38 storage facilities, and excessive or vacated railroad rights-of-way; "(B) air rights sites over streets, expressways, railroads, waterways, and similar locations; "(C) strips and plots of land which are vacant or are ocupied by functionally obsolete nonresidential buildings or used for low-utility purposes, or are used for purposes which are plainly inappropriate in the light of modern community needs and desirable standards of good land use; "(D) land which is covered by shallow water or is subject to periodic flooding, or which consists of unused or underused slips or dock areas or other waterfront property; "(E) park and open space land which would be more appropriately devoted to uses consistent with the purpose of this part and will be replaced (by trade or otherwise) by equal or greater amounts of park or open space land (or land to be cleared for park or open space purposes) in other locations; or "(F) other land or space within the city which is vacant, unused, underused, or inappropriately used and the acquisition of which would contribute significantly to the achievement of the purpose of this part; and The Secretary has zanalodać, ther carry out the undertakings and scrivitive pospod in connection with the preet: “(B) the need for the housing a wrhood both ties to be provided has been establishal "(C) the proposed new of this but at t involved is appropriate and bond-hand with H.. planning objective of the meandrothy midt pront a positive henefit say the wigatran diger 38 1 2 storage facilities, and excessive or vacated railroad rights-of-way; "(B) air rights sites over streets, expressways, railroads, waterways, and similar locations; "(C) strips and plots of land which are vacant or are ocupied by functionally obsolete nonresidential buildings or used for low-utility purposes, or are used for purposes which are plainly inappropriate in the light of modern community needs and desirable standards of good land use; “(D) land which is covered by shallow water or is subject to periodic flooding, or which consists of unused or underused slips or dock areas or other waterfront property; "(E) park and open space land which would be more appropriately devoted to uses consistent with the purpose of this part and will be replaced (by trade or otherwise) by equal or greater amounts of park or open space land (or land to be cleared for park or open space purposes) in other locations; or "(F) other land or space within the city which is vacant, unused, underused, or inappropriately used and the acquisition of which would contribute significantly to the achievement of the purpose of this part; and 4 5 6 7 8 9 10 39 "(2) preparing the land or space so acquired for development (with particular emphasis on housing for low and moderate income families), including prepara tion for the provision of schools, hospitals, parks, and other essential public facilities and, in appropriate cases, for the development of new towns-in-town (within the meaning of that term as used in part A of title III of the Urban Growth and New Community Development Act of 1970). "(c) No financial assistance for an inner city rebuild11 ing project shall be approved by the Secretary unless "(1) the governing body of the locality has, by resolution or ordinance, approved the proposed project and authorized the filing of the application for assistance, and "(2) the Secretary has concluded that— "(A) there exists the necessary capacity to carry out the undertakings and activities proposed in connection with the project; "(B) the need for the housing or other facili ties to be provided has been established; "(C) the proposed use of the land or space involved is appropriate and consistent with the planning objectives of the community and provides a positive benefit to the adjacent neighborhoods; 1 2 3 4 40 "(D) the proposed housing and other facilities cannot be provided expeditiously under traditional renewal processes. "FINANCIAL ASSISTANCE 5 "SEC. 142. (a) Upon the submission of a proposed inner 6 city rebuilding project to the Secretary, he may approve the 7 undertakings and activities proposed in connection with or as 8 part of such project to the extent that he finds they are or 9 will be consistent with the provisions of this title and the 10 purpose of this part; and the cost of any undertakings and 11 activities so approved shall be financed in accordance with 12 the loan, capital grant, and project cost provisions of part A except as specifically hereafter provided in this section. 13 14 "(b) Assistance under this title with respect to an inner 15 city rebuilding project shall be available only to finance the 16 costs of "(1) feasibility studies to determine the desirability and practicability of the project, including "(A) in the case of land described in section. 141 (b) (1) (D), studies to determine the types of reclamation activities needed and improvements required to make the land usable, and to determine the potential for such improvements and the eco logical consequences which would result therefrom: "(B) in the case of land described in section |