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42 U.S.C. § 1473 — Loans for housing and buildings on potentially adequate farms; conditions and terms
Federal law — U.S. Code and appendices · legal_authorities
If the Secretary determines (a) that, because of the inadequacy of the income of an eligible applicant from the farm to be improved and from other sources, said applicant may not reasonably be expected to make annual repayments of principal and interest in an amount sufficient to repay the loan in full within the period of time prescribed by the Secretary as authorized in this subchapter; (b) that the income of the applicant may be sufficiently increased within a period of not to exceed five years by improvement or enlargement of the farm or an adjustment of the farm practices or methods; and (c) that the applicant has adopted and may reasonably be expected to put into effect a plan of farm improvement, enlargement, or adjusted practices or production which, in the opinion of the Secretary, will increase the applicant’s income from said farm within a period of not to exceed five years to the extent that the applicant may be expected thereafter to make annual repayments of principal and interest sufficient to repay the balance of the indebtedness less payments in cash and credits for the contributions to be made by the Secretary as hereinafter provided, the Secretary may make a loan in an amount necessary to provide adequate farm dwellings and buildings on said farm under the terms and conditions prescribed in [section 1472 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1472&num=0&edition=prelim). In addition, the Secretary may agree with the borrower to make annual contributions during the said five-year period in the form of credits on the borrower’s indebtedness in an amount not to exceed the annual installment of interest and 50 per centum of the principal payments accruing during any installment year up to and including th
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Source file: Laws/federal/codes/united-states-code/title-42/section-1473-loans-for-housing-and-buildings-on-potentially-adequate-farms-conditions--6fce2d916c.md
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Source location: Title 42, Chapter 8A, § 1473; chapter-8a-slum-clearance-urban-renewal-and-farm-housing.md
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If the Secretary determines (a) that, because of the inadequacy of the income of an eligible applicant from the farm to be improved and from other sources, said applicant may not reasonably be expected to make annual repayments of principal and interest in an amount sufficient to repay the loan in full within the period of time prescribed by the Secretary as authorized in this subchapter; (b) that the income of the applicant may be sufficiently increased within a period of not to exceed five years by improvement or enlargement of the farm or an adjustment of the farm practices or methods; and (c) that the applicant has adopted and may reasonably be expected to put into effect a plan of farm improvement, enlargement, or adjusted practices or production which, in the opinion of the Secretary, will increase the applicant’s income from said farm within a period of not to exceed five years to the extent that the applicant may be expected thereafter to make annual repayments of principal and interest sufficient to repay the balance of the indebtedness less payments in cash and credits for the contributions to be made by the Secretary as hereinafter provided, the Secretary may make a loan in an amount necessary to provide adequate farm dwellings and buildings on said farm under the terms and conditions prescribed in [section 1472 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1472&num=0&edition=prelim). In addition, the Secretary may agree with the borrower to make annual contributions during the said five-year period in the form of credits on the borrower’s indebtedness in an amount not to exceed the annual installment of interest and 50 per centum of the principal payments accruing during any installment year up to and including the fifth installment year, subject to the conditions that the borrower’s income is, in fact, insufficient to enable the borrower to make payments in accordance with the plan or schedule prescribed by the Secretary and that the borrower pursues his plan of farm reorganization and improvements or enlargement with due diligence.
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Federal law — U.S. Code and appendices · legal_authorities
In this title the following definitions shall apply:
(1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized.
(2) The term “affiliate” means—
(A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or
(D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement.
(3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Terms of loan**
(1) If the Secretary determines that an applicant is eligible for assistance as provided in [section 1471 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1471&num=0&edition=prelim) and that the applicant has the ability to repay in full the sum to be loaned, with interest, giving due consideration to the income and earning capacity of the applicant and his family from the farm and other sources, and the maintenance of a reasonable standard of living for the owner and the occupants of said farm, a loan may be made by the Secretary to said applicant for a period of not to exceed thirty-three years from the making of the loan with interest. The Secretary may accept the personal liability of any person with adequate repayment ability who will cosign the applicant’s note to compensate for any deficiency in the applicant’s repayment ability. At the borrower’s option, the borrower may prepay to the Secretary as escrow agent, on terms and conditions prescribed by him, such taxes, insurance, and other expenses as the Secretary may require in accordance with [section 1471(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1471/e&num=0&edition=prelim).
(2) The Secretary may extend the period of any loan made under this section if the Secretary determines that such extension is necessary to permit the making of such loan to any person whose income does not exceed 60 per centum of the median income for the area and who would otherwise be denied such loan because the payments required under a shorter period would exceed the financial capacity of such person. The aggregate period for which any loan may be extended under this paragraph may not exceed 5 years.
(3)
(A) Notwit
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1472
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prerequisites; purposes; amounts; terms** The Secretary may make a loan, grant, or combined loan and grant to an eligible very low-income applicant in order to improve or modernize a rural dwelling, to make the dwelling safer or more sanitary, or to remove hazards. The Secretary may make a loan or grant under this subsection to the applicant to cover the cost of any or all repairs, improvements, or additions such as repairing roofs, providing sanitary waste facilities, providing a convenient and sanitary water supply, repairing or providing structural supports, or making similar repairs, additions, improvements, including all preliminary and installation costs in obtaining central water and sewer service. The maximum amount of a grant, a loan, or a loan and grant shall not exceed such limitations as the Secretary determines to be appropriate. Any portion of the sums advanced to the borrower treated as a loan shall be secured and be repayable within twenty years in accordance with the principles and conditions set forth in this subchapter, except that a loan for less than $7,500 need be evidenced only by a promissory note. Sums made available by grant may be made subject to the conditions set forth in this subchapter for the protection of the Government with respect to contributions made on loans made by the Secretary.
**(b) Additional purposes** In order to encourage adequate family-size farms the Secretary may make loans under this section and [section 1473 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1473&num=0&edition=prelim) to any applicant whose farm needs enlargement or development in order to provide income sufficient to support decent, safe, and sanitary housing and other farm buildings, and may use the funds
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts July 15, 1949, ch. 338, title V, § 512, 63 Stat. 438; July 14, 1952, ch. 723, § 11(b), 66 Stat. 604; June 29, 1954, ch. 410, § 5(b), 68 Stat. 320; Aug. 2, 1954, ch. 649, title VIII, § 812(b), 68 Stat. 647; Aug. 11, 1955, ch. 783, title V, § 501(2), 69 Stat. 654; Aug. 7, 1956, ch. 1029, title VI, § 606(b), 70 Stat. 1114; June 30, 1961, Pub. L. 87–70, title VIII, § 801(c), 75 Stat. 186; Sept. 4, 1964, Pub. L. 88–560, title V, § 501(b), 78 Stat. 796; Aug. 10, 1965, Pub. L. 89–117, title X, § 1005(a), 79 Stat. 501, related to authorization to make commitments for contributions aggregating not to exceed $10,000,000 during period beginning July 1, 1956, and ending Oct. 1, 1969, in connection with loans made pursuant to [section 1473 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1473&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Page 4756
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 1473
Stat. 793; Pub. L. 100–154, Nov. 5, 1987, 101 Stat. 890; Pub.
L. 100–170, Nov. 17, 1987, 101 Stat. 914; Pub. L. 100–179,
Dec. 3, 1987, 101 Stat. 1018; Pub. L. 100–200, Dec. 21, 1987,
101 Stat. 1327, provided that: ‘‘The limitations on loan
prepayments contained in section 634 of the Agri-
culture, Rural Development, and Related Agencies Ap-
propriations Act, 1987 [section 101(a) [title VI, § 634] of
Pub. L. 99–500 and 99–591, set out below] shall remain in
effect through March 15, 1988.’’
Pub. L. 99–500, § 101(a) [title VI, § 634], Oct. 18, 1986, 100
Stat. 1783, 1783–34, and Pub. L. 99–591, § 101(a) [title VI,
§ 634], Oct. 30, 1986, 100 Stat. 3341, 3341–34, provided that:
‘‘Notwithstanding any other provision of law, including
section 502(c)(2) of the Housing Act of 1949 (42 U.S.C.
1471 et seq.) [subsec. (c)(2) of this section], none of the
funds appropriated under this or any other Act shall be
used prior to June 30, 1987 to accept prepayment of any
loan made under section 515 of the Housing Act of 1949
[section 1485 of this title], unless such loan was made at
least twenty years prior to the date of prepayment or,
for loans made before December 21, 1979, the Secretary
makes a determination that a supply of adequate, com-
parable housing is available in the community, or that
prepayment of such loans will not result in a substan-
tial increase in rents to tenants in residence upon date
of prepayment or displacement of such tenants.’’
STUDY
AND REPORT
OF COMPARISON
OF CONSTRUCTION
COSTS
AND
ENERGY
SAVINGS
BETWEEN
MANUFAC-
TURED
HOMES
BUILT
UNDER
NATIONAL
MANUFAC-
TURED
HOUSING
SAFETY
STANDARDS
AND
OTHER
HOMES
Pub. L. 98–181, title I [title V, § 503(b)], Nov. 30, 1983,
97 Stat. 1241, provided
Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 1473
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