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Authorizes the use of not less than 20 percent of total contract <br />amounts for new development planned for use in whole or in <br />part for elderly or handicapped families. <br /> <br />Authorizes the Secretary to enter into contracts with state or <br />local agencies to provide for monitoring and supervision of <br />privately-sponsored 23~ developments. <br /> <br />SECTION 202 DIR,ECT LOAN PROGRAM FOR THE ELDERLY AND <br />.HANDI'CApPED <br />Title II, Section 210 <br /> <br />Established a revolving loan fund under the Secretary of the <br />Treasury in the amount of 800 million dollars, separate from <br />the budget of the United States, plus approximately 100 million <br />dollars in unused loan funds. <br /> <br />Establishes the rate of interest ,.to eligible housing sponsors at <br />the current average market yield on outstanding marketable <br />obligations of the federal government (currently about 8.5 <br />percent). <br /> <br />Expands the definition Of ,elderly and handicapped families. <br /> <br />Authorizes the Secr~t~ry to seek to assure that housing built under <br />the 202 program shall be in support of, and supported by, applicable <br />state and local plans for such housing, responding to federal pro- <br />gram requirements for facilities and services, <br /> <br />Requires that 202 projects serve both low- and moderate-income <br />families in a mix determined to be appropriate by the Secretary. <br />For the purpose of serving low-income families, housing assistance, <br />payments under the new Section 8 program of the housing act of 1937 <br />may be used for families in 202 projects. <br /> <br /> Analysis of the Title Viii - Section 802 of the Housing and Community <br />Development Act of 1974 addresses itself to the recently awakened interests <br />of those state government who have or are contemplating creating housing <br />financing agencies (HFA~s). <br /> <br /> Section 80.2 encourages the formation and effective operation of state <br />housing finance agencies and state development agencies with authority to <br />finance, to assist in carrying out, or to carry out activities <br />designed to (1) provide housing and related facilities through <br />land acquisition, constmJction, or rehabilitation, for persons <br />and families of low, moderate, and middle income; (2) pro- <br />mote the sound growth and development of neighborhoods <br /> <br />00011 <br /> <br /> <br />