Source: https://www.law.cornell.edu/uscode/text/42/1485?quicktabs_8=0
Timestamp: 2015-10-10 07:45:51
Document Index: 749348085

Matched Legal Cases: ['§ 515', '§ 4', '§ 501', '§ 1005', '§ 804', '§ 1', '§ 413', '§ 803', '§ 13', '§ 509', '§ 4', '§ 4', '§ 501', '§ 7', '§ 501', '§ 5', '§ 5', '§ 501', '§ 6', '§ 501', '§ 351', '§ 3', '§ 3', '§ 4', '§ 511', '§ 105', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3009', '§ 1', '§ 1', '§ 1', '§ 242', '§ 301', '§ 1042', '§ 7', '§ 207', '§ 402', '§ 701', '§ 743', '§ 4', '§ 701', '§ 4', '§ 734', '§ 735', '§ 599', '§ 704', '§ 2833', '§ 605', '§ 744', '§ 201', '§ 1437', '§ 599', '§ 599', '§ 735', '§ 735', '§ 735', '§ 735', '§ 735', '§ 734', '§ 4', '§ 734', '§ 734', '§ 734', '§ 734', '§ 734', '§ 734', '§ 734', '§ 4', '§ 734', '§ 701', '§ 707', '§ 707', '§ 707', '§ 707', '§ 707', '§ 708', '§ 708', '§ 708', '§ 707', '§ 707', '§ 707', '§ 701', '§ 712', '§ 712', '§ 712', '§ 712', '§ 712', '§ 713', '§ 207', '§ 402', '§ 301', '§ 242', '§ 242', '§ 242', '§ 242', '§ 316', '§ 306', '§ 242', '§ 263', '§ 307', '§ 512', '§ 512', '§ 512', '§ 511', '§ 512', '§ 512', '§ 512', '§ 512', '§ 512', '§ 503', '§ 501', '§ 502', '§ 507', '§ 501', '§ 508', '§ 508', '§ 508', '§ 510', '§ 509', '§ 510', '§ 804', '§ 805', '§ 804', '§ 805']

Limitations on cost increases after approval for project involving newly constructed or substantially rehabilitated units; applicable factors After approving a project involving newly constructed or substantially rehabilitated units under this section, the Secretary shall limit cost increases to those approved by the Secretary. The Secretary may approve those increases only for unforeseen factors beyond the owner’s control, design changes required by the Secretary or the local government, or changes in financing approved by the Secretary.
Contract preferences for providing units in newly constructed projects For the purpose of achieving the lowest cost in providing units in newly constructed projects assisted under this section, the Secretary shall give a preference in entering into contracts under this section for projects which are to be located on specific tracts of land provided by States, units of local government, or others if the Secretary determines that the tract of land is suitable for such housing, and that affording such preference will be cost effective.
Management fees The Secretary shall assure that management fees are not excessive when a project developed under this section is managed by the developer or an affiliate of the developer.
Determination of market feasibility of project For purposes of determining the market feasibility of any project to be assisted under this section—
in the case of any applicant whose project is expected to utilize any assistance under a program of a State, or political subdivision thereof, that is similar to such assistance payments under section 1490a of this title, the Secretary shall only require such applicant to demonstrate that—
Standards for housing and related facilities rehabilitated or repaired; establishment, criteria, etc. The Secretary shall establish standards for housing and related facilities rehabilitated or repaired with amounts received under a loan made or insured under this section. Standards established by the Secretary under this subsection shall provide that except for substantial rehabilitation the particular items or systems repaired or rehabilitated must meet appropriate levels of quality or performance comparable to those levels prescribed by the Secretary of Housing and Urban Development for rehabilitation, but shall not require that such items or systems or the remainder of the property meet the standards which are applicable to new construction. The Secretary shall ensure that standards prescribed under this subsection provide decent, safe, and sanitary housing and related facilities.
Assistance to projects located on more than one site The Secretary may not deny assistance under this section or section 1490a of this title on the basis that the project involved is to be located on more than one site.
Rental assistance payments as affecting assistance to projects or occupancy by eligible persons The Secretary may not (1)
deny assistance under this section on the basis that rental assistance payments under section 1490a of this title may be required unless the authority to provide such assistance is not available; or (2)
promulgate any regulation that would have the effect of denying occupancy to eligible persons on the basis that such persons require rental assistance payments under section 1490a of this title.
Occupancy by low income persons and families other than very low-income persons and families (1)
To the extent assistance is available under section 1490a
(a)(2) of this title, not more than 25 per centum of the dwelling units which were available for occupancy under this section prior to November 30, 1983, and which will be leased on or after November 30, 1983, shall be available for leasing by low income persons and families other than very low-income persons and families.
(a)(2) of this title, not more than 5 per centum of the dwelling units which become available for occupancy under this section on or after November 30, 1983, shall be available for leasing by low income persons and families other than very low-income persons and families.
In projects financed under this section, units that have been allocated a low-income housing tax credit by a housing credit agency pursuant to section 42 of title 26 shall not be available for occupancy by persons or families other than persons or families with incomes not in excess of the qualifying income applicable to such units pursuant to subparagraph (A) or (B) of section 42
(g)(1) of title 26.
The Secretary shall coordinate the processing of any application for a loan under this section for a project and the processing of any application for assistance under section 1490a
(a)(2) of this title with respect to housing units in the same project in an economical and efficient manner. At the time the Secretary enters into a commitment to make or insure a loan under this section the Secretary shall obligate amounts for assistance payments under section 1490a
(a)(2) of this title for the project, to the extent that such amounts are available and the Secretary determines such assistance is necessary for the market feasibility of the project.
Determination of income of person or family occupying financed housing In determining the income of a person or family occupying housing financed under this section, the Secretary shall consider the value of that person’s or family’s assets in the same manner as the Secretary of Housing and Urban Development considers such value for the purpose of the United States Housing Act of 1937 [42 U.S.C. 1437 et seq.].
Operating reserve and equity contribution requirements; regulations to implement adjustment by negotiated rulemaking procedure (1)
Not later than 60 days after August 6, 1996, the Secretary shall issue regulations to implement subsection (r)(2) of this section in accordance with the negotiated rulemaking procedures set forth in subchapter III of chapter 5 of title 5: Provided, That if the negotiated rulemaking is not completed within the designated time, the Secretary shall proceed to promulgate regulations under the rulemaking authority contained in section 557 of title 5.
Limitation of fees on loans No fee other than a late fee may be imposed by or for the Secretary or any other Federal agency on or with respect to a loan made or insured under this section.
Equity takeout loans (1)
Authority The Secretary is authorized to guarantee an equity loan (in the form of a supplemental loan) to an owner of housing financed with a loan made or insured under subsection (b) of this section, only if the Secretary determines, after taking into account local market conditions, that there is reasonable likelihood that the housing will continue as decent, safe, and sanitary housing for the remaining life of the original loan on the project made or insured under subsection (b) of this section and that such an equity loan is—
Timing The Secretary is authorized to guarantee an equity loan under this subsection after the expiration of the 20-year period beginning on the date that an existing loan under subsection (b) of this section was made or insured. Not more than one equity loan under this subsection may be provided for any project.
Amount of the takeout The amount of an equity loan under this subsection shall not exceed the difference between the outstanding principal on debt secured by the project and 90 percent of the appraised value of the project. The appraised value of the project shall be determined by 2 independent appraisers, 1 of whom shall be selected by the Secretary and 1 of whom shall be selected by the owner. If the 2 appraisers fail to agree on the value of the project, the Secretary and the owner shall jointly select a third appraiser whose appraisal shall be binding on the Secretary and the owner. The amount of the equity loan shall not exceed 30 percent of the amount of the original appraised value of the project made or insured under subsection (b) of this section.
Submission of plan An owner requesting an equity loan under this subsection shall submit a plan acceptable to the Secretary to ensure that the cost of amortizing an equity loan under paragraph (1) does not result in the displacement of very-low-income tenants or substantially alter the income mix of the tenants in the project.
Regulations The Secretary shall issue final regulations within 180 days from December 15, 1989.
Effective date The requirements of this subsection shall apply to any loan obligated under this section on or after December 15, 1989. This subsection shall not require retroactive reserve account payments with respect to any loan that was obligated on or after December 15, 1989, and on or before June 16, 1990, but reserve account payments shall be required for such loans beginning on November 28, 1990.
Reuse of loan authority Loan authority that is obligated under this section but that is not expended due to any action that removes the original borrower, may be reallocated to a different borrower during the same fiscal year in which the loan authority was obligated. Any loan authority under this section appropriated or made available within limits established in appropriations Acts shall remain available until expended.
Assumption of loans The Secretary may provide for the assumption or transfer of a loan or loan obligation under this section to any person or entity qualified to receive a loan or loan obligation under this section in any case of default or foreclosure with respect to the original borrower. The Secretary shall provide in each assumption or transfer under this subsection for the assumption of the obligations, rights, and interests under the terms of the loan or loan obligation or such other terms as the Secretary determines appropriate.
Set-aside of rural rental housing funds (1)
Authority Except as provided in paragraph (2), the Secretary shall set aside from amounts made available for each State for loans under this section, not less than 9 percent of the amounts available in each fiscal year. Amounts set aside shall be available only for nonprofit entities in the State, which may not be wholly or partially owned or controlled by a for-profit entity. A partnership, that has as its general partner a nonprofit entity or the nonprofit entity’s for-profit subsidiary, is eligible to receive funds set aside under this subsection to sponsor a project which is receiving low-income housing tax credits authorized under section 42 of title 26. For the purposes of this subsection, a nonprofit entity is an organization that—
is a private organization that has nonprofit, tax exempt status under section 501
(c)(3) orsection 501
(c)(4) of title 26;
Minimum State set-aside If the amount set aside under paragraph (1) for any State is less than $750,000 in any fiscal year, the Secretary shall pool such amount together with set-aside amounts from other States whose set-aside is less than $750,000, and shall make such amounts available for such eligible entities under paragraph (1) in any such State. The Secretary shall establish a procedure to provide that any amounts pooled under this paragraph from the allocation for any State in any fiscal year that are not obligated during a reasonable period in such year shall be made available for any such eligible entities under paragraph (1) in such State. The Secretary may provide amounts available for reallocation under this subsection in excess of $750,000 in a given State, if such amounts are necessary to finance a project under this section.
Unused amounts (A)
Equitable distribution Any amounts set aside under this subsection from the allocation for any State that are not obligated by 9 months after the allocation, shall first be pooled and made available to any other eligible nonprofit entity in any State as defined in this subsection. The Secretary shall make reasonable efforts to ensure that pooled funds are distributed under this subparagraph in an equitable manner.
Return to the States After funds have been pooled and obligated for 30 days, the Secretary shall return any remaining funds to the States on a proportional basis for use by any other eligible entity as defined in this section.
Uniform project costs; coordination of housing resources and tax benefits The Secretary shall—
establish standard guidelines for State offices that describe allowable development costs which are required for development of all projects under this section, without regard to whether the project was allocated a low-income housing tax credit;
develop, in consultation with housing credit agencies (as that term is defined under section 42 of title 26), uniform procedures for identifying and sharing information on project costs, builder profit, identity of interests relationships, and other factors, as appropriate, with the relevant housing credit agency for projects that are allocated a low-income housing tax credit pursuant to section 42
(h) of title 26 for the purpose of achieving compliance with section 3545
Service coordinators (1)
Grants The Secretary may make grants under this subsection, with respect to any project that the Secretary determines has a sufficient number of frail elderly residents, for the cost of employing or otherwise retaining the services of one or more individuals to coordinate services provided to frail elderly residents of the project (in this subsection referred to as a “service coordinator”), who shall be responsible for—
Qualifications Individuals employed as service coordinators pursuant to this subsection shall meet the minimum qualifications and standards established under section 8011
(d)(4) of this title for service coordinators under a congregate housing services program.
Application and selection The Secretary shall provide for the form and manner of applications for grants under this subsection and for the selection of applicants to receive the grants.
“Frail elderly” defined For purposes of this subsection, the term “frail elderly” has the meaning given the term in section 8011
Accounting and recordkeeping requirements (1)
Accounting standards The Secretary shall require that borrowers in programs authorized by this section maintain accounting records in accordance with generally accepted accounting principles for all projects that receive funds from loans made or guaranteed by the Secretary under this section.
Record retention requirements The Secretary shall require that borrowers in programs authorized by this section retain for a period of not less than 6 years and make available to the Secretary in a manner determined by the Secretary, all records required to be maintained under this subsection and other records identified by the Secretary in applicable regulations.
Double damages for unauthorized use of housing projects assets and income (1)
Action to recover assets or income (A)
In general The Secretary may request the Attorney General to bring an action in a United States district court to recover any assets or income used by any person in violation of the provisions of a loan made or guaranteed by the Secretary under this section or in violation of any applicable statute or regulation.
Improper documentation For purposes of this subsection, a use of assets or income in violation of the applicable loan, loan guarantee, statute, or regulation shall include any use for which the documentation in the books and accounts does not establish that the use was made for a reasonable operating expense or necessary repair of the project or for which the documentation has not been maintained in accordance with the requirements of the Secretary and in reasonable condition for proper audit.
Definition For the purposes of this subsection, the term “person” means—
Amount recoverable (A)
In general In any judgment favorable to the United States entered under this subsection, the Attorney General may recover double the value of the assets and income of the project that the court determines to have been used in violation of the provisions of a loan made or guaranteed by the Secretary under this section or any applicable statute or regulation, plus all costs related to the action, including reasonable attorney and auditing fees.
Application of recovered funds Notwithstanding any other provision of law, the Secretary may use amounts recovered under this subsection for activities authorized under this section and such funds shall remain available for such use until expended.
Time limitation Notwithstanding any other provision of law, an action under this subsection may be commenced at any time during the 6-year period beginning on the date that the Secretary discovered or should have discovered the violation of the provisions of this section or any related statutes or regulations.
Continued availability of other remedies The remedy provided in this subsection is in addition to and not in substitution of any other remedies available to the Secretary or the United States.
So in original. The word “for” probably should appear.
(July 15, 1949, ch. 338, title V, § 515, as added Pub. L. 87–723, § 4(b),Sept. 28, 1962, 76 Stat. 671; amended Pub. L. 88–340, June 30, 1964, 78 Stat. 233; Pub. L. 88–560, title V, § 501(d)Sept. 2, 1964, 78 Stat. 796; Pub. L. 89–117, title X, § 1005(c),Aug. 10, 1965, 79 Stat. 501; Pub. L. 89–754, title VIII, §§ 804, 805,Nov. 3, 1966, 80 Stat. 1282; Pub. L. 91–78, § 1,Sept. 30, 1969, 83 Stat. 125; Pub. L. 91–152, title IV, § 413(a),Dec. 24, 1969, 83 Stat. 398; Pub. L. 91–609, title VIII, § 803(c),Dec. 31, 1970, 84 Stat. 1807; Pub. L. 93–117, § 13(b),Oct. 2, 1973, 87 Stat. 423; Pub. L. 93–383, title V, §§ 509(b), 510,Aug. 22, 1974, 88 Stat. 695; Pub. L. 95–60, § 4(b),June 30, 1977, 91 Stat. 258; Pub. L. 95–80, § 4(b),July 31, 1977, 91 Stat. 340; Pub. L. 95–128, title V, §§ 501(b), 507(a)(3), 508,Oct. 12, 1977, 91 Stat. 1138, 1140, 1141; Pub. L. 95–406, § 7(b),Sept. 30, 1978, 92 Stat. 881; Pub. L. 95–557, title V, § 501(e),Oct. 31, 1978, 92 Stat. 2111; Pub. L. 96–71, § 5(b),Sept. 28, 1979, 93 Stat. 502; Pub. L. 96–105, § 5(b),Nov. 8, 1979, 93 Stat. 795; Pub. L. 96–153, title V, § 501(f),Dec. 21, 1979, 93 Stat. 1134; Pub. L. 96–372, § 6(b),Oct. 3, 1980, 94 Stat. 1364; Pub. L. 96–399, title V, §§ 501(b), 502, 503, 507(c),Oct. 8, 1980, 94 Stat. 1668, 1670; Pub. L. 97–35, title III, § 351(b),Aug. 13, 1981, 95 Stat. 420; Pub. L. 97–289, § 3(a),Oct. 6, 1982, 96 Stat. 1231; Pub. L. 98–35, § 3(a),May 26, 1983, 97 Stat. 198; Pub. L. 98–109, § 4(a),Oct. 1, 1983, 97 Stat. 746; Pub. L. 98–181, title I[title V, §§ 511(b), 512], Nov. 30, 1983, 97 Stat. 1244; Pub. L. 98–479, title I, § 105(e),Oct. 17, 1984, 98 Stat. 2227; Pub. L. 99–120, § 3(a),Oct. 8, 1985, 99 Stat. 503; Pub. L. 99–156, § 3(a),Nov. 15, 1985, 99 Stat. 816; Pub. L. 99–219, § 3(a),Dec. 26, 1985, 99 Stat. 1731; Pub. L. 99–267, § 3(a),Mar. 27, 1986, 100 Stat. 74; Pub. L. 99–272, title III, § 3009(a),Apr. 7, 1986, 100 Stat. 105; Pub. L. 99–289, § 1(b),May 2, 1986, 100 Stat. 412; Pub. L. 99–345, § 1,June 24, 1986, 100 Stat. 673; Pub. L. 99–430, Sept. 30, 1986, 100 Stat. 986; Pub. L. 100–122, § 1,Sept. 30, 1987, 101 Stat. 793; Pub. L. 100–154, Nov. 5, 1987, 101 Stat. 890; Pub. L. 100–170, Nov. 17, 1987, 101 Stat. 914; Pub. L. 100–179, Dec. 3, 1987, 101 Stat. 1018; Pub. L. 100–200, Dec. 21, 1987, 101 Stat. 1327; Pub. L. 100–242, title II, §§ 242, 263, title III, §§ 301(e), 306, 307, 316(c),Feb. 5, 1988, 101 Stat. 1890, 1891, 1893, 1895, 1896, 1898; Pub. L. 100–628, title X, § 1042,Nov. 7, 1988, 102 Stat. 3273; Pub. L. 101–137, § 7(a),Nov. 3, 1989, 103 Stat. 825; Pub. L. 101–235, title II, § 207, title IV, § 402,Dec. 15, 1989, 103 Stat. 2042, 2048; Pub. L. 101–625, title VII, §§ 701(e), 712, 713,Nov. 28, 1990, 104 Stat. 4282, 4291, 4292; Pub. L. 102–142, title VII, § 743(a),Oct. 28, 1991, 105 Stat. 915; Pub. L. 102–230, § 4,Dec. 12, 1991, 105 Stat. 1721; Pub. L. 102–550, title VII, §§ 701(e), 707
(a)–(f)(1), 708(a), Oct. 28, 1992, 106 Stat. 3834, 3836–3839; Pub. L. 104–120, § 4(b), (c),Mar. 28, 1996, 110 Stat. 835; Pub. L. 104–180, title VII, § 734(a), (c)(1), (2), (3)(C), (d), (e)(2),Aug. 6, 1996, 110 Stat. 1601–1603; Pub. L. 105–86, title VII, § 735(b),Nov. 18, 1997, 111 Stat. 2110; Pub. L. 105–276, title V, § 599C(b),Oct. 21, 1998, 112 Stat. 2661; Pub. L. 106–569, title VII, § 704,Dec. 27, 2000, 114 Stat. 3014; Pub. L. 110–289, div. B, title VIII, § 2833,July 30, 2008, 122 Stat. 2868.)
Section 1928 of title 7, referred to in subsec. (b)(3), was amended generally by Pub. L. 104–127, title VI, § 605,Apr. 4, 1996, 110 Stat. 1086, and, as so amended, consists of subsecs. (a) and (b) which are substantially similar to provisions formerly contained in the third sentence of such section.
(f)(1) of title 7, referred to in subsec. (b)(3), was repealed and section 1929(f)(2) was redesignated section 1929(f)(1) by Pub. L. 104–127, title VII, § 744,Apr. 4, 1996, 110 Stat. 1125.
The United States Housing Act of 1937, referred to in subsec. (q), is act Sept. 1, 1937, ch. 896, as revised generally by Pub. L. 93–383, title II, § 201(a),Aug. 22, 1974, 88 Stat. 653, and amended, which is classified generally to chapter 8 (§ 1437 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1437 of this title and Tables.
Section 203(a) ofPub. L. 100–242, as amended, which was formerly set out in a note under section 1715l of Title 12, Banks and Banking, and which provided that on Nov. 28, 1990, the amendment made by section 263 ofPub. L. 100–242is repealed and section is to read as it would without such amendment, was omitted in the general amendment of subtitle A of title II of Pub. L. 100–242by Pub. L. 101–625.
2000—Subsec. (z). Pub. L. 106–569added subsec. (z) and struck out heading and text of former subsec. (z). Text read as follows: “Whoever, as an owner, agent, or manager, or who is otherwise in custody, control, or possession of property that is security for a loan made or insured under this section willfully uses, or authorizes the use, of any part of the rents, assets, proceeds, income, or other fund derived from such property, for any purpose other than to meet actual or necessary expenses of the property, or for any other purpose not authorized by this subchapter or the regulations adopted pursuant to this subchapter, shall be fined not more than $250,000 or imprisoned not more than 5 years, or both.”
Subsec. (aa). Pub. L. 106–569added subsec. (aa).
1998—Subsec. (b)(4) to (7). Pub. L. 105–276, § 599C(b)(1), redesignated pars. (5) to (7) as (4) to (6), respectively, and struck out former par. (4) which read as follows: “no loan shall be insured under this subsection after September 30, 1998;”.
Subsec. (w)(1). Pub. L. 105–276, § 599C(b)(2), substituted “each fiscal year” for “fiscal year 1998” in first sentence.
1997—Subsec. (a)(2). Pub. L. 105–86, § 735(b)(3)(A), substituted “up to 30 years” for “up to fifty years”.
Subsec. (b)(2). Pub. L. 105–86, § 735(b)(3)(B)(i), added par. (2) and struck out former par. (2) which read as follows: “provide for complete amortization by periodic payments within such term as the Secretary may prescribe;”.
Subsec. (b)(4). Pub. L. 105–86, § 735(b)(1), substituted “September 30, 1998” for “September 30, 1997”.
Subsec. (b)(7). Pub. L. 105–86, § 735(b)(3)(B)(ii)–(iv), added par. (7).
Subsec. (w)(1). Pub. L. 105–86, § 735(b)(2), substituted “fiscal year 1998” for “fiscal year 1997”.
1996—Subsec. (b)(4). Pub. L. 104–180, § 734(a)(1), substituted “September 30, 1997” for “September 30, 1996”.
Pub. L. 104–120, § 4(b), substituted “September 30, 1996” for “September 30, 1994”.
Subsec. (c)(1). Pub. L. 104–180, § 734(c)(3)(C), substituted “December 15, 1989” for “December 21, 1979”.
Subsec. (h). Pub. L. 104–180, § 734(c)(1), added subsec. (h).
Subsec. (r). Pub. L. 104–180, § 734(d)(1), added subsec. (r) and struck out former subsec. (r) which read as follows: “The Secretary—
Subsec. (t)(4). Pub. L. 104–180, § 734(c)(2), redesignated par. (6) as (4) and struck out heading and text of former par. (4). Text read as follows: “For each initial loan made or insured under subsection (b) of this section pursuant to a contract entered into after the date this subsection takes effect, the owner shall make monthly payments from project income to the Secretary for deposit in a reserve account for the project. Such monthly payments shall, in the first year after the loan is made or insured, equal $2 for each unit in the project, and shall increase by $2 annually until the expiration of the 20-year period beginning on the date that the loan was made or insured, except that such initial payments, any accrued payments, and annual increases shall not be required for a unit occupied by a low-income family or individual who is paying more than 30 percent of the family’s or individual’s adjusted income in rent. The rent on a unit for which payment is made under this paragraph shall be increased by the amount of such payment.”
Subsec. (t)(5). Pub. L. 104–180, § 734(c)(2), redesignated par. (7) as (5) and struck out former par. (5) which read as follows:
“(B) The Secretary shall make available amounts in the reserve account only for payments of principal and interest on an equity loan under this subsection. Such payments shall be in amounts necessary to ensure that rent payments made by low-income families residing in the housing do not exceed the maximum rent under section 1490a
“(C) Any payments to the account, and interest on such payments, not expended in the project from which such payments were made, shall be used in other projects to make payments of principal and interest on an equity loan under this subsection. Such payments shall be in amounts necessary to ensure that rent payments made by low-income families residing in the housing do not exceed the maximum rent under section 1490a
Subsec. (t)(6) to (8). Pub. L. 104–180, § 734(c)(2)(B), redesignated pars. (6) to (8) as (4) to (6), respectively.
Subsec. (w)(1). Pub. L. 104–180, § 734(a)(2), substituted “fiscal year 1997” for “fiscal year 1996”.
Pub. L. 104–120, § 4(c), substituted “fiscal year 1996” for “fiscal years 1993 and 1994”.
Subsec. (z). Pub. L. 104–180, § 734(d)(2), (e)(2), added subsec. (z) and struck out heading and text of former subsec. (z). Text consisted of 3 pars. which denied Secretary authority to refuse to make complying loan solely because facilities were in rural or remote area or to provide preference for project based on availability of particular essential service and required Secretary to give preference to proposed projects serving rural communities 20 or more miles from an urban area.
1992—Subsec. (b)(4). Pub. L. 102–550, § 701(e), substituted “1994” for “1992”.
Subsec. (e)(4). Pub. L. 102–550, § 707(a), struck out “and” before “initial operating expenses up to”, inserted “, impact fees, local charges for installation, provision, or use of infrastructure, and local assessments for public improvements and services imposed by State and local governments” after “approved by the Secretary”, and inserted at end “Notwithstanding the first sentence of this paragraph, the term ‘development cost’ shall not include any initial operating expenses in the case of any nonprofit corporation or consumer cooperative that is financing housing under this section and has been allocated a low-income housing tax credit by a housing credit agency pursuant to section 42 of title 26.”
Subsec. (l)(1). Pub. L. 102–550, § 707(b)(1), added par. (1) and struck out former par. (1) which read as follows: “in the case of any applicant whose project is expected to utilize rental assistance payments under section 1490a of this title, the Secretary shall only require such applicant to demonstrate that a market exists for persons and families eligible for such rental assistance payments; and”.
Subsec. (p)(4). Pub. L. 102–550, § 707(b)(2)(1), substituted period at end for “, except when the Secretary determines that the continued vacancy of units that have been unoccupied for at least 6 months threatens the financial viability of the project. The preceding sentence shall not be interpreted as authorizing the Secretary to—
“(A) limit the ability of a housing credit agency to require an owner of housing, in order to receive a low-income housing tax credit, to enter into a restrictive covenant, in such form and for such period as the housing credit agency deems appropriate, to maintain the occupancy characteristics of the project as prescribed in section 42
(h)(6) of title 26; or
Subsec. (p)(5). Pub. L. 102–550, § 707(b)(2)(2), added par. (5).
Subsec. (r)(2). Pub. L. 102–550, § 707(c), inserted before period at end “, except that the Secretary shall require a 5 percent contribution in the case of a project that is allocated a low-income housing tax credit pursuant to section 42 of title 26”.
Subsec. (w)(1). Pub. L. 102–550, § 708(a)(1)–(3), substituted “not less than 9 percent of the amounts available in fiscal years 1993 and 1994” for “not less than 7 percent of the amounts available in fiscal year 1991 and not less than 9 percent of the amounts available in fiscal year 1992” in first sentence, struck out “or under whole or partial control with a for-profit entity” after “by a for-profit entity” in second sentence, and inserted at end “A partnership, that has as its general partner a nonprofit entity or the nonprofit entity’s for-profit subsidiary, is eligible to receive funds set aside under this subsection to sponsor a project which is receiving low-income housing tax credits authorized under section 42 of title 26. For the purposes of this subsection, a nonprofit entity is an organization that—” and subpars. (A) to (D).
Subsec. (w)(2). Pub. L. 102–550, § 708(a)(4), inserted at end “The Secretary may provide amounts available for reallocation under this subsection in excess of $750,000 in a given State, if such amounts are necessary to finance a project under this section.”
Subsec. (w)(3). Pub. L. 102–550, § 708(a)(5), added par. (3) and struck out heading and text of former par. (3). Text read as follows: “Any amounts set aside or pooled under this subsection from the allocation for any State in any fiscal year that are not obligated by a reasonable date established by the Secretary (which shall be after the expiration of the period under paragraph (2)) shall be made available to any entity eligible under this section in such State.”
Subsec. (x). Pub. L. 102–550, § 707(d), added subsec. (x).
Subsec. (y). Pub. L. 102–550, § 707(e), added subsec. (y).
Subsec. (z). Pub. L. 102–550, § 707(f)(1), added subsec. (z).
1991—Subsec. (b)(4). Pub. L. 102–142substituted “1992” for “1991”.
Subsec. (p)(4). Pub. L. 102–230inserted at end “The preceding sentence shall not be interpreted as authorizing the Secretary to—” and subpars. (A) and (B).
1990—Subsec. (b)(4). Pub. L. 101–625, § 701(e), substituted “1991” for “1990”.
Subsec. (t)(3). Pub. L. 101–625, § 712(a)(1), substituted “original appraised value of the project” for “original loan on the project”.
Subsec. (t)(4). Pub. L. 101–625, § 712(a)(2), inserted “initial” before “loan” in first sentence and inserted “initial payments, any accrued payments, and” after “except that such” in second sentence.
Subsec. (t)(8). Pub. L. 101–625, § 712(a)(3), added par. (8) and struck out former par. (8) which read as follows: “The requirements of this subsection shall apply to any applications for assistance under this section on or after the expiration of 180 days from December 15, 1989.”
Subsec. (u). Pub. L. 101–625, § 712(b), inserted at end “Any loan authority under this section appropriated or made available within limits established in appropriations Acts shall remain available until expended.”
Subsec. (v). Pub. L. 101–625, § 712(c), added subsec. (v).
Subsec. (w). Pub. L. 101–625, § 713, added subsec. (w).
1989—Subsec. (b)(4). Pub. L. 101–137substituted “September 30, 1990” for “September 30, 1989”.
Subsec. (t). Pub. L. 101–235, § 207, added subsec. (t).
Subsec. (u). Pub. L. 101–235, § 402, added subsec. (u).
1988—Subsec. (b)(4). Pub. L. 100–242, § 301(e), substituted “September 30, 1989” for “March 15, 1988”.
Subsec. (c). Pub. L. 100–242, § 242, added subsec. (c). Former subsec. (c) redesignated (d).
Subsecs. (d) to (g). Pub. L. 100–242, § 242(1), redesignated former subsecs. (c) to (f) as (d) to (g), respectively.
Subsec. (h). Pub. L. 100–628struck out subsec. (h) which read as follows: “The Secretary shall limit increases in rents on or after November 30, 1983, for newly constructed or substantially rehabilitated projects assisted under this section to the lesser of the actual operating cost increases incurred or the amount of operating cost increases incurred with respect to comparable rental dwelling units of various sizes and types in the same market area which are suitable for occupancy by families and persons assisted under this section. Where no comparable dwelling units exist in the same market area, the Secretary shall have authority to approve such increases in accordance with the best available data regarding operating cost increases in rental dwelling units.”
Pub. L. 100–242, § 242(1), redesignatedsubsec. (g) as (h). Former subsec. (h) redesignated (i).
Subsecs. (i) to (p). Pub. L. 100–242, § 242(1), redesignatedsubsecs. (h) to (o) as (i) to (p), respectively.
Subsec. (p)(1). Pub. L. 100–242, § 316(c), substituted “on or after such date” for “on or after such effective date”, which for purposes of codification was translated as “on or after November 30, 1983”, thus requiring no change in text.
Subsec. (p)(4). Pub. L. 100–242, § 306, added par. (4).
Subsec. (q). Pub. L. 100–242, § 242(1), redesignated former subsec. (p) as (q).
Subsec. (r). Pub. L. 100–242, § 263, added subsec. (r).
Subsec. (s). Pub. L. 100–242, § 307, added subsec. (s).
1987—Subsec. (b)(4). Pub. L. 100–200substituted “March 15, 1988” for “December 16, 1987”.
1986—Subsec. (b)(4). Pub. L. 99–430substituted “September 30, 1987” for “September 30, 1986”.
1985—Subsec. (b)(4). Pub. L. 99–219substituted “March 17, 1986” for “December 15, 1985”.
1984—Subsec. (k)(2)(B). Pub. L. 98–479inserted “, at the option of the applicant, either that there is a reasonable assurance that the contract for assistance will be extended or renewed, or”.
1983—Subsec. (a)(2) to (4). Pub. L. 98–181, § 512(c)(1), (2), struck out par. (2) which related to rates of interest on loans, and redesignated pars. (3) and (4) as (2) and (3), respectively.
Subsec. (b)(2) to (4). Pub. L. 98–181, § 512(c)(3), (4), struck out par. (2) which related to rates of interest on loans and redesignated pars. (3) to (5) as (2) to (4), respectively.
Subsec. (b)(5). Pub. L. 98–181, § 512(c)(4), redesignated par. (6) as (5). Former par. (5) redesignated (4).
Pub. L. 98–181, § 511(b), substituted “September 30, 1985” for “November 30, 1983”.
Subsec. (b)(6), (7). Pub. L. 98–181, § 512(c)(4), redesignated par. (7) as (6). Former par. (6) redesignated (5).
Pub. L. 98–181, § 512(b), added par. (7).
Subsec. (c). Pub. L. 98–181, § 512(d), inserted provisions relating to detached units, on scattered sites, for cooperative housing.
Subsec. (d)(1). Pub. L. 98–181, § 512(e), inserted provisions relating to applicability to manufactured home rental parks.
Subsecs. (g) to (p). Pub. L. 98–181, § 512(a), added subsecs. (g) to (p).
1982—Subsec. (b)(5). Pub. L. 97–289substituted “May 20, 1983” for “September 30, 1982”.
1981—Subsec. (b)(5). Pub. L. 97–35substituted “1982” for “1981”.
1980—Subsec. (a). Pub. L. 96–399, §§ 503(a), 507(c)(1), inserted reference to Indian tribes in provisions preceding par. (1), and added par. (4).
Subsec. (b). Pub. L. 96–399, §§ 501(b), 503
(b), 507(c)(2), inserted reference to Indian tribe in provisions preceding par. (1), in par. (5) substituted “September 30, 1981” for “October 15, 1980”, and added par. (6).
Pub. L. 96–372substituted “October 15, 1980” for “September 30, 1980” in par. (5).
Subsec. (f). Pub. L. 96–399, § 502, added subsec. (f).
1979—Subsec. (b)(5). Pub. L. 96–153substituted “September 30, 1980” for “November 30, 1979”.
1978—Subsec. (b)(5). Pub. L. 95–557substituted “September 30, 1979” for “October 31, 1978”.
1977—Subsec. (a). Pub. L. 95–128, § 507(a)(3), authorized loans for housing of handicapped persons or families.
Subsec. (b). Pub. L. 95–128, §§ 501(b), 507(a)(3), substituted “elderly or handicapped persons or families” for “elderly persons and elderly families” in provision preceding par. (1) and “September 30, 1978” for “September 30, 1977” in par. (5).
Pub. L. 95–80substituted “September 30, 1977” for “July 31, 1977” in par. (5).
Pub. L. 95–60substituted “July 31, 1977” for “June 30, 1977” in par. (5).
Subsec. (c). Pub. L. 95–128, § 508(a), provided that specifically designed equipment required by elderly or handicapped persons or families shall not be considered elaborate or extravagant.
Subsec. (d)(1). Pub. L. 95–128, § 508(b), defined “housing” to also mean congregate housing facilities for elderly or handicapped persons or families who require some supervision and central services but are otherwise able to care for themselves and authorized such housing for the handicapped to be utilized in conjunction with educational and training facilities.
Subsec. (d)(3). Pub. L. 95–128, § 508(c), substituted definition of “congregate housing” for prior definition of “elderly persons” as persons 62 years of age or over and “elderly families” as families the head of which (or his spouse) is 62 years of age or over.
1974—Subsec. (b)(1). Pub. L. 93–383, § 510(a), struck out “$750,000 or” after “exceed” and substituted “less” for “least”.
Subsec. (b)(5). Pub. L. 93–383, § 509(b), substituted “June 30, 1977” for “October 1, 1974”.
Subsec. (d)(4). Pub. L. 93–383, § 510(b), inserted provisions including initial operating expenses up to 2 per centum of enumerated costs and requiring payments to be made to consultants rendering services to nonprofit corporations or consumer cooperatives providing housing and related facilities to low or moderate income families.
1973—Subsec. (b)(5). Pub. L. 93–117substituted “October 1, 1974” for “October 1, 1973”.
1970—Subsec. (b)(1). Pub. L. 91–609substituted “$750,000” for “$300,000”.
1969—Subsec. (b)(5). Pub. L. 91–152substituted “October 1, 1973” for “January 1, 1970”.
1966—Subsec. (a). Pub. L. 89–754, §§ 804(a), 805(a), inserted “or other persons and families of low income” after “income” and substituted “rental or cooperative housing” for “rental housing”, respectively.
Subsec. (b). Pub. L. 89–754, § 805(a), (b), substituted “rental or cooperative housing” for “rental housing” and inserted “or other persons and families of moderate income” after “families”, respectively.
Subsec. (d)(1). Pub. L. 89–754, § 804(b), substituted in the definition of “housing” the words “occupants eligible under this section,” for “elderly persons or elderly families”.
Subsec. (d)(4). Pub. L. 89–754, § 805(c), defined fees and charges as used for purposes of “development cost” to include payments to qualified consulting organizations or foundations which operate on a nonprofit basis and which render services or assistance to nonprofit corporations or consumer cooperatives who provide housing and related facilities.
1965—Subsec. (b)(5). Pub. L. 89–117substituted “October 1, 1969” for “September 30, 1965”.
1964—Subsec. (b). Pub. L. 88–560substituted “$300,000” for “$100,000” in cl. (1), and “1965” for “1964” in cl. (5).
Pub. L. 88–340substituted “September 30, 1964” for “June 30, 1964” in cl. (5).
Section 708(b) ofPub. L. 102–550provided that: “The amendment made by subsection (a)(5) [amending this section] shall take effect on October 1, 1993, and shall apply to fiscal year 1994 and each fiscal year thereafter.”
Section 707(f)(2) ofPub. L. 102–550provided that: “The Secretary of Agriculture shall issue any regulations necessary to carry out the amendment made by paragraph (1) [amending this section] not later than the expiration of the 45-day period beginning on the date of the enactment of this Act [Oct. 28, 1992]. Not later than the expiration of the 30-day period beginning on the date of the enactment of this Act, the Secretary shall submit a copy of any regulations to be issued under this subsection to the Congress. The requirements of section 534(d) of the Housing Act of 1949 [42 U.S.C. 1490n
(d)] and subsections (b) and (c) ofsection 553 of title 5, United States Code, shall apply to any such regulations.”