§ 2348. Priority sale of apartment houses

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1955

   Pub. L. 87–719 § 14 · 76 Stat. 664

   Enacted · 42 U.S.C. § 2348

   Aug. 4, 1955, ch. 543, ch. 5, § 58, as added Pub. L. 87–719, § 14, Sept. 28, 1962, 76 Stat. 665

   Source evidence

   Code source credit
   Aug. 4, 1955, ch. 543, ch. 5, § 58, as added Pub. L. 87–719, § 14, Sept. 28, 1962, 76 Stat. 665

   Enacted provision · exact public law section
   Sec. 14. A new section is hereby added, as follows: Cooperatives. “Sec. 58. Cooperatives.— The Commission may grant to cooperatives, the entire initial membership of which is restricted to project-connected persons, such priorities for the purchase of apartment buildings as the Commission determines fair and reasonable. The priority with respect to each cooperative shall terminate if within Such time as the Commission may prescribe the cooperative has not obtained one hundred per centum initial membership consisting of project-connected persons. The 15 per centum deduction specified by subsection 35 a., the deduction provided by 36 d., the financing provisions 42 USC 2325, 2326, 2362–2366. of section 62, and the indemnity provided by sections 63, 64, 65, and 66 shall be applicable to priority sales of apartment buildings to such cooperatives. The term ‘cooperative’ as used herein means a corporation or a trust of the character described in section 213(a)(1) of the National Housing Act, as amended.” 64 Stat. 54. 12 USC 1715e. 70 Stat. 653. 42 USC 2362.

2. 1967

   Pub. L. 90–190 § 1 · 81 Stat. 575

   1. Redesignated · 42 U.S.C. § 2348

      Pub. L. 90–190 redesignated existing provisions as subsec. (a)

   2. Inserted · 42 U.S.C. § 2348

      Pub. L. 90–190 inserted reference to Los Alamos, increased the types of grantees eligible to purchase apartment houses from cooperatives, the entire membership of which is restricted to project-connected persons

   3. Inserted · 42 U.S.C. § 2348

      Pub. L. 90–190 inserted provisos which altered the priority right to purchase such apartment houses so as to create a first priority and second priority in lieu of the provision that the priority with respect to each cooperative shall terminate within such time as the Commission may prescribe if the cooperative has not obtained 100 per centum initial membership consisting of project-connected persons

   4. Struck · 42 U.S.C. § 2348

      Pub. L. 90–190 struck out definition of “cooperative” as used in this section as a corporation or a trust of the character described in section 1715e(a)(1) of title 12

   5. Added · 42 U.S.C. § 2348

      Pub. L. 90–190 added subsecs. (b) to (d)

   Source evidence

   Code amendment note
   Pub. L. 90–190 redesignated existing provisions as subsec. (a), inserted reference to Los Alamos, increased the types of grantees eligible to purchase apartment houses from cooperatives, the entire membership of which is restricted to project-connected persons, inserted provisos which altered the priority right to purchase such apartment houses so as to create a first priority and second priority in lieu of the provision that the priority with respect to each cooperative shall terminate within such time as the Commission may prescribe if the cooperative has not obtained 100 per centum initial membership consisting of project-connected persons, struck out definition of “cooperative” as used in this section as a corporation or a trust of the character described in section 1715e(a)(1) of title 12, and added subsecs. (b) to (d).

   Enacted provision · exact public law section
   (1) by striking out subsection a. and inserting in lieu thereof: “a. From the date of transfer of any municipal installations to a governmental or other entity at or for the community, the Commission shall, for a. period of ten years, make annual assistance payments of just and reasonable sums to the State, county, or local entity having jurisdiction to collect property taxes or to the entity receiving the installation transferred hereunder: Provided, however, with respect to the Cities of Oak Ridge, Tennessee, and Richland, Washington, and the Richland School District, the Commission is authorized to continue to make assistance payments of just and reasonable sums after expiration of such ten-year period. In determining the amount and recipient of such payments the Commission shall consider— “(1) the approximate real property taxes and assessments for local improvements which would be paid to the governmental entity upon property within the community if such property were not exempt from taxation by reason of Federal ownership; “(2) the maintaining of municipal services at a level which will not impede the recruitment or retention of personnel essential to the atomic energy program: “(3) the fiscal problems peculiar to the governmental entity by reason of the construction at the community as a single purpose national defense installation under emergency conditions; “(4) the municipal services and other burdens imposed on the governmental or other entities at the community by the United States in its operations in the project area; and “(5) the tax revenues and sources available to the governmental entity, its efforts and diligence in collection of taxes, assessment of property, and the efficiency of its operations.”;

6 of 6 references resolved to an enrolled provision