direct and insured loans to provide housing and related facilities for elderly persons and lower income families in rural areas

direct and insured loans to provide housing and related facilities for elderly persons and lower income families in rural areas Sec. 510. (a) Section 515(b)(1) of the Housing Act of 1949 is amended— (1) by striking out “$750,000 or”; and (2) by striking out “least” and inserting in lieu thereof “less”. (b) Section 515(d)(4) of such Act is amended to read as follows: “(4) the term ‘development cost’ means the costs of constructing, purchasing, improving, altering, or repairing new or existing housing and related facilities and purchasing and improving the necessary land, including necessary and appropriate fees and charges, and initial operating expenses up to 2 per centum of the aforementioned costs, approved by the Secretary. Such fees and charges may include payments of qualified consulting organizations or foundations which operate on a nonprofit basis and which render services or assistance to nonprofit corporations or consumer cooperatives who provide housing and related facilities for low or moderate income families.”