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42 U.S.C. § 1490d — Loans to nonprofit organizations to provide building sites for eligible families, nonprofit organizations, public agencies, and cooperatives; interest rates; factors determinative in making loan

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42 U.S.C. § 1490d — Loans to nonprofit organizations to provide building sites for eligible families, nonprofit organizations, public agencies, and cooperatives; interest rates; factors determinative in making loan

**(a)** (1) **In general.—** — The Secretary may make loans, on such terms and conditions and in such amounts he deems necessary, to public or private nonprofit organizations and to Indian tribes for the acquisition and development of land as building sites to be subdivided and sold to families, nonprofit organizations, public agencies, and cooperatives eligible for assistance under any section of this subchapter or under any other law which provides financial assistance for housing low- and moderate-income families. Such a loan shall bear interest at a rate prescribed by the Secretary taking into consideration a rate determined annually by the Secretary of the Treasury as the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest one-eighth of 1 per centum, and shall be repaid within a period not to exceed five years from the making of the loan or within such additional period as may be authorized by the Secretary in any case as being necessary to carry out the purposes of this section. (2) **Revolving funds.—** — The Secretary may make grants to nonprofit housing agencies to establish revolving loan funds for the acquisition and preparation of building sites for low-income housing. Any proceeds and repayments from such loans shall be returned to the revolving loan fund to be used for purposes related to this section. Loan funds and interest payments shall be used solely for the acquisition of land; the preparation of land for building sites; the payment of reimbursable legal and technical costs; and technical assistance and administrative costs, not to exceed 10 percent of the fund. **(b)** In determining whether to extend

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Source location: Title 42, Chapter 8A, § 1490d; chapter-8a-slum-clearance-urban-renewal-and-farm-housing.md

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 1490a — Loans to provide occupant owned, rental, and cooperative housing for low and moderate income, elderly or handicapped persons or families

**(a) Interest rates; additional assistance; payments to owners; rent limitations** (1) (A) Notwithstanding the provisions of sections 1472, 1487(a) and 1485 of this title, loans to persons of low or moderate income under section 1472 or 1487(a)(1) 11 See References in Text note below. of this title, loans under [section 1485 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1485&num=0&edition=prelim) to provide rental or cooperative housing and related facilities for persons and families of low or moderate income or elderly or handicapped persons or families and loans under [section 1490f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1490f&num=0&edition=prelim) to provide condominium housing for persons and families of low or moderate income, shall bear interest at a rate prescribed by the Secretary at not less than a rate determined by the Secretary of the Treasury upon the request of the Secretary taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest one-eighth of 1 per centum. Any loan guaranteed under this subchapter shall bear interest at such rate as may be agreed upon by the borrower and the lender. (B) From the interest rate so determined, the Secretary may provide the borrower with assistance in the form of credits so as to reduce the effective interest rate to a rate not less than 1 per centum per annum for such periods of time as the Secretary may determine for applicants described in subparagraph (A) if without such assistance such applicants could not afford the dwelling or make payments on th

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42 U.S.C. § 1483 — Program levels and authorizations

**(a) In general** (1) The Secretary may, to the extent approved in appropriation Acts, insure and guarantee loans under this subchapter during fiscal years 1993 and 1994, in aggregate amounts not to exceed $2,446,855,600 and $2,549,623,535, respectively, as follows: (A) For insured or guaranteed loans under [section 1472 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1472&num=0&edition=prelim) on behalf of low-income borrowers receiving assistance under [section 1490a(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1490a/a/1&num=0&edition=prelim), $1,676,484,000 for fiscal year 1993 and $1,746,896,328 for fiscal year 1994. (B) For guaranteed loans under [section 1472(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1472/h&num=0&edition=prelim) on behalf of low- and moderate-income borrowers, such sums as may be appropriated for fiscal years 1993 and 1994. (C) For loans under [section 1474 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1474&num=0&edition=prelim), $12,400,000 for fiscal year 1993 and $12,920,800 for fiscal year 1994. (D) For insured loans under [section 1484 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1484&num=0&edition=prelim), $16,821,600 for fiscal year 1993 and $17,528,107 for fiscal year 1994. (E) For insured loans under [section 1485 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1485&num=0&edition=prelim), $739,500,000 for fiscal year 1993 and $770,559,000 for fiscal year 1994. (F) For loans under [section 1490c(b)(1)(B) of this title](https://uscode.house.gov/

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 1487 — Rural Housing Insurance Fund

**(a) Authority to make and insure loans for housing and buildings on adequate farms; amounts** The Secretary may insure loans meeting the requirements of [section 1472 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1472&num=0&edition=prelim), and may make loans in accordance with the requirements of such section to be sold and insured. The amount of such a loan to a low income person or family shall not exceed the amount necessary to provide adequate housing which is modest in size, design, and cost (as determined by the Secretary). **(b) Authority to make and insure loans for housing and related facilities for domestic farm labor and elderly persons; transfer of notes, contracts, and mortgages from Agricultural Credit Insurance Fund; compensation** The Secretary may insure loans in accordance with the requirements of [section 1484 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1484&num=0&edition=prelim) (exclusive of subsections (a)(3), (a)(5), and (b) thereof), 1485 of this title (exclusive of subsections (a) and (b)(3) thereof), 1490d, and 1490f of this title, and may make loans meeting such requirements to be sold and insured. Upon the expiration of ninety days after the original capitalization of the Rural Housing Insurance Fund, created by subsection (e) of this section, no new loans shall be made or insured under section 1484 or 1485(b) of this title, except in conformity with this section. The notes held in the Agricultural Credit Insurance Fund ([section 1929 of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1929&num=0&edition=prelim)) which evidence loans made or insured by the Secretary under section 1484 or 1485(b) of this title, the

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 1490d — Loans to nonprofit organizations to pro-

Page 4801 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 1490e Subsec. (g). Pub. L. 95–557, § 501(h), inserted ‘‘and not to exceed $3,000,000 for the fiscal year ending September 30, 1979’’, after ‘‘June 30, 1970’’. 1977—Subsec. (f). Pub. L. 95–128 substituted ‘‘1978’’ for ‘‘1977’’ wherever appearing. Pub. L. 95–80 substituted ‘‘October 1, 1977’’ for ‘‘Au- gust 1, 1977’’ and ‘‘September 30, 1977’’ for ‘‘July 31, 1977’’. Pub. L. 95–60 substituted ‘‘August 1, 1977’’ for ‘‘July 1, 1977’’ and ‘‘July 31, 1977’’ for ‘‘June 30, 1977’’. 1974—Subsec. (b)(1). Pub. L. 93–383, § 512(a), inserted proviso relating to advance of funds by Secretary at end of cl. (B). Subsec. (f). Pub. L. 93–383, § 512(b), substituted ‘‘1977’’ for ‘‘1974’’ wherever appearing and ‘‘$10,000,000’’ for ‘‘$5,000,000’’. Subsec. (h). Pub. L. 93–383, § 512(c), added subsec. (h). 1973—Subsec. (f). Pub. L. 93–117 substituted ‘‘1974’’ for ‘‘1973’’ wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97–35 effective Oct. 1, 1981, see section 371 of Pub. L. 97–35, set out as an Effective Date note under section 3701 of Title 12, Banks and Banking. § 1490d. Loans to nonprofit organizations to pro- vide building sites for eligible families, non- profit organizations, public agencies, and co- operatives; interest rates; factors determina- tive in making loan (a)(1) IN GENERAL.—The Secretary may make loans, on such terms and conditions and in such amounts he deems necessary, to public or pri- vate nonprofit organizations and to Indian tribes for the acquisition and development of land as building sites to be subdivided and sold to families, nonprofit organizations, public agencies, and cooperatives eligible for assist- ance under any s

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