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7 U.S.C. § 1928 — Loan interest rates charged by Farmers Home Administration; grant funds associated with loans
Federal law — U.S. Code and appendices · legal_authorities
Effective October 1, 1981, and thereafter, in the case of water and waste disposal and community facility borrowers, and effective November 12, 1983, and thereafter, in the case of housing and farm borrowers, upon request of the borrower, the interest rate charged by the Farmers Home Administration to such borrowers shall be the lower of the rates in effect at either the time of loan approval or loan closing and any Farmers Home Administration grant funds associated with such loans shall be set in amount based on the interest rate in effect at the time of loan approval.
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Source file: Laws/federal/codes/united-states-code/title-7/section-1928-loan-interest-rates-charged-by-farmers-home-administration-grant-funds-a--6088bafcfb.md
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Source location: Title 7, Chapter 50, § 1928; chapter-050-agricultural-credit.md
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Effective October 1, 1981, and thereafter, in the case of water and waste disposal and community facility borrowers, and effective November 12, 1983, and thereafter, in the case of housing and farm borrowers, upon request of the borrower, the interest rate charged by the Farmers Home Administration to such borrowers shall be the lower of the rates in effect at either the time of loan approval or loan closing and any Farmers Home Administration grant funds associated with such loans shall be set in amount based on the interest rate in effect at the time of loan approval.
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Federal law — U.S. Code and appendices · legal_authorities
On and after October 28, 1991, no funds in this Act or any other Act shall be available to carry out loan programs under the Agricultural Credit Insurance Fund at levels other than those provided for in advance in appropriations Acts.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1929a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Direct loans; authorization; terms and conditions; revolving fund; appropriation** The Secretary is authorized to make loans to private nonprofit corporations and consumer cooperatives and Indian tribes to provide rental or cooperative housing and related facilities for elderly or handicapped persons or families of low or moderate income or other persons and families of low income in rural areas, in accordance with terms and conditions substantially identical with those specified in [section 1472 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1472&num=0&edition=prelim); except that—
(1) no such loan shall exceed the development cost or the value of the security, whichever is less;
(2) such a loan may be made for a period of up to 30 years from the making of the loan; and
(3) such a loan, when made to a consumer cooperative for cooperative housing purposes, may, notwithstanding any other provision of law, be made upon the condition that any person who is admitted as an eligible member and tenant of the cooperative may not subsequently be deprived of his membership or tenancy by reason of his no longer meeting the income eligibility requirements established by the Secretary.
There is authorized to be appropriated not to exceed $50,000,000, which shall constitute a revolving fund to be used by the Secretary in carrying out this subsection.
**(b) Insurance of loans; authorization; terms and conditions; utilization of Agricultural Credit Insurance Fund** The Secretary is authorized to insure and make commitments to insure loans made to any individual, corporation, association, trust, Indian tribe, or partnership to provide rental or cooperative housing and related facilities for elderly or handicapped persons or families
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; revolving fund; rural development loans** There is hereby created the Rural Development Insurance Fund (hereinafter in this section referred to as the “Insurance Fund”) which shall be used by the Secretary as a revolving fund for the discharge of the obligations of the Secretary under contracts guaranteeing or insuring rural development loans. For the purpose of this section “rural development loans” shall be those provided for by sections 1926(a)(1) and 1932 of this title, except loans (other than for water systems and waste disposal facilities) of a type authorized by [section 1926(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926/a/1&num=0&edition=prelim) prior to its amendment by the Rural Development Act of 1972.
**(b) Transfer of assets and liabilities** The assets and liabilities of the Agricultural Credit Insurance Fund referred to in [section 1929(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1929/a&num=0&edition=prelim) applicable to loans for water systems and waste disposal facilities under [section 1926(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926/a/1&num=0&edition=prelim) are hereby transferred to the Insurance Fund. Such assets (including the proceeds thereof) and liabilities and rural development loans guaranteed or insured pursuant to this chapter shall be subject to the provisions of this section.
**(c) Credits in the Treasury; investments; notes, purchasing authority of the Secretary** Moneys in the Insurance Fund not needed for current operations shall be deposited in the Treasury of the United States to the credit of the Insurance Fund or invested in direct obligations of the Unit
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1929b
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Federal law — U.S. Code and appendices · legal_authorities
Page 1082
TITLE 7—AGRICULTURE
§ 1927a
§ 1927a. Loan interest rates charged by Farmers
Home Administration; grant funds associated
with loans
Effective October 1, 1981, and thereafter, in the
case of water and waste disposal and community
facility borrowers, and effective November 12,
1983, and thereafter, in the case of housing and
farm borrowers, upon request of the borrower,
the interest rate charged by the Farmers Home
Administration to such borrowers shall be the
lower of the rates in effect at either the time of
loan approval or loan closing and any Farmers
Home Administration grant funds associated
with such loans shall be set in amount based on
the interest rate in effect at the time of loan ap-
proval.
(Pub. L. 99–88, title I, § 100, Aug. 15, 1985, 99 Stat.
296; Pub. L. 100–233, title VI, § 615(b)(1)(A), Jan. 6,
1988, 101 Stat. 1681.)
Editorial Notes
CODIFICATION
Section was enacted as part of the Supplemental Ap-
propriations Act, 1985, and not as part of the Consoli-
dated Farm and Rural Development Act which com-
prises this chapter.
AMENDMENTS
1988—Pub. L. 100–233 substituted ‘‘Effective October 1,
1981, and thereafter, in the case of water and waste dis-
posal and community facility borrowers, and effective
November 12, 1983, and thereafter, in the case of hous-
ing and farm borrowers’’ for ‘‘Effective November 12,
1983, and thereafter’’ and ‘‘to such borrowers’’ for ‘‘to
housing, farm, water and waste disposal, and commu-
nity facility borrowers’’.
Statutory Notes and Related Subsidiaries
APPLICABILITY OF 1988 AMENDMENT
Pub. L. 100–233, title VI, § 615(b)(1)(B), Jan. 6, 1988, 101
Stat. 1682, provided that: ‘‘The amendment made by
subparagraph (A) [amending this section] shall not
apply to any note or other obligation sold und
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1928
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