§ 1490d. Loans to nonprofit organizations to provide building sites for eligible families, nonprofit organizations, public agencies, and cooperatives; interest rates; factors determinative in making loan
536 words·~2 min read·
/usc/title-42/section-1490dA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)In general.— The Secretary may make loans, on such terms and conditions and in such amounts he deems necessary, to public or private 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 assistance under any section of this subchapter or under any other law which provides financial assistance 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 average market yield on outstanding marketable obligations 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 period 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 acquisition and preparation of building sites for low-income housing. Any proceeds and repayments from such loans shall be returned to the revolving 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 administrative 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 factors,
(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)facilitate providing needed decent, safe, and sanitary housing,
(ii)be utilized efficiently and expeditiously, 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.)
Connections22 cite this · traces to 1
Cited by 22 sections · top 20
statutes-at-large
- Public Law 93–380
- Public Law 96–399To amend and extend certain Federal laws relating to housing, community and neighborhood development and preservation, and related programs, and for other purposes
- Public Law 102–550To amend and extend certain laws relating to housing and community development, and for other purposes
statute-compilations
bill
- Sec. 3Definitions
- Sec. 3Definitions
- Sec. 10403Definitions
- Sec. 3Definitions
- Sec. 3Definitions
- Sec. 762
- Sec. 762
- Sec. 761
- Sec. 761
- Sec. 2Financial assistance to nonprofit organizations to provide sites for rural housing for low- and moderate-income families
- Sec. 761
- Sec. 1Financial assistance to nonprofit organizations to provide sites for rural housing for low- and moderate-income families
- Sec. 1Financial assistance to nonprofit organizations to provide sites for rural housing for low- and moderate-income families
15 references not yet in our index
- July 15, 1949, ch. 338
- Pub. L. 91–152, title IV, § 413(f)(1)
- 83 Stat. 399
- Pub. L. 93–383, title V, § 513
- 88 Stat. 696
- Pub. L. 96–399, title V, § 507(f)
- 94 Stat. 1670
- Pub. L. 102–550, title VII, § 715
- 106 Stat. 3842
- Pub. L. 118–42, div. B, title VII, § 761
- 138 Stat. 115
- Pub. L. 118–42
- Pub. L. 102–550
- Pub. L. 96–399
- Pub. L. 93–383
Citation graph
cites case law
§ 1490d
Loans to nonprofit organizations to provide building sites for eligible families, nonprofit organizations, public agencies, and cooperatives; interest rates; factors determinative in making loan
Bills×13
Stat.×4
Stat. Comp.×3
U.S.C.×2
ActJuly 15, 1949, ch. 338
Pub. L.Pub. L. 91–152, title IV, § 413(f)(1)
Stat.83 Stat. 399
Pub. L.Pub. L. 93–383, title V, § 513
Stat.88 Stat. 696
Cites 16 · showing 6Cited by 22 across 4 sources