
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: 42USC5312]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                    CHAPTER 69--COMMUNITY DEVELOPMENT
 
Sec. 5312. Use of grants for settlement of outstanding urban 
        renewal loans of units of general local government
        

(a) Limitation on amounts; prerequisites

    The Secretary is authorized, notwithstanding any other provision of 
this chapter, to apply a portion of the grants, not to exceed 20 per 
centum thereof without the request of the recipient, made or to be made 
under section 5303 of this title in any fiscal year pursuant to an 
allocation under section 5306 of this title to any unit of general local 
government toward payment of the principal of, and accrued interest on, 
any temporary loan made in connection with urban renewal projects under 
title I of the Housing Act of 1949 [42 U.S.C. 1450 et seq.] being 
carried out within the jurisdiction of such unit of general local 
government if--
        (1) the Secretary determines, after consultation with the local 
    public agency carrying out the project and the chief executive of 
    such unit of general local government, that the project cannot be 
    completed without additional capital grants, or
        (2) the local public agency carrying out the project submits to 
    the Secretary an appropriate request which is concurred in by the 
    governing body of such unit of general local government.

In determining the amounts to be applied to the payment of temporary 
loans, the Secretary shall make an accounting for each project taking 
into consideration the costs incurred or to be incurred, the estimated 
proceeds upon any sale or disposition of property, and the capital 
grants approved for the project.

(b) Approval by Secretary of financial settlement of urban renewal 
        project

    Upon application by any local public agency carrying out an urban 
renewal project under title I of the Housing Act of 1949 [42 U.S.C. 1450 
et seq.], which application is approved by the governing body of the 
unit of general local government in which the project is located, the 
Secretary may approve a financial settlement of such project if he finds 
that a surplus of capital grant funds after full repayment of temporary 
loan indebtedness will result and may authorize the unit of general 
local government to use such surplus funds, without deduction or offset, 
in accordance with the provisions of this chapter.

(Pub. L. 93-383, title I, Sec. 112, Aug. 22, 1974, 88 Stat. 650; Pub. L. 
97-35, title III, Sec. 309(k), Aug. 13, 1981, 95 Stat. 397; Pub. L. 98-
181, title I, Sec. 109, Nov. 30, 1983, 97 Stat. 1168; Pub. L. 98-479, 
title I, Sec. 101(a)(13)(A), Oct. 17, 1984, 98 Stat. 2220.)

                       References in Text

    The Housing Act of 1949, referred to in subsecs. (a) and (b), is act 
July 15, 1949, ch. 338, 63 Stat. 413, as amended. Title I of the Housing 
Act of 1949 was classified generally to subchapter II (Sec. 1450 et 
seq.) of chapter 8A of this title, and was omitted from the Code 
pursuant to section 5316 of this title which terminated authority to 
make grants or loans under such title I after Jan. 1, 1975. For complete 
classification of this Act to the Code, see Short Title note set out 
under section 1441 of this title and Tables.


                               Amendments

    1984--Subsec. (c). Pub. L. 98-479 struck out subsec. (c) which 
related to retention of program income and prerequisites.
    1983--Subsec. (c). Pub. L. 98-181 added subsec. (c).
    1981--Subsec. (a). Pub. L. 97-35 substituted ``5303'' for 
``5303(a)''.


                    Effective Date of 1983 Amendment

    Amendment by Pub. L. 98-181 applicable only to funds available for 
fiscal year 1984 and thereafter, see section 110(b) of Pub. L. 98-181, 
as amended, set out as a note under section 5316 of this title.


                    Effective Date of 1981 Amendment

    Amendment by Pub. L. 97-35 effective Oct. 1, 1981, see section 371 
of Pub. L. 97-35, set out as an Effective Date note under section 3701 
of Title 12, Banks and Banking.
