Sec. 3003. Historically Black College and University Capital Financing
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Section 343 of the Higher Education Act of 1965 ( 20 U.S.C. 1066b ) is amended— in subsection (b)— in paragraph (1), by striking an escrow account and inserting a bond insurance fund ; in paragraph (3), by inserting (except that loans for the purpose of science, technology, engineering, or mathematics related academic facilities shall carry not more than a 1 percent rate of interest) after charge such interest on loans ; in paragraph (8)— in the matter preceding subparagraph (A), by striking an escrow account and inserting a bond insurance fund ; and in subparagraph (A), by striking the escrow account and inserting the bond insurance fund ; in paragraph (9), by striking escrow account each place it appears and inserting bond insurance fund ; and in paragraph (12), by striking , except as otherwise required by the Secretary ; and in subsection (c), by striking escrow account each place it appears and inserting bond insurance fund .
Section 344 of the Higher Education Act of 1965 ( 20 U.S.C. 1066c ) is amended— in the matter preceding paragraph (1), by striking $1,100,000,000 and inserting $3,600,000,000 ; in paragraph (1), by striking $733,333,333 and inserting two-thirds ; and in paragraph (2), by striking $366,666,667 and inserting one-third . Section 345 of the Higher Education Act of 1965 ( 20 U.S.C. 1066d ) is amended— in paragraph (8), by inserting and at the end; by striking paragraph
(9)and inserting the following: may, directly or by grant or contract, provide financial counseling and technical assistance to eligible institutions to prepare the institutions to qualify, apply for, and maintain a capital improvement loan, including a loan under this part. ; and by striking paragraph
(10)and inserting the following: may provide for the modification or deferment of a loan made under this part based on need of the institution, as defined by the Secretary, for a period not to exceed 6 fiscal years, and, during the period of deferment of such a loan, interest on the loan will not accrue or be capitalized. . Paragraph
(2)of Section 347(c) of the Higher Education Act of 1965 ( 20 U.S.C. 1066f(c) ) is amended to read as follows: On an annual basis, the Advisory Board shall prepare and submit to the authorizing committees a report on— the financial status of the historically Black colleges and universities described in paragraph (1)(A); an overview of all loans awarded under the program under this part, including the most recent loans awarded for the fiscal year in which the report is submitted; and administrative and legislative recommendations for addressing the issues related to construction financing facing historically Black colleges and universities. .
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Sec. 3003
Historically Black College and University Capital Financing
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