
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC2362]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
            CHAPTER 24--DISPOSAL OF ATOMIC ENERGY COMMUNITIES
 
                         SUBCHAPTER V--FINANCING
 
Sec. 2362. Financing by Commission


(a) Acceptance of residential property notes

    In the event that the Commission finds that financing on reasonable 
terms is not available from other sources, the Commission may, in order 
to facilitate the sale of residential property under subchapter IV of 
this chapter, accept, in partial payment of the purchase price of any 
such property notes secured by first mortgages on such terms and 
conditions as the Commission shall deem appropriate. In the case of 
houses and apartment buildings, the maturity and percentage of appraised 
value in connection with such notes and mortgages shall not exceed those 
prescribed under section 1715n(a) of title 12, and the interest rate 
shall equal the interest rate plus the premium being charged (and any 
periodic service charge being authorized by the Secretary of Housing and 
Urban Development for properties of similar character) under section 
1715n(a) of title 12, at the effective date of such notes and mortgages.

(b) Advances

    In connection with the sale of residential property financed under 
subsection (a) of this section, the Commission is authorized to make 
advances for necessary repairs, or for the rehabilitation, 
modernization, rebuilding or enlargement of single and duplex 
residential properties to priority purchasers, and to include such 
advances in the amount of the note secured by the mortgage on such 
property.

(c) Acceptance of commercial property notes

    In the event that the Commission finds that financing on reasonable 
terms is not available from other sources, the Commission may, in order 
to facilitate the sale of commercial property under subchapter IV of 
this chapter, accept, in partial payment of the purchase price of any 
commercial property notes secured by first mortgages on such terms and 
conditions as the Commission shall deem appropriate.

(d) Sale of notes and mortgages

    The Commission may sell any notes and mortgages acquired under 
subsections (a) and (c) of this section on terms set by the Commission. 
Notwithstanding any other provisions of law and without regard to the 
provisions of section 5 of title 41, the Commission may, in accordance 
with such terms and conditions as it may prescribe, (1) enter into 
contracts for servicing any of the notes and mortgages it has acquired, 
and (2) sell or enter into contracts to sell to a servicer any notes and 
mortgages with respect to which a servicing contract has been entered 
into by the servicer with the Commission: Provided, That with respect to 
sales of notes and mortgages under (2) the Commission shall comply with 
section 5 of title 41 unless it determines that such compliance would 
not be feasible.

(Aug. 4, 1955, ch. 543, ch. 6, Sec. 62, 69 Stat. 478; July 25, 1956, ch. 
731, Sec. 2, 70 Stat. 653; Pub. L. 87-719, Secs. 15, 16, Sept. 28, 1962, 
76 Stat. 665; Pub. L. 90-19, Sec. 11, May 25, 1967, 81 Stat. 23.)


                               Amendments

    1967--Subsec. (a). Pub. L. 90-19 substituted ``Secretary of Housing 
and Urban Development'' for ``Federal Housing Commissioner''.
    1962--Subsec. (a). Pub. L. 87-719, Sec. 15, substituted ``such 
property'' for ``house, apartment building, or dormitory''.
    Subsec. (d). Pub. L. 87-719, Sec. 16, inserted provisions respecting 
servicing contracts and compliance with advertising requirements for 
public purchases when feasible.
    1956--Subsec. (a). Act July 25, 1956, reenacted subsec. (a) without 
change.
    Subsecs. (b), (c). Act July 25, 1956, added subsecs. (b) and (c) and 
redesignated former subsec. (b) as (d).
    Subsec. (d). Act July 25, 1956, redesignated former subsec. (b) as 
(d) and included notes and mortgages acquired under subsec. (c) of this 
section.

                          Transfer of Functions

    Atomic Energy Commission abolished and functions transferred by 
sections 5814 and 5841 of this title. See also Transfer of Functions 
notes set out under those sections.

                  Section Referred to in Other Sections

    This section is referred to in sections 2311, 2348 of this title.
