
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: 42USC3538]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
         CHAPTER 44--DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
Sec. 3538. Rescheduling and refinancing of Federal loans

    The Secretary of Housing and Urban Development is authorized to 
refinance any note or other obligation which is held by him in 
connection with any loan made by the Department of Housing and Urban 
Development or its predecessor in interest, or which is included within 
the revolving fund for liquidating programs established by the 
Independent Offices Appropriation Act of 1955 [12 U.S.C. 1701g-5], where 
he finds such refinancing necessary because of the loss, destruction, or 
damage (as a result of a major disaster) to property or facilities 
securing such obligations. The Secretary may authorize a suspension in 
the payment of principal and interest charges on, and an additional 
extension in the maturity of, any such loan for a period not to exceed 
five years if he determines that such action is necessary to avoid 
severe financial hardship.

(Pub. L. 91-606, title II, Sec. 236(b), Dec. 31, 1970, 84 Stat. 1754.)

                       References in Text

    The Independent Offices Appropriation Act of 1955, referred to in 
text, is act June 24, 1954, ch. 359, 68 Stat. 272. Provisions of the act 
which established the revolving fund for liquidating programs are 
classified to section 1701g-5 of Title 12, Banks and Banking. For 
complete classification of this Act to the Code, see Tables.

                          Codification

    Section was not enacted as part of the Department of Housing and 
Urban Development Act which comprises this chapter.
    Section was formerly classified to section 4455(b) of this title.


                             Effective Date

    Section effective Dec. 31, 1970, see section 304 of Pub. L. 91-606, 
set out as an Effective Date of 1970 Amendment note under section 165 of 
Title 26, Internal Revenue Code.

                  Section Referred to in Other Sections

    This section is referred to in title 15 section 636b.
