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42 U.S.C. § 1437v — Loans and commitments to make loans for low-income housing projects

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

42 U.S.C. § 1437v — Loans and commitments to make loans for low-income housing projects

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Source file: Laws/federal/codes/united-states-code/title-42/section-1437v-loans-and-commitments-to-make-loans-for-low-income-housing-projects--73f5190f6c.md
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Source location: Title 42, Chapter 8, § 1437v; chapter-008-low-income-housing.md

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**(a) Authority of Secretary; interest rates; repayment date; use as security for obligations of public housing agency** The Secretary may make loans or commitments to make loans to public housing agencies to help finance or refinance the development, acquisition, or operation of low-income housing projects by such agencies. Any contract for such loans and any amendment to a contract for such loans shall provide that such loans shall bear interest at a rate specified by the Secretary which shall not be less than a rate determined by the Secretary of the Treasury 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, plus one-eighth of 1 per centum. Such loans shall be secured in such manner and shall be repaid within such period not exceeding forty years, or not exceeding forty years from the date of the bonds evidencing the loan, as the Secretary may determine. The Secretary may require loans or commitments to make loans under this section to be pledged as security for obligations issued by a public housing agency in connection with a low-income housing project. **(b) Issuance of obligations by Secretary; limitation on amounts; forms and denominations; terms and conditions; purchase, establishment of maturities and rates of interest, and sale by Secretary of the Treasury** The Secretary may issue and have outstanding at any one time notes and other obligations for purchase by the Secretary of the Treasury in an amount which will not, unless authorized by the President, exceed $1,500,000,000. For the purpose of determining obligations incurred to make loans pursuant to this chapter against any limitation otherwise applicable with respect to such loans, the Secretary shall estimate the maximum amount to be loaned at any one time pursuant to loan agreements then outstanding with public housing agencies. Such notes or other obligations shall be in such forms and denominations and shall be subject to such terms and conditions as may be prescribed by the Secretary with the approval of the Secretary of the Treasury. The notes or other obligations issued under this subsection shall have such maturities and bear such rate or rates of interest as shall be determined by the Secretary of the Treasury. The Secretary of the Treasury is authorized and directed to purchase any notes or other obligations of the Secretary issued hereunder and for such purpose is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under such chapter are extended to include any purchases of such obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States. **(c) Public and Indian housing financing reforms** (1) At such times as the Secretary may determine, and in accordance with such accounting and other procedures as the Secretary may prescribe, each loan made by the Secretary under subsection (a) that has any principal amount outstanding or any interest amount outstanding or accrued shall be forgiven; and the terms and conditions of any contract, or any amendment to a contract, for such loan with respect to any promise to repay such principal and interest shall be canceled. Such cancellation shall not affect any other terms and conditions of such contract, which shall remain in effect as if the cancellation had not occurred. This paragraph shall not apply to any loan the repayment of which was not to be made using annual contributions, or to any loan all or part of the proceeds of which are due a public housing agency from contractors or others. (2) (A) On April 7, 1986, each note or other obligation issued by the Secretary to the Secretary of the Treasury pursuant to subsection (b), together with any promise to repay the principal and unpaid interest that has accrued on each note or obligation, shall be forgiven; and any other term or condition specified by each such obligation shall be canceled. (B) On September 30, 1986, and on any subsequent September 30, each such note or other obligation issued by the Secretary to the Secretary of the Treasury pursuant to subsection (b) during the fiscal year ending on such date, together with any promise to repay the principal and unpaid interest that has accrued on each note or obligation, shall be forgiven; and any other term or condition specified by each such obligation shall be canceled. (3) Any amount of budget authority (and contract authority) that becomes available during any fiscal year as a result of the forgiveness of any loan, note, or obligation under this subsection shall be rescinded.

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

42 U.S.C. § 1437b — Expenses of management and operation of transferred projects as nonadministrative; payment

On and after May 10, 1939 all necessary expenses in connection with the management and operation of projects transferred to the Authority by Executive Order Numbered 7732 of October 27, 1937, as modified by Executive Order Numbered 7839 of March 12, 1938, may be considered as nonadministrative expenses, notwithstanding the provisions of [section 712a of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section712a&num=0&edition=prelim), and be paid from the rents received from each transferred project.

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1437b

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

12 U.S.C. § 3701 — Findings and purpose

**(a)** The Congress finds that— (1) disparate State laws under which the Secretary of Housing and Urban Development forecloses multifamily mortgages burden the programs administered by the Secretary pursuant to these authorities, and cause detriment to the residents of the affected projects and the community generally; (2) long periods to complete the foreclosure of these mortgages under certain State laws lead to deterioration in the condition of the properties involved; necessitate substantial Federal management and holding expenditures; increase the risk of vandalism, fire loss, depreciation, damage, and waste with respect to the properties; and adversely affect the residents of the projects and the neighborhoods in which the properties are located; (3) these conditions seriously impair the Secretary’s ability to protect the Federal financial interest in the affected properties and frustrate attainment of the objectives of the underlying Federal program authorities, as well as the national housing goal of “a decent home and a suitable living environment for every American family”; (4) application of State redemption periods to these mortgages following their foreclosure would impair the salability of the properties involved and discourage their rehabilitation and improvement, thereby compounding the problems referred to in clause (3); (5) the availability of a uniform and more expeditious procedure for the foreclosure of these mortgages by the Secretary and continuation of the practice of not applying postsale redemption periods to such mortgages will tend to ameliorate these conditions; and (6) providing the Secretary with a nonjudicial foreclosure procedure will reduce unnecessary litigation by removing many foreclosures from the courts where they contribute

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3701

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

42 U.S.C. § 12709 — Energy efficiency standards

**(a) Establishment** (1) **In general** — The Secretary of Housing and Urban Development and the Secretary of Agriculture shall, not later than September 30, 2006, jointly establish, by rule, energy efficiency standards for— (A) new construction of public and assisted housing and single family and multifamily residential housing (other than manufactured homes) subject to mortgages insured under the National Housing Act [[12 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701&num=0&edition=prelim) et seq.]; (B) new construction of single family housing (other than manufactured homes) subject to mortgages insured, guaranteed, or made by the Secretary of Agriculture under title V of the Housing Act of 1949 [[42 U.S.C. 1471](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1471&num=0&edition=prelim) et seq.]; and (C) rehabilitation and new construction of public and assisted housing funded by HOPE VI revitalization grants under [section 1437v of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437v&num=0&edition=prelim). (2) **Contents** — Such standards shall meet or exceed the requirements of the 2006 International Energy Conservation Code (hereafter in this section referred to as “the 2006 IECC”), or, in the case of multifamily high rises, the requirements of the American Society of Heating, Refrigerating, and Air-Conditioning Engineers Standard 90.1–2004 (hereafter in this section referred to as “ASHRAE Standard 90.1–2004”), and shall be cost-effective with respect to construction and operating costs on a life-cycle cost basis. In developing such standards, the Secretaries shall consult with an advisory task force composed of homebuilders, national, S

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 12709

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

42 U.S.C. § 1437s — Declaration of policy and public housing agency organization

**(a) Declaration of policy** It is the policy of the United States— (1) to promote the general welfare of the Nation by employing the funds and credit of the Nation, as provided in this chapter— (A) to assist States and political subdivisions of States to remedy the unsafe housing conditions and the acute shortage of decent and safe dwellings for low-income families; (B) to assist States and political subdivisions of States to address the shortage of housing affordable to low-income families; and (C) consistent with the objectives of this subchapter, to vest in public housing agencies that perform well, the maximum amount of responsibility and flexibility in program administration, with appropriate accountability to public housing residents, localities, and the general public; (2) that the Federal Government cannot through its direct action alone provide for the housing of every American citizen, or even a majority of its citizens, but it is the responsibility of the Government to promote and protect the independent and collective actions of private citizens to develop housing and strengthen their own neighborhoods; (3) that the Federal Government should act where there is a serious need that private citizens or groups cannot or are not addressing responsibly; and (4) that our Nation should promote the goal of providing decent and affordable housing for all citizens through the efforts and encouragement of Federal, State, and local governments, and by the independent and collective actions of private citizens, organizations, and the private sector. **(b) Public housing agency organization** (1) **Required membership** — Except as provided in paragraphs (2) and (3), the membership of the board of directors or similar governing body of each public housing

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1437s

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

42 U.S.C. § 1437w — Contributions for low-income housing projects

**(a) Contract authorization; amounts; use as security for obligations of public housing agency; use of existing structures** (1) The Secretary may make annual contributions to public housing agencies to assist in achieving and maintaining the lower income character of their projects. The Secretary shall embody the provisions for such annual contributions in a contract guaranteeing their payment. The contribution payable annually under this section shall in no case exceed a sum equal to the annual amount of principal and interest payable on obligations issued by the public housing agency to finance the development or acquisition cost of the lower income project involved. Annual contributions payable under this section shall be pledged, if the Secretary so requires, as security for obligations issued by a public housing agency to assist the development or acquisition of the project to which annual contributions relate and shall be paid over a period not to exceed 40 years. (2) The Secretary may make contributions (in the form of grants) to public housing agencies to cover the development cost of public housing projects. The contract under which such contributions shall be made shall specify the amount of capital contributions required for each project to which the contract pertains, and that the terms and conditions of such contract shall remain in effect for a 40-year period. (3) The amount of contributions that would be established for a newly constructed project by a public housing agency designed to accommodate a number of families of a given size and kind may be established under this section for a project by such public housing agency that would provide housing for the comparable number, sizes, and kinds of families through the acquisition and rehabilitation, or

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1437w

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

42 U.S.C. § 1437y — Contract provisions and requirements; loans and annual contributions

**(a) Conditions; elevators** The Secretary may include in any contract for loans, contributions, sale, lease, mortgage, or any other agreement or instrument made pursuant to this chapter, such covenants, conditions, or provisions as he may deem necessary in order to insure the lower income character of the project involved, in a manner consistent with the public housing agency plan. Any such contract shall require that, except in the case of housing predominantly for elderly or disabled families, high-rise elevator projects shall not be provided for families with children unless the Secretary makes a determination that there is no practical alternative. **(b) Limitation on development costs** (1) Each contract for loans (other than preliminary loans) or contributions for the development, acquisition, or operation of public housing shall provide that the total development cost of the project on which the computation of any annual contributions under this chapter may be based may not exceed the amount determined under paragraph (2) (for the appropriate structure type) unless the Secretary provides otherwise, and in any case may not exceed 110 per centum of such amount unless the Secretary for good cause determines otherwise. (2) For purposes of paragraph (1), the Secretary shall determine the total development cost by multiplying the construction cost guideline for the project (which shall be determined by averaging the current construction costs, as listed by not less than 2 nationally recognized residential construction cost indices, for publicly bid construction of a good and sound quality) by— (A) in the case of elevator type structures, 1.6; and (B) in the case of nonelevator type structures, 1.75. (3) In calculating the total development cost of a project

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1437y

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

42 U.S.C. § 1437v — Demolition, site revitalization, replace-

Page 4693 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 1437v 1 So in original. Probably should be ‘‘and’’. § 1437v. Demolition, site revitalization, replace- ment housing, and tenant-based assistance grants for projects (a) Purposes The purpose of this section is to provide as- sistance to public housing agencies for the pur- poses of— (1) improving the living environment for public housing residents of severely distressed public housing projects through the demoli- tion, rehabilitation, reconfiguration, or re- placement of obsolete public housing projects (or portions thereof); (2) revitalizing sites (including remaining public housing dwelling units) on which such public housing projects are located and con- tributing to the improvement of the sur- rounding neighborhood; (3) providing housing that will avoid or de- crease the concentration of very low-income families; and (4) building sustainable communities. It is also the purpose of this section to provide assistance to smaller communities for the pur- pose of facilitating the development of afford- able housing for low-income families that is un- dertaken in connection with a main street revi- talization or redevelopment project in such com- munities. (b) Grant authority The Secretary may make grants as provided in this section to applicants whose applications for such grants are approved by the Secretary under this section. (c) Contribution requirement (1) In general The Secretary may not make any grant under this section to any applicant unless the applicant certifies to the Secretary that the applicant will— (A) supplement the aggregate amount of assistance provided under this section with an amount of funds from sources other than this section equal to not less than 5 percent of the am

Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 1437v

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