1 2 141 "GENERAL PROVISIONS "SEC. 10. (a) In the performance of, and with respect 3 to, the functions, powers, and duties vested in him by this 4 Act, the Secretary, notwithstanding the provisions of any 5 other law, shall 6 7 8 9 10 11 121 13 14 15 16 "(1) prepare annually and submit a budget program as provided for wholly owned Government corporations by the Government Corporation Control Act, as amended; and “(2) maintain an integral set of accounts which shall be audited annually by the General Accounting Office in accordance with the principles and procedures applicable to commercial transactions as provided by the Government Corporation Control Act, as amended, and no other audit shall be required. "(b) All receipts and assets of the Secretary under this 17 Act shall be available for the purposes of this Act until 18 expended. 19 "(c) The Federal Reserve banks are authorized and 20 directed to act as depositories, custodians, and fiscal agents 21 for the Secretary in the general exercise of his powers under 22 this Act, and the Secretary may reimburse any such bank 23 for its services in such manner as may be agreed upon. "FINANCING LOW-INCOME HOUSING PROJECTS 24 25 26 "SEC. 11. (a) Obligations issued by a public housing agency in connection with low-income housing projects which 142 1 ર 8 (1) are secured (A) by a pledge of a loan under any agree ment between such public housing agency and the Secretary or (B) by a pledge of annual contributions under an annual Contributions contract between such public housing agency 5 and the Secretary, or (C) by a pledge of both annual contri 6 butions under an annual contributions contract and a loan 7 under an agreement between such public housing agency 8 and the Secretary, and (2) bear, or are accompanied by, a 9 certificate of the Secretary that such obligations are so 10 secured, shall be incontestable in the hands of a bearer, and 11 the full faith and credit of the United States is pledged to 12 the payment of all amounts agreed to be paid by the Secretary as security for such obligations. 13 14 "(b) Obligations, including interest thereon, issued by 15 public housing agencies in connection with low-income hous 16 ing projects shall be exempt from all taxation now or here17 after imposed by the United States whether paid by such 18 agencies or by the Secretary. The income derived by such 19 agencies from such projects shall be exempt from all taxation 20 now or hereafter imposed by the United States. 21 222 "LABOR STANDARDS "SEC. 12. Any contract for loans, annual contributions, 23 sale, or lease pursuant to this Act shall contain a provision 24 requiring that not less than the wages prevailing in the local ity, as determined or adopted (subsequent to a determination 143 1 under applicable State or local law) by the Secretary, shall 2 be paid to all architects, technical engineers, draftsmen, and 3 technicians employed in the development and to all main4 tenance laborers and mechanics employed in the operation of 5 the low-income housing project involved; and shall also 6 contain a provision that not less than the wages prevailing 7 in the locality, as predetermined by the Secretary of Labor 8 pursuant to the Davis-Bacon Act (49 Stat. 1011), shall be 9 paid to all laborers and mechanics employed in the develop10 ment of the project involved (including a project for the 11 use of privately built housing in any case, other than under 12 the authority of section 8 of this Act, where the public 13 housing agency and the builder or sponsor enter into an 14 agreement for such use before construction or rehabilitation 15 is commenced), and the Secretary shall require certification 16 as to compliance with the provisions of this section prior to 17 making any payment under such contract." 18 19 APPLICABILITY OF RENTAL REQUIREMENTS SEC. 302. If a contract for annual contributions entered 20 into pursuant to section 9 of the United States Housing Act 21 of 1937, as amended by section 301 of this Act, would require 22 the establishment of an increased rental charge for a family 23 which occupies a low-income housing dwelling unit as of the 24 effective date of such contract, the required adjustment in 1 2 3 $ 5 144 the family's rent will be accomplished as follows: (1) When the public agency makes the first review of the family's in Come pursuant to section 6 (c) (2) of the Act which occurs at least one year after the effective date of entering into such contract, the family's monthly rent will be increased by an 6 amount equal to one-half the additional amount of rent which 7 would then be required pursuant to section 9; and (2) the 8 family's monthly rental charge will be increased to the full amount of the rental charge required under section 9 when 10 the public housing agency makes its next review of the 11 family's income. Increases in rentals for such families will be 12 effective the first day of the month immediately following 13 the month in which the public housing agency makes the 14 review of family income. EXEMPTION OF CERTAIN PROJECTS FROM RENTAL 15 SEC. 303. The rental or income contribution provisions of the United States Housing Act of 1937, as amended by section 301 of this Act, shall not preclude (1) the use of special schedules of required payments as approved by the Secretary for participants in mutual help housing projects who contribute labor, land, or materials to the development of such projects, or (2) the continued use of special sched ules of required payments as approved by the Secretary for home buyers in occupancy in homeownership opportunity 145 1 projects under lease-purchase type contracts on the effective 2 date of this title. 3 4 INTERIM AUTHORIZATION FOR PUBLIC HOUSING SEC. 304. (a) The first sentence of section 10 (e) of the 5 United States Housing Act of 1937, as in effect prior to the 6 effective date of this title, is amended by striking out "and 7 $225,000,000 on July 1, 1971" and inserting in lieu thereof 8 "$225,000,000 on July 1, 1971, and $150,000,000 on July 9 1, 1972". 10 (b) Section 10 (e) of such Act, as so in effect, is 11 further amended by adding at the end thereof the following 12 new sentence: "From the amounts authorized under the first 13 sentence of this subsection, the Secretary is authorized to 14 enter into contracts for annual contributions for the oper15 ation and maintenance of low-rent housing projects aggre16 gating not more than $200,000,000 per annum; and there is 17 authorized to be appropriated for the payment of additional 18 annual contributions for the operation and maintenance of 19 such projects for the fiscal year beginning July 1, 1972, 20 not to exceed $100,000,000." 21 23 222 REPEAL OF SPECIFICATION REQUIREMENTS IN CONSTRUCTION CONTRACTS SEC. 305. Section 815 of the Housing Act of 1954 is 24 repealed. |