
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: 42USC1490d]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
       CHAPTER 8A--SLUM CLEARANCE, URBAN RENEWAL, AND FARM HOUSING
 
                      SUBCHAPTER III--FARM HOUSING
 
Sec. 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
        
    (a)(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 two 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, Sec. 524, as added Pub. L. 91-152, 
title IV, Sec. 413(f)(1), Dec. 24, 1969, 83 Stat. 399; amended Pub. L. 
93-383, title V, Sec. 513, Aug. 22, 1974, 88 Stat. 696; Pub. L. 96-399, 
title V, Sec. 507(f), Oct. 8, 1980, 94 Stat. 1670; Pub. L. 102-550, 
title VII, Sec. 715, Oct. 28, 1992, 106 Stat. 3842.)


                               Amendments

    1992--Subsec. (a). Pub. L. 102-550 designated existing provisions as 
par. (1), inserted par. heading, and added par. (2).
    1980--Subsec. (a). Pub. L. 96-399 inserted reference to Indian 
tribes.
    1974--Subsec. (a). Pub. L. 93-383 provided for applicability to 
public agencies and substituted ``any section of this subchapter or 
under any other law which provides financial assistance for housing low- 
and moderate-income families'' for ``section 1715z or 1715z-1 of title 
12 or section 1490a of this title''.

                  Section Referred to in Other Sections

    This section is referred to in sections 1479, 1483, 1487 of this 
title.
