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 section of this subchapter or under any other law which provides financial as- sistance 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 aver- age market yield on outstanding marketable ob- ligations 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 pe- riod 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 acquisi- tion and preparation of building sites for low-in- come housing. Any proceeds and repayments from such loans shall be returned to the revolv- ing 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 administra- tive costs, not to exceed 10 percent of the fund. (b) In determining whether to extend financial assistance under this section, the Secretary shall take into consideration, among other fac- tors, (1) the suitability of the area to the types of dwellings which can feasibly be provided, and (2) the extent to which the assistance will (i) fa- cilitate providing needed decent, safe, and sani- tary housing, (ii) be utilized efficiently and ex- peditiously, and (iii) fulfill a need in the area which is not otherwise being met through other programs, including those being carried out by other Federal, State, or local agencies. (July 15, 1949, ch. 338, title V, § 524, as added Pub. L. 91–152, title IV, § 413(f)(1), Dec. 24, 1969, 83 Stat. 399; amended Pub. L. 93–383, title V, § 513, Aug. 22, 1974, 88 Stat. 696; Pub. L. 96–399, title V, § 507(f), Oct. 8, 1980, 94 Stat. 1670; Pub. L. 102–550, title VII, § 715, Oct. 28, 1992, 106 Stat. 3842; Pub. L. 118–42, div. B, title VII, § 761, Mar. 9, 2024, 138 Stat. 115.) Editorial Notes AMENDMENTS 2024—Subsec. (a)(1). Pub. L. 118–42 substituted ‘‘five years’’ for ‘‘two years’’. 1992—Subsec. (a). Pub. L. 102–550 designated existing provisions as par. (1), inserted par. heading, and added par. (2). 1980—Subsec. (a). Pub. L. 96–399 inserted reference to Indian tribes. 1974—Subsec. (a). Pub. L. 93–383 provided for applica- bility to public agencies and substituted ‘‘any section of this subchapter or under any other law which pro- vides financial assistance for housing low- and mod- erate-income families’’ for ‘‘section 1715z or 1715z–1 of title 12 or section 1490a of this title’’. § 1490e. Programs of technical and supervisory assistance for low-income individuals and families in rural areas (a) Grants or contracts with public or private nonprofit corporations, etc., for assistance; preferential treatment of applications spon- sored by governmental entity or public body The Secretary may make grants to or enter into contracts with public or private nonprofit corporations, agencies, institutions, organiza- tions, Indian tribes, and other associations ap- proved by him, to pay part or all of the cost of developing, conducting, administering or coordi- nating effective and comprehensive programs of technical and supervisory assistance which will aid needy low-income individuals and families in benefiting from Federal, State, and local hous- ing programs in rural areas. In processing appli- cations for such grants or contracts made by private nonprofit corporations, agencies, insti- tutions, organizations, and other associations, the Secretary shall give preference to those which are sponsored (including assistance to the applicant in processing the application, imple- menting the technical assistance program, and carrying out the obligations of the grant or con- tract) by a State, county, municipality, or other governmental entity or public body. (b) Loans to public or private nonprofit corpora- tions, etc., for necessary planning and financ- ing expenses; interest rates; factors deter- minative of amount; terms and conditions of repayment The Secretary is authorized to make loans to public or private nonprofit corporations, agen- cies, institutions, organizations, Indian tribes,