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taking into consideration such factors as population,

extent of poverty, extent of housing deficiencies, and other social and fiscal conditions.

(h) In allocating amounts other than amounts to metro

5 politan cities and to units of general local government eligible 6 for hold-harmless grants pursuant to subsection (e), the Sec7 retary shall give a priority to

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(1) urban counties;

(2) units of general local government whose programs are in accord with any State development policies or priorities; and

(3) two or more units of general local government which combine to conduct a single Community Develop

ment Program if the Secretary determines that such a combination will result in more effective programs.

(i) If, at the time the Secretary computes the amount. 17 of any allocation or the amount of any annual grants to 18 which a unit of general local government is eligible under 19 this part, the full amount of funds authorized to be appropri20 ated has not been approved in an appropriation Act as pre21 scribed in section 111, the Secretary may (notwithstanding 22 any other provision of this part) make such adjust

23 ment in that computation as he deems desirable to maintain

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a distribution of funds consistent with the objectives of this

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1 (j) All computations and determinations by the Sec

2 retary under this section shall be final and conclusive.

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LOANS FOR LAND ACQUISITION

SEC. 115. (a) The Secretary is authorized to make 5 loans to States and units of general local government to pro6 vide financing for the acquisition of real property to serve or 7 be used in carrying out activities which are eligible for 8 assistance under section 113 and with respect to which 9 grants are to be made under section 111. A loan made by 10 the Secretary under this section shall

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(1) bear interest at a rate specified by the Secretary which shall not be less than a rate determined by the Secretary of the Treasury taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, plus one-eighth of 1 per centum;

(2) be secured in such manner and repaid within such period as may be prescribed by the Secretary; and (3) have a principal amount which the Secretary determines is sufficient to finance the acquisition of the

real property.

(b) To obtain funds for loans under this section, the

Secretary may issue and have outstanding at any one time

25 obligations for purchase by the Secretary of the Treasury

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1 in an amount which shall not, unless authorized by the 2 President, exceed the total amount which has been approved 3 in an appropriation Act under section 111 and can be 4 distributed during the fiscal year ending June 30, 1976. For 5 the purpose of establishing unpaid obligations as of a given 6 date against the authorization contained in the preceding 7 sentence, the Secretary shall estimate the maximum amount 8 to be required to be borrowed from the Treasury and out9 standing at any one time with respect to loan commitments 10 in effect on such date. The obligations issued under this sub11 section shall have such maturities and bear such rate or rates 12 of interest as shall be determined by the Secretary of the 13 Treasury. The Secretary of the Treasury is authorized and 14 directed to purchase any obligations so issued, and for that 15 purpose he is authorized to use as a public debt transaction 16 the proceeds from the sale of any securities issued under the 17 Second Liberty Bond Act, and the purposes for which se18 curities may be issued under that Act are extended to in19 clude purchases of the obligations hereunder. The Secre20 tary of the Treasury may at any time sell any of the 21 obligations acquired by him under this section. All redemp22 tions, purchases, and sales by the Secretary of the Treasury 23 of such obligations shall be treated as public debt transactions of the United States.

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(c) The Secretary is authorized to consent to a pledge

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1 by any State or unit of general local government of a loan 2 contract entered into pursuant to subsection (a), and of any 3 or all of its rights thereunder, as security for the repayment 4 of the principal of and the interest on loan funds obtained 5 from sources other than the Federal Government for the 6 purpose set forth in subsection (a). Obligations issued by a 7 unit of general local government which are secured by a 8 pledge of the loan contract pursuant to the preceding sen9 tence and bear, or are accompanied by, a certificate of the 10 Secretary that such obligations are so secured, shall be in11 contestable in the hands of a bearer, and the full faith and 12 credit of the United States is pledged to the payment of all 13 amounts agreed to be paid by the Secretary as security for 14 such obligations.

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TERMINATION OF EXISTING PROGRAMS

16 SEC. 116. After July 1, 1975, no new grants or 17 loans may be made pursuant to title I of the Housing 18 Act of 1949, section 312 of the Housing Act of 1964, 19 section 702 or 703 of the Housing and Urban Development 20 Act of 1965, title I of the Demonstration Cities and Metro21 politan Development Act of 1966, or title VII of the Hous22 ing Act of 1961, except with respect to projects or programs 23 for which funds have been committed on or before June 30, 24 1975.

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LIQUIDATION OF SUPERSEDED PROGRAMS

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SEC. 117. (a) Section 3689 of the Revised Statutes,

3 as amended (31 U.S.C. 711), is further amended by add

4 ing the following new paragraph at the end thereof:

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"(22) For payments required from time to time under

6 contracts entered into pursuant to section 103 (b) of the

7 Housing Act of 1949, as amended, with respect to projects

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or programs for which funds have been committed on or 9 before June 30, 1975, and for which funds have not previ10 ously been appropriated."

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(b) The Secretary is authorized to transfer the assets 12 and liabilities of any program which is superseded or inactive 13 by reason of this part to the revolving fund for liquidating 14 programs established pursuant to title II of the Independent 15 Offices Appropriation Act of 1955 (Public Law 81-428; 16 68 Stat. 272, 295).

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PART B-HOUSING ASSISTANCE

AUTHORIZATION TO MAKE GRANTS

SEC. 121. (a) The Secretary is authorized to make an20 nual grants to States and units of general local government to 21 help finance Housing Assistance Programs approved in ac22 cordance with the provisions of this part. The Secretary is au23 thorized to incur obligations on behalf of the United States in 24 the form of grant agreements or otherwise in amounts aggre

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