
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC2183]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                     CHAPTER 32--FOREIGN ASSISTANCE
 
                 SUBCHAPTER I--INTERNATIONAL DEVELOPMENT
 
                         Part II--Other Programs
 
         subpart iii--shelter and other credit guaranty programs
 
Sec. 2183. General provisions


(a) Fees; determination by President; reduction

    A fee shall be charged for each guaranty issued under section 2182 
or 2182a of this title in an amount to be determined by the President. 
In the event the fee to be charged for such type of guaranty is reduced, 
fees to be paid under existing contracts for the same type of guaranty 
may be similarly reduced.

(b) Accumulated and existing fees; expenditure of fees; revolving fund 
        account; investments; use of investment income

    The amount of $50,000,000 of fees accumulated under prior investment 
guaranty provisions repealed by the Foreign Assistance Act of 1969, 
together with all fees collected in connection with guaranties issued 
under section 2182 of this title or under prior housing guaranty 
authorities, shall be available for meeting necessary administrative and 
operating expenses of carrying out the provisions of section 2182 of 
this title and administering housing guaranties heretofore authorized 
under this subpart and under prior housing guaranty provisions repealed 
by the Foreign Assistance Act of 1969 (including, but not limited to 
expenses pertaining to personnel, supplies, and printing), subject to 
such limitations as may be imposed in annual appropriation Acts; for 
meeting management and custodial costs incurred with respect to 
currencies or other assets acquired under guaranties made pursuant to 
section 2182 of this title or heretofore pursuant to this subpart or 
prior Latin American and other housing guaranty authorities repealed by 
the Foreign Assistance Act of 1969; and to pay the cost of investigating 
and adjusting (including costs of arbitration) claims under such 
guaranties; and shall be available for expenditure in discharge of 
liabilities under such guaranties until such time as all such property 
has been disposed of and all such liabilities have been discharged or 
have expired, or until all such fees have been expended in accordance 
with the provisions of this subsection. Fees collected in connection 
with guaranties issued under section 2182a of this title shall likewise 
be available to meet similar expenses, costs, or liabilities incurred in 
connection with the programs authorized by that section. All of the 
foregoing fees referred to in this section together with earnings 
thereon and other income arising from guaranty operations under this 
subpart shall be held in a revolving fund account maintained in the 
Treasury of the United States. All funds in such account may be invested 
in obligations of the United States. Any interest or other receipts 
derived from such investments shall be credited to such account and may 
be used for the purposes cited in this section.

(c) Priorities of funds for guaranty payments

    Any payments made to discharge liabilities under guaranties issued 
under section 2182 of this title or heretofore under this subpart or 
under prior Latin American or other housing guaranty authorities 
repealed by the Foreign Assistance Act of 1969, shall be paid first out 
of fees referred to in subsection (b) of this section (excluding amounts 
required for purposes other than the discharge of liabilities under 
guaranties) as long as such fees are available, and thereafter shall be 
paid out of funds, if any, realized from the sale of currencies or other 
assets acquired in connection with any payment made to discharge 
liabilities under such guaranties as long as funds are available, and 
finally out of funds hereafter made available pursuant to subsection (e) 
of this section.

(d) Guaranties as obligations backed by full faith and credit of United 
        States

    All guaranties issued under section 2182 or 2182a, or previously 
under section 2200 of this title or heretofore under this subpart or 
under prior Latin American or other housing guaranty authority repealed 
by the Foreign Assistance Act of 1969 shall constitute obligations, in 
accordance with the terms of such guaranties, of the United States of 
America and the full faith and credit of the United States of America is 
hereby pledged for the full payment and performance of such obligations.

(e) Authorization of appropriations; borrowing authority

    (1) There is hereby authorized to be appropriated to the President 
such amounts, to remain available until expended, as may be necessary 
from time to time to carry out the purposes of this subpart.
    (2)(A) In order to meet obligations incurred for the payment of 
claims pursuant to loan guaranties described in subsection (d) of this 
section, the Administrator of the agency primarily responsible for 
administering subchapter I of this chapter may, to the extent that 
reserves are not sufficient, borrow from time to time from the Treasury, 
except that--
        (i) the Administrator may exercise the authority to borrow under 
    this paragraph only to such extent or in such amounts as are 
    provided in advance in appropriation Acts; and
        (ii) the amount borrowed under this paragraph which is 
    outstanding at any one time may not exceed $100,000,000.

    (B) Any such borrowing shall bear interest at a rate determined by 
the Secretary of the Treasury, taking into account the current average 
market yield on outstanding marketable obligations of the United States 
of comparable maturities. The Secretary of the Treasury shall make loans 
under this paragraph and for such purpose may borrow on the credit of 
the United States in accordance with subchapter I of chapter 31 of title 
31.

(f) Agency determination of maximum rate of interest

    In the case of any loan investment guaranteed under section 2182 of 
this title, the agency primarily responsible for administering 
subchapter I of this chapter shall prescribe the maximum rate of 
interest allowable to the eligible investor, which maximum rate shall 
not exceed by more than 1 per centum the then current rate of interest 
applicable to housing mortgages insured by the Department of Housing and 
Urban Development. The maximum allowable rate of interest under this 
subsection shall be prescribed by the agency as of the date the project 
covered by the investment is officially authorized and, prior to the 
execution of the contract, the agency may amend such rate at its 
discretion, consistent with the provisions of this subsection.

(g) Guaranties under prior acts

    Housing guaranties committed, authorized, or outstanding heretofore 
under this subpart or under prior housing guaranty authorities repealed 
by the Foreign Assistance Act of 1969 shall continue subject to 
provisions of law originally applicable thereto and fees collected 
hereafter with respect to such guaranties shall be available for the 
purposes specified in subsection (b) of this section.

(h) Fraud or misrepresentation

    No payment may be made under any guaranty issued pursuant to this 
subpart for any loss arising out of fraud or misrepresentation for which 
the party seeking payment is responsible.

(i) Repealed. Pub. L. 95-424, title I, Sec. 115(i), Oct. 6, 1978, 92 
        Stat. 952

(j) Guaranties for housing projects; percentage requirement for families 
        with income below median income

    Guaranties shall be issued under section 2182 of this title only for 
housing projects which are coordinated with and complementary to any 
development assistance being furnished under part I of this subchapter 
and which are specifically designed to demonstrate the feasibility and 
suitability of particular kinds of housing or of financial or other 
institutional arrangements. Of the aggregate face value of housing 
guaranties hereafter issued under this subpart, not less than 90 per 
centum shall be issued for housing suitable for families with income 
below the median income (below the median urban income for housing in 
urban areas) in the country in which the housing is located.

(Pub. L. 87-195, pt. I, Sec. 223, as added Pub. L. 91-175, pt. I, 
Sec. 105, Dec. 30, 1969, 83 Stat. 808; amended Pub. L. 92-226, pt. I, 
Sec. 103(b) Feb. 7, 1972, 86 Stat. 22; Pub. L. 93-189, Sec. 5(2), Dec. 
17, 1973, 87 Stat. 717; Pub. L. 93-559, Secs. 7(2), 8(a)(3)-(5), Dec. 
30, 1974, 88 Stat. 1796, 1797; Pub. L. 94-161, title III, Sec. 311(5), 
Dec. 20, 1975, 89 Stat. 861; Pub. L. 94-329, title IV, Sec. 414, June 
30, 1976, 90 Stat. 761; Pub. L. 95-88, title I, Sec. 117(a)(3), (b)(2), 
(c), Aug. 3, 1977, 91 Stat. 540; Pub. L. 95-424, title I, Sec. 115(c)-
(j), Oct. 6, 1978, 92 Stat. 951, 952; Pub. L. 96-53, title I, 
Sec. 112(c), (d), Aug. 14, 1979, 93 Stat. 364; Pub. L. 97-113, title 
III, Sec. 310(b), Dec. 29, 1981, 95 Stat. 1535; Pub. L. 98-473, title I, 
Sec. 101(1) [title V, Sec. 541(a)], Oct. 12, 1984, 98 Stat. 1884, 1903; 
Pub. L. 100-202, Sec. 101(e) [title II, Sec. 201], Dec. 22, 1987, 101 
Stat. 1329-131, 1329-142; Pub. L. 105-277, div. A, Sec. 101(d) [title 
II], Oct. 21, 1998, 112 Stat. 2681-150, 2681-157.)

                       References in Text

    The Foreign Assistance Act of 1969, referred to in subsecs. (b), 
(c), (d), and (g), is Pub. L. 91-175, Dec. 30, 1969, 83 Stat. 805, as 
amended. For complete classification of this Act to the Code, see Short 
Title note set out under section 2151 of this title and Tables. The 
guaranty authorities repealed by the 1969 Act were the guaranty 
authorities contained in sections 2181 to 2184 prior to the general 
reorganization of this subpart by the 1969 Act.
    Section 2200 of this title, referred to in subsec. (d), was in the 
original a reference to section 240 of this Act, meaning section 240 of 
Pub. L. 87-195, as added by section 105 of Pub. L. 91-175, which was 
repealed by section 8(b) of Pub. L. 93-559, and was replaced by section 
2182a of this title. Another section 240 of Pub. L. 87-195, as added by 
section 9 of Pub. L. 95-268, was enacted Apr. 24, 1978, and is 
classified to section 2200 of this title.


References to Subchapter I Deemed To Include Certain Parts of Subchapter 
                                   II

    References to subchapter I of this chapter are deemed to include 
parts IV (Sec. 2346 et seq.), VI (Sec. 2348 et seq.), and VIII 
(Sec. 2349aa et seq.) of subchapter II of this chapter, and references 
to subchapter II are deemed to exclude such parts. See section 202(b) of 
Pub. L. 92-226, set out as a note under section 2346 of this title, and 
sections 2348c and 2349aa-5 of this title.


           References to Part I Deemed To Include Section 2293

    References to part I of this subchapter are deemed to include a 
reference to section 2293 of this title. See section 2293(d)(1) of this 
title.

                          Codification

    Amendment by Pub. L. 98-473 is based on section 311(c) of H.R. 5119, 
Ninety-eighth Congress, as passed by the House of Representatives May 
10, 1984, which was enacted into permanent law by Pub. L. 98-473.


                            Prior Provisions

    A prior section 223 of Pub. L. 87-195, pt. I, Sept. 4, 1961, 75 
Stat. 431, as amended by Pub. L. 89-171, pt. I, Sec. 104(d), Sept. 6, 
1965, 79 Stat. 654; Pub. L. 90-137, pt. I, Sec. 104(c), Nov. 4, 1967, 81 
Stat. 451, contained definitions, prior to the general reorganization of 
this subpart by Pub. L. 91-175, pt. I, Sec. 105, Dec. 30, 1969, 83 Stat. 
807.


                               Amendments

    1998--Subsec. (j). Pub. L. 105-277 struck out at end ``The face 
value of guaranties issued with respect to housing in any country shall 
not exceed $25,000,000 in any fiscal year, and the average face value of 
guaranties issued in any fiscal year shall not exceed $15,000,000. Of 
the total amount of housing guaranties authorized to be issued under 
section 2182 of this title through September 30, 1982, not less than a 
face amount of $25,000,000 shall be issued for projects in Israel and 
not less than a face amount of $25,000,000 shall be issued for projects 
in Egypt.''
    1987--Subsec. (e)(2)(A)(ii). Pub. L. 100-202 substituted 
``$100,000,000'' for ``$40,000,000''.
    1984--Subsec. (e). Pub. L. 98-473 designated existing provisions as 
par. (1) and added par. (2).
    1981--Subsec. (b). Pub. L. 97-113 provided for maintenance of a 
revolving fund account in the Treasury consisting of fees, earnings from 
fees, and income from guaranty operations and authorized investment of 
account funds in obligations of the United States and use of investment 
income.
    1979--Subsec. (f). Pub. L. 96-53, Sec. 112(c), substituted ``the 
Department of Housing and Urban Development'' for ``such Department'', 
and struck out provisions setting forth minimum rate of interest as not 
less than one-half of one per centum above the then current rate on 
mortgages insured by the Department of Housing and Urban Development.
    Subsec. (j). Pub. L. 96-53, Sec. 112(d), struck out requirement that 
except for regional projects, guarantees for housing projects be granted 
to countries receiving or which have received in the two previous years 
assistance under part I of this subchapter and substituted provisions 
authorizing face amounts of housing guarantees through September 30, 
1982 of not less than $25,000,000 for Israel and Egypt for provisions 
authorizing face amounts of housing guarantees until September 30, 1978 
of an amount not to exceed $75,000,000 in Israel and $30,000,000 in 
Portugal and Lebanon.
    1978--Subsec. (a). Pub. L. 95-424, Sec. 115(c), substituted 
``section 2182 or 2182a'' for ``section 2181, 2182, or 2182a''.
    Subsec. (b). Pub. L. 95-424, Sec. 115(d), struck out ``2181 or'' 
after ``guarantees issued under section''; substituted ``section 2182 of 
this title and administering housing guaranties heretofore authorized 
under this subpart and under'' for ``section 2181 and section 2182 of 
this title and of''; struck out ``2181 or'' after ``made pursuant to 
section'', and inserted ``this subpart'' after ``heretofore pursuant 
to''.
    Subsec. (c). Pub. L. 95-424, Sec. 115(e), struck out ``section 2181 
or'' after ``guaranties issued under'', and inserted ``under this 
subpart or'' after ``heretofore''.
    Subsec. (d). Pub. L. 95-424, Sec. 115(f), substituted ``section 2182 
or 2182a'' for ``section 2181, 2182, 2182a'', and inserted ``under this 
subpart'' after ``heretofore''.
    Subsec. (f). Pub. L. 95-424, Sec. 115(g), substituted ``section 
2182'' for ``section 2181 or 2182''.
    Subsec. (g). Pub. L. 95-424, Sec. 115(h), inserted ``heretofore 
under this subpart'' after ``outstanding''.
    Subsec. (i). Pub. L. 95-424, Sec. 115(i), struck out subsec. (i) 
directing that the authority of sections 2181 and 2182 of this title 
shall continue until Sept. 30, 1979.
    Subsec. (j). Pub. L. 95-424, Sec. 115(j), substituted ``section 
2182'' for ``sections 2181 and 2182''.
    1977--Subsec. (b). Pub. L. 95-88, Sec. 117(b)(2), substituted 
``together with all fees collected in connection with guaranties issued 
under section 2181 or 2182 of this title or under prior housing guaranty 
authorities'' for ``together with all fees collected in connection with 
guaranties issued hereunder'' and inserted provision that fees collected 
in connection with guaranties issued under section 2182a of this title 
shall likewise be available to meet similar expenses, costs, or 
liabilities incurred in connection with the programs authorized by that 
section.
    Subsec. (i). Pub. L. 95-88, Sec. 117(a)(3), substituted ``September 
30, 1979'' for ``September 30, 1978''.
    Subsec. (j). Pub. L. 95-88, Sec. 117(c), substituted ``September 30, 
1978'' for ``September 30, 1977'', ``$75,000,000'' for ``$50,000,000'' 
in provisions relating to housing guaranties in Israel, ``$30,000,000'' 
for ``$20,000,000'' in provisions relating to housing guaranties in 
Portugal, and ``$30,000,000'' for ``$15,000,000'' in provisions relating 
to housing guaranties in Lebanon.
    1976--Subsec. (j). Pub. L. 94-329 authorized President to issue 
housing guaranties until September 30, 1977, in Lebanon, not exceeding a 
face amount of $15,000,000.
    1975--Subsec. (i). Pub. L. 94-161, Sec. 311(5)(A), substituted 
``September 30, 1978'' for ``June 30, 1976''.
    Subsec. (j). Pub. L. 94-161, Sec. 311(5)(B), added subsec. (j).
    1974--Subsec. (a). Pub. L. 93-559, Sec. 8(a)(3), inserted reference 
to section 2182a of this title.
    Subsec. (b). Pub. L. 93-559, Sec. 8(a)(4), substituted in first 
sentence ``section 2181 and section 2182 of this title'' for ``this 
subpart''.
    Subsec. (d). Pub. L. 93-559, Sec. 8(a)(5), substituted ``section 
2181, 2182, 2182a, or previously under section 2200 of this title'' for 
``section 2181 or section 2182 of this title''.
    Subsec. (i). Pub. L. 93-559, Sec. 7(2), substituted ``June 30, 
1976'' for ``June 30, 1975''.
    1973--Subsec. (i). Pub. L. 93-189 substituted ``June 30, 1975'' for 
``June 30, 1974''.
    1972--Subsec. (i). Pub. L. 92-226 substituted ``June 30, 1974'' for 
``June 30, 1972''.


                    Effective Date of 1984 Amendment

    Section 311(d) of H.R. 5119, as passed by the House of 
Representatives on May 10, 1984, and enacted into permanent law by 
section 101(1) [title V, Sec. 541(a)] of Pub. L. 98-473 provided that: 
``The amendment made by subsection (c) of this section [amending this 
section] shall take effect on the date of enactment of this Act [Oct. 
12, 1984].''


                    Effective Date of 1979 Amendment

    Amendment by Pub. L. 96-53 effective Oct. 1, 1979, see section 
512(a) of Pub. L. 96-53, set out as a note under section 2151 of this 
title.


                    Effective Date of 1978 Amendment

    Amendment by Pub. L. 95-424 effective Oct. 1, 1978, see section 605 
of Pub. L. 95-424, set out as a note under section 2151 of this title.

                         Delegation of Functions

    For delegation of functions of President under this section, see Ex. 
Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a 
note under section 2381 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 2182a, 2186, 2195 of this 
title.
