134 
of Palau, and for other purposes’’ (48 U.S.C. 1931 et seq.) or any successor 
enactment. 
(b) GOAL OF PROGRAM.—The goal of the program shall be to establish 
historic and cultural preservation programs that meet the unique needs of 
each of those nations so that at the termination of the compacts the pro-
grams shall be firmly established. 
(c) BASIS OF ALLOCATING AMOUNTS.—The amounts to be made avail-
able under this subsection shall be allocated by the Secretary on the basis 
of needs as determined by the Secretary. 
(d) WAIVERS AND MODIFICATIONS.—The Secretary may waive or modify 
the requirements of this subdivision to conform to the cultural setting of 
those nations. Matching funds may be waived or modified. 
§ 302909. Prohibited use of grant amounts 
No part of any grant made under this subdivision shall be used to com-
pensate any person intervening in any proceeding under this division. 
§ 302910. Recordkeeping 
A recipient of assistance under this division shall keep— 
(1) such records as the Secretary shall prescribe, including records 
that fully disclose— 
(A) the disposition by the recipient of the proceeds of the assist-
ance; 
(B) the total cost of the project or undertaking in connection 
with which the assistance is given or used; and 
(C) the amount and nature of that portion of the cost of the 
project or undertaking supplied by other sources; and 
(2) such other records as will facilitate an effective audit. 
Chapter 3031—Historic Preservation Fund 
Sec. 
303101.
Establishment. 
303102.
Content. 
303103.
Use and availability. 
§ 303101. Establishment 
To carry out this division (except chapter 3041) and chapter 3121, there 
is established in the Treasury the Historic Preservation Fund. 
§ 303102. Contents 
For each of fiscal years 2012 to 2015, $150,000,000 shall be deposited 
in the Historic Preservation Fund from revenues due and payable to the 
United States under section 9 of the Outer Continental Shelf Lands Act (43 
U.S.C. 1338), section 7433(b) of title 10, or both, notwithstanding any pro-
vision of law that those proceeds shall be credited to miscellaneous receipts 
of the Treasury. 
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§ 303103. Use and availability 
Amounts in the Historic Preservation Fund shall be used only to carry 
out this division and shall be available for expenditure only when appro-
priated by Congress. Any amount not appropriated shall remain available 
in the Historic Preservation Fund until appropriated for those purposes. 
Appropriations made pursuant to this section may be made without fiscal 
year limitation. 
Chapters 3033 Through 3037—Reserved 
Chapter 3039—Miscellaneous 
Sec. 
303901.
Loan insurance program for preservation of property included on National Register. 
303902.
Training in, and dissemination of information concerning, professional methods and 
techniques for preservation of historic property. 
303903.
Preservation education and training program. 
§ 303901. Loan insurance program for preservation of prop-
erty included on National Register 
(a) ESTABLISHMENT.—The Secretary shall establish and maintain a pro-
gram by which the Secretary may, on application of a private lender, insure 
loans (including loans made in accordance with a mortgage) made by the 
lender to finance any project for the preservation of a property included on 
the National Register. 
(b) LOAN QUALIFICATIONS.—A loan may be insured under this section 
if— 
(1) the loan is made by a private lender approved by the Secretary 
as financially sound and able to service the loan properly; 
(2) the amount of the loan, and interest rate charged with respect 
to the loan, do not exceed the amount and rate established by the Sec-
retary by regulation; 
(3) the Secretary has consulted the appropriate State Historic Pres-
ervation Officer concerning the preservation of the historic property; 
(4) the Secretary has determined that the loan is adequately secured 
and there is reasonable assurance of repayment; 
(5) the repayment period of the loan does not exceed the lesser of 
40 years or the expected life of the asset financed; 
(6) the amount insured with respect to the loan does not exceed 90 
percent of the loss sustained by the lender with respect to the loan; 
and 
(7) the loan, the borrower, and the historic property to be preserved 
meet such other terms and conditions as may be prescribed by the Sec-
retary by regulation, especially terms and conditions relating to the na-
ture and quality of the preservation work. 
(c) CONSULTATION.—The Secretary shall consult with the Secretary of 
the Treasury regarding the interest rate of loans insured under this section. 
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136 
(d) LIMITATION
ON AMOUNT
OF UNPAID PRINCIPAL BALANCE
OF 
LOANS.—The aggregate unpaid principal balance of loans insured under 
this section may not exceed the amount that has been deposited in the His-
toric Preservation Fund but which has not been appropriated for any pur-
pose. 
(e) INSURANCE CONTRACTS.—Any contract of insurance executed by the 
Secretary under this section may be assignable, shall be an obligation sup-
ported by the full faith and credit of the United States, and shall be incon-
testable except for fraud or misrepresentation of which the holder had ac-
tual knowledge at the time it became a holder. 
(f) CONDITIONS AND METHODS OF PAYMENT AS RESULT OF LOSS.—The 
Secretary shall specify, by regulation and in each contract entered into 
under this section, the conditions and method of payment to a private lender 
as a result of losses incurred by the lender on any loan insured under this 
section. 
(g) PROTECTION
OF FINANCIAL INTERESTS
OF FEDERAL GOVERN-
MENT.—In entering into any contract to insure a loan under this section, 
the Secretary shall take steps to ensure adequate protection of the financial 
interests of the Federal Government. The Secretary may— 
(1) in connection with any foreclosure proceeding, obtain, on behalf 
of the Federal Government, the historic property securing a loan in-
sured under this section; and 
(2) operate or lease the historic property for such period as may be 
necessary to protect the interest of the Federal Government and to 
carry out subsection (h). 
(h) CONVEYANCE TO GOVERNMENTAL OR NONGOVERNMENTAL ENTITY 
OF PROPERTY ACQUIRED BY FORECLOSURE.— 
(1) ATTEMPT TO CONVEY TO ENSURE PROPERTY’S PRESERVATION 
AND USE.—In any case in which historic property is obtained pursuant 
to subsection (g), the Secretary shall attempt to convey the property 
to any governmental or nongovernmental entity under conditions that 
will ensure the property’s continued preservation and use. If, after a 
reasonable time, the Secretary, in consultation with the Council, deter-
mines that there is no feasible and prudent means to convey the prop-
erty and to ensure its continued preservation and use, the Secretary 
may convey the property at the fair market value of its interest in the 
property to any entity without restriction. 
(2) DISPOSITION OF FUNDS.—Any funds obtained by the Secretary 
in connection with the conveyance of any historic property pursuant to 
paragraph (1) shall be deposited in the Historic Preservation Fund and 
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shall remain available in the Historic Preservation Fund until appro-
priated by Congress to carry out this division. 
(i) ASSESSMENT OF FEES IN CONNECTION WITH INSURING LOANS.— 
The Secretary may assess appropriate and reasonable fees in connection 
with insuring loans under this section. The fees shall be deposited in the 
Historic Preservation Fund and shall remain available in the Historic Pres-
ervation Fund until appropriated by Congress to carry out this division. 
(j) TREATMENT OF LOANS AS NON-FEDERAL FUNDS.—Notwithstanding 
any other provision of law, any loan insured under this section shall be 
treated as non-Federal funds for the purposes of satisfying any requirement 
of any other provision of law under which Federal funds to be used for any 
project or activity are conditioned on the use of non-Federal funds by the 
recipient for payment of any portion of the costs of the project or activity. 
(k) INELIGIBILITY OF DEBT OBLIGATION FOR PURCHASE OR COMMIT-
MENT TO PURCHASE BY, OR SALE OR ISSUANCE TO, FEDERAL FINANCING 
BANK.—No debt obligation that is made or committed to be made, or that 
is insured or committed to be insured, by the Secretary under this section 
shall be eligible for purchase by, or commitment to purchase by, or sale or 
issuance to, the Federal Financing Bank. 
§ 303902. Training in, and dissemination of information con-
cerning, professional methods and techniques for 
preservation of historic property 
The Secretary shall develop and make available to Federal agencies, State 
and local governments, private organizations and individuals, and other na-
tions and international organizations pursuant to the World Heritage Con-
vention, training in, and information concerning, professional methods and 
techniques for the preservation of historic property and for the administra-
tion of the historic preservation program at the Federal, State, and local 
level. The Secretary shall also develop mechanisms to provide information 
concerning historic preservation to the general public including students. 
§ 303903. Preservation education and training program 
The Secretary, in consultation with the Council and other appropriate 
Federal, tribal, Native Hawaiian, and non-Federal organizations, shall de-
velop and implement a comprehensive preservation education and training 
program. The program shall include— 
(1) standards and increased preservation training opportunities for 
Federal workers involved in preservation-related functions; 
(2) preservation training opportunities for other Federal, State, trib-
al and local government workers, and students; 
(3) technical or financial assistance, or both, to historically black col-
leges and universities, to tribal colleges, and to colleges with a high en-
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