§ 9812. Development loan fund
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/usc/title-42/section-9812A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Authorities, scope, and purposes; conditions; interest rate; repayment The Secretary is authorized to make or guarantee loans (either directly or in cooperation with banks or other organizations through agreements to participate on an immediate or deferred basis) to community development corporations, to families and local cooperatives and the designated supportive organizations of cooperatives eligible for financial assistance under this subchapter, to private nonprofit organizations receiving assistance under chapter 106 of this title, or to public and private nonprofit organizations or agencies, for business facilities and community development projects, including community development credit unions, which the Secretary determines will carry out the purposes of this part. No loans, guarantees, or other financial assistance shall be provided under this section unless the Secretary determines that—
(1)there is reasonable assurance of repayment of the loan;
(2)the loan is not otherwise available on reasonable terms from private sources or other Federal, State, or local programs; and
(3)the amount of the loan, together with other funds available, is adequate to assure completion of the project or achievement of the purposes for which the loan is made.
Loans made by the Secretary pursuant to this section shall bear interest at a rate not less than a rate determined by the Secretary of the Treasury taking into consideration the average market yield on outstanding Treasury obligations of comparable maturity, plus such additional charge, if any, toward covering other costs of the program as the Secretary of Health and Human Services may determine to be consistent with its purposes, except that, for the 5 years following the date in which funds are initially available to the borrower, the rate of interest shall be set at a rate considered appropriate by the Secretary in light of the particular needs of the borrower, which rate shall not be lower than 1 percent.
All such loans shall be repayable within a period of not more than 30 years.
(b)Adjustment of interest rates, moratorium on principal and interest, etc. The Secretary is authorized to adjust interest rates, grant moratoriums on repayment of principal and interest, collect or compromise any obligations held by the Secretary, and to take such other actions in respect to such loans as the Secretary shall determine to be necessary or appropriate, consistent with the purposes of this section.
(c)Establishment, funding, etc.
(1)To carry out the lending and guaranty functions authorized under this part, there shall be established a Development Loan Fund consisting of two separate accounts, one of which shall be a revolving fund called the Rural Development Loan Fund and the other of which shall be a revolving fund called the Community Development Loan Fund. The capital of each such revolving fund shall remain available until expended.
(2)The Rural Development Loan Fund shall consist of the remaining funds provided for in part A of title III of the Economic Opportunity Act of 1964 [42 U.S.C. 2841 et seq.], as in effect on September 19, 1972, and such amounts as may be deposited in such fund by the Secretary out of funds made available from appropriations for purposes of carrying out this part. The Secretary shall utilize the services of the Farmers Home Administration,1 or the Rural Development Administration in administering such fund.
(3)The Community Development Loan Fund shall consist of such amounts as may be deposited in such fund by the Secretary out of funds made available from appropriations for purposes of carrying out this subchapter. The Secretary may make deposits in the Community Development Loan Fund in any fiscal year in which the Secretary has made available for grants to community development corporations under this subchapter not less than $60,000,000 out of funds made available from appropriations for purposes of carrying out this subchapter.
(Pub. L. 97–35, title VI, § 623, Aug. 13, 1981, 95 Stat. 494; Pub. L. 101–624, title XXIII, § 2303(f)(1), Nov. 28, 1990, 104 Stat. 3981.)
Connections114 cite this · traces to 2
Cited by 114 sections · top 60
public-private-law
- Public Law 116-260Consolidated Appropriations Act, 2021
- Public Law 115-141Consolidated Appropriations Act, 2018
- Public Law 117-328Consolidated Appropriations Act, 2023
- Public Law 114-113Consolidated Appropriations Act, 2016
- Public Law 113-235Consolidated and Further Continuing Appropriations Act, 2015
- Public Law 113-76Consolidated Appropriations Act, 2014
- Public Law 113-79Agricultural Act of 2014
- Public Law 115-31Consolidated Appropriations Act, 2017
- Public Law 117-103Consolidated Appropriations Act, 2022
- Public Law 113-6Consolidated and Further Continuing Appropriations Act, 2013
- Public Law 116-6Consolidated Appropriations Act, 2019
- Public Law 116-93Consolidated Appropriations Act, 2020
U.S. Code
statutes-at-large
- Public LawMaking appropriations for the fiscal year ending September 30, 2017, and for other purposes
- Public Law 113–6Making consolidated appropriations and further continuing appropriations for the fiscal year ending September 30, 2013, and for other purposes
- Public Law 102–341Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30, 1993, and for other purposes
- Public Law 108–199Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies for the fiscal year ending September 30, 2004, and for other purposes
- Public Law 99–425To authorize appropriations for fiscal years 1987, 1988, 1989, and 1990 to carry out the Head Start, Follow Through, dependent care, community services block grant, and community food and nutrition programs, and for other purposes
- Public Law 115–141To amend the State Department Basic Authorities Act of 1956 to include severe forms of trafficking in persons within the definition of transnational organized crime for purposes of the rewards program of the Department of State, and for other purposes
- Public Law 114–113Making appropriations for military construction, the Department of Veterans Affairs, and related agencies for the fiscal year ending September 30, 2016, and for other purposes
- Public Law 97–35To provide for reconciliation pursuant to section 301 of the first concurrent resolution on the budget for the fiscal year 1982
- Public Law 116–6
- Public Law 109–115Making appropriations for the Departments of Transportation, Treasury, and Housing and Urban Development, the Judiciary, District of Columbia, and independent agencies for the fiscal year ending September 30, 2006, and for other purposes
- Public Law 117–103Making consolidated appropriations for the fiscal year ending September 30, 2022, and for providing emergency assistance for the situation in Ukraine, and for other purposes
- Public Law 105–85To authorize appropriations for fiscal year 1998 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe personnel strengths for such fiscal year for the Armed Forces, and for other purposes
- Public Law 101–161Making appropriations for Rural Development, Agriculture, and Related Agencies programs for the fiscal year ending September 30, 1990, and for other purposes
- Public Law 111–117Making appropriations for the Departments of Transportation, and Housing and Urban Development, and related agencies for the fiscal year ending September 30, 2010, and for other purposes
- Public Law 116–260Making consolidated appropriations for the fiscal year ending September 30, 2021, providing coronavirus emergency response and relief, and for other purposes
- Public Law 111–80Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30, 2010, and for other purposes
- Public Law 108–7
- Public Law 106–78Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30,2000, and for other purposes
- Public Law 108–447Making appropriations for foreign operations, export financing, and related programs for the fiscal year ending September 30, 2005, and for other purposes
- Public Law 116–93Making consolidated appropriations for the fiscal year ending September 30, 2020, and for other purposes
- Public Law 110–161Making appropriations for the Department of State, foreign operations, and related programs for the fiscal year ending September 30, 2008, and for other purposes
- Public Law 106–387Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30, 2001, and for other purposes
- Public Law 100–201To authorize the acceptance of a donation of land for addition to Big Bend National Park, in the State of Texas
- Public Law 99–197To designate certain national forest system lands in the State of Kentucky for inclusion in the National Wilderness Preservation System, to release other forest lands for multiple use management, and for other purposes
- Public Law 101–624To extend and revise agricultural price support and related programs, to provide for agricultural export, resource conservation, farm credit, and agricultural research and related programs, to ensure consumers an abundance of food and fiber at reasonable prices, and for other purposes
- Public Law 105–276Making appropriations for the Departments of Veterans Affairs and Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 1999, and for other purposes
statute-compilations
- Sec. 310HINTERMEDIARY RELENDING PROGRAM
- Sec. 503None of the funds made available by this Act may be used in contravention of Executive Order No. 12898 of February 11, 1994 (Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations).
- Sec. 8150None of the funds made available by this Act may be used in contravention of section 525 of the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 (Public Law 117-263).
- Sec. 4STATEMENT OF APPROPRIATIONS
- Sec. 8LAUNCH LIABILITY EXTENSION
- Sec. 6017INTERMEDIARY RELENDING PROGRAM
- Sec. 407INTEREST RATES PAYABLE ON CERTAIN RURAL DEVELOPMENT LOANS; ASSIGNMENT OF LOAN CONTRACTS
- Sec. 5AVAILABILITY OF FUNDS
- Sec. 504### (a)
- Sec. 505None of the funds made available by this Act may be used in contravention of Executive Order No. 12898 of February 11, 1994 (“Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations”).
- Sec. 503None of the funds made available by this Act may be used in contravention of Executive Order No. 12898 of February 11, 1994 (Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations).
Traces to 2 documents
14 references not yet in our index
- 42 U.S.C. 2841
- 1
- Pub. L. 97–35, title VI, § 623
- 95 Stat. 494
- Pub. L. 101–624, title XXIII, § 2303(f)(1)
- 104 Stat. 3981
- Pub. L. 97–35
- 95 Stat. 511
- Pub. L. 88–452
- 78 Stat. 508
- Pub. L. 97–35, title VI, § 683(a)
- 95 Stat. 519
- Pub. L. 101–624
- Pub. L. 99–609
Citation graph
cites case law
§ 9812
Development loan fund
Stat.×50
Bills×19
Stat. Comp.×16
Pub. L.×15
Fed. Reg.×9
U.S.C.×5
Cite42 U.S.C. 2841
Cite1
Pub. L.Pub. L. 97–35, title VI, § 623
Stat.95 Stat. 494
Pub. L.Pub. L. 101–624, title XXIII, § 2303(f)(1)
Cites 16 · showing 7Cited by 114 across 6 sources