
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC1437z-2]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                      CHAPTER 8--LOW-INCOME HOUSING
 
            SUBCHAPTER I--GENERAL PROGRAM OF ASSISTED HOUSING
 
Sec. 1437z-2. Public housing mortgages and security interests


(a) General authorization

    The Secretary may, upon such terms and conditions as the Secretary 
may prescribe, authorize a public housing agency to mortgage or 
otherwise grant a security interest in any public housing project or 
other property of the public housing agency.

(b) Terms and conditions

    In making any authorization under subsection (a) of this section, 
the Secretary may consider--
        (1) the ability of the public housing agency to use the proceeds 
    of the mortgage or security interest for low-income housing uses;
        (2) the ability of the public housing agency to make payments on 
    the mortgage or security interest; and
        (3) such other criteria as the Secretary may specify.

(c) No Federal liability

    No action taken under this section shall result in any liability to 
the Federal Government.

(Sept. 1, 1937, ch. 896, title I, Sec. 30, as added Pub. L. 105-276, 
title V, Sec. 516, Oct. 21, 1998, 112 Stat. 2550.)


                             Effective Date

    Section effective and applicable beginning upon Oct. 1, 1999, except 
as otherwise provided, with provision that Secretary may implement 
section before such date except to extent otherwise provided, see 
section 503 of Pub. L. 105-276, set out as an Effective Date of 1998 
Amendment note under section 1437 of this title.
