(a)   Pursuant to the provisions of Section 15a(2) of Act 346 of the Public Acts of 1966, as amended by Act 344 of the Public Acts of 1968, as amended, the tax exemption established in Section 15a(1) of such Act shall not apply to property taxes regularly assessed for any housing development financed by a Federally-aided or authority-aided mortgage, or an advance or grant from the authority in the City.
   (b)   This section shall not apply to projects constructed with Federal assistance pursuant to an agreement between the Housing Commission of the City and the Department of Housing and Urban Development, or any agency thereof heretofore or hereafter created.
(Ord. 32.  Passed 11-19-68.)