by Jakina Debnam on September 23, 1973
by Jakina Debnam, Bruce Yandle, James C. Miller, William Lilley and Peter H. Lowry

On August 25, 1976, the Department of Housing and Urban Development (“HUD” or “Department”) proposed rules to amend Title 24 (CFR) by making certain revisions in subtitles and by adding a new Subchapter C, “Assistance for New Communities — 1970 Act” (41 FR 35978). In the newly proposed Subchapter C, a new part “Financing Public and Private New Development” is included. The announcement of proposed rules indicated that only currently approved new community projects will be affected by the new rules. Thus, the present moratorium on, new project applications will continue.
As proposed, the new rules include six subparts:

A. A statement of the purposes of the 1970 Act and the authority of the Secretary of HUD to guarantee debt obligations on behalf of developers and to provide supplementary grants. Other administrative changes are also detailed.
B. A description of criteria to be applied in assessing projects proposed under the Act.  The criteria include: design consideration, urban growth potential, the provision of human and physical services, the mix of housing by price, employment opportunities, the application of new technology, financial and performance standards for developers,
labor and environmental standards, and affirmative action procedures.

C. A discussion of procedures for submitting proposals under the Act.

D. Monitoring procedures for projects undertaken.

E. An explanation of other assistance available to developers, e.g., supplementary grants and federally assisted housing, and
F. A specification of fees and charges to be paid HUD by developers of projects undertaken by the Department. In the announcement of proposed rules, HUD indicated:
It is hereby certified that the economic and inflationary impact of this proposed rule have been carefully evaluated in accordance with OMB Circular No. A-107.

 View Complete Document as PDF    Share Share    Print Print    Email Email

Next post: