor standards specified in this section, the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267), and section 2 of the Act of June 13, 1934 (40 U.S.C. 276c). (g) With respect to any obligation issued by or on behalf of any State land development agency for which the issuer has elected to receive the benefits of the guarantees provided under this part, the interest paid on such obligation and received by the purchaser thereof (or his successor in interest) shall be included in gross income for the purposes of chapter 1 of the Internal Revenue Code of 1954.