Pub. L. 94-487, tit. I, sec. 103

Sec. 103. (a) Section 101 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3131) is amended by striking out subsection (e). (b) The second sentence of subsection (c) of section 101 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3131) is amended by striking out “may” each of the two places it appears and inserting in lieu thereof at each such place “shall”. (c) Section 101(c) of such Act is further amended by adding after the second sentence the following new sentence: “In case of any community development corporation which the Secretary determines has exhausted its effective borrowing capacity, the Secretary may reduce the non-Federal share below such per centum or waive the non-Federal share in the case of such a grant for a project in a redevelopment area designated as such under section 401 (a)(6) of this Act.”.