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through the revitalization of slums and blighted areas; (3) increase and imp~'ove employment opportunities for the unemployed and underemployed through the development and redevelopment of industrial, manufacturing, and commercial facilities; or (4) implement the development aspects of state land-use and preservation policies, including the advance acquisition of land where it is consistent with such policies. The Secretary of HUD is charged to encourage maximum participation of private and nonprofit developers in connection with these activities. A state housing finance or state development agency is defined as any public body or agency, publicly-sponsored corporation, or instrumentality of one or more states designated by the governor (or governors) for the purposes of carrying out the activities set forth. The HUD Secretary is authorized to guarantee, and enter into commit- ments to guarantee, the bonds, debentures, notes, and other taxable obliga- tions issued by state agencies, as defined, but only to finance activities determined by him to be in furtherance of the development of low-, moderate-, or middle-income housing or the revitalization of slums or blighted areas. Housing development must be in co0nection w~/th revitalization of sluras or blighted areas under federally-assisted community development or sJ.milar endeavor. The full faith and credit of the federal government is pledged in payment of these guarantees. The aggregate principal amount of state obligations that may be guaranteed shall not exceed 500 million dollars. The HUD Secretary is authorized to make, and to contract to make grants to or on behalf of a state agency, as defined, to cover not to exceed 33-1/3 percent of interest payable on taxable obligations issued in connection with prescribed activities. There is authorized to be appropriated up to 50 million dollars prior to July 1, 1975 and an additional 60 million dollars on July 1, 1975 to make interest payments up to 33-1/3 percent. The HUD Secretary is authorized to provide, either directly, or by con- tract, or through other arrangements, technical assistance to state agencies, as defined, to assist them in planning and carrying out the prescribed develop- ment activities, The minimum wage requirements of the Davis-Bacon act apply to any development carried out with assistance under this section, except that, in the case of residential development0 the project must involve eight or more families. 000114