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under the new HAP (housing Assistance Payments) program authorized by Section 8 of the act. Also earmarks at least 15 million dollars in fiscal year 1975, and not less than an additional 15 million dollars in fiscal year 1976, for Indian housing° using traditional public housing development approaches. Also authorizes the Secretary of HUD to enter into contracts for operating subsidy aggregating not more than 500 million dollars in fiscal year 1975 and 560 million dollars in fiscal year 1976. (The HUD appropriations act for fiscal year 1975 sets a minimum of 450 million dollars for operating subsidy. ) Pr0vi, d~s for annual contributions for operating subsid,ie Secretary determines are r.equired (11 to assure the low-income character of the projects inv01ved and (2) to achieve and maintain adequate operating services and. r~serve funds. The Secretary shall establish standards for costs of operation and reasonable projection of income, taking into account the character and location of the project and characteristics of the families served, or the costs of providing comparable services as determined in accordance with criteria or a formula representing the operations of prototype well-managed projects. Provides an optional method of financing public housing developments utilizing taxable instead of t, ax-exempt bonds. ~ ._Requit-es +.hat ~uhlic housing agencies assure sound management pract~cc:-~ through: (I) the establishment of satisfactory procedures designed to assure the prompt payment and collection of rents and the prompt processing of evictions in the case of nonpayment of rent; (2) the establishment of effective tenant management relation- ships designed to assure that satisfactory standards of tenant security and project maintenance are formulated and that the public housing agency (together with tenant councils where they exist) enforces those standards fully and effectively; (3) the development by local housing authorities of viable homeownership opportunity pro- grams for low-income families capable of assuming the responsi- bilities of homeownership. - Authorizes the Secretary qf HU, D,,to uti!,ize an. pual contributions to modify obsolete housing developments or to close out such develop- m,ents when they,cannot be restored to a useful life. if mutually agreed uponbetween,th, epu, blic housin~ agency and the Secretar~y. Authorizes as Section 8 of the 1937 act a new program of 'Lo'er IncOme itousing'' A~sistance' utilizing housing assistance payments. This new program 00011U