Title 12 — Banks and Banking
Chapter 24 — Federal Financing Bank
§ 2294a. Contracts for periodic payments to offset costs of purchase of obligations of local public housing agencies
Statutory text
In addition to any authority provided before , the Secretary of Housing and Urban Development may, on and after , enter into contracts for periodic payments to the Federal Financing Bank to offset the costs to the Bank of purchasing obligations (as described in the first sentence of section 2294(b) of this title) issued by local public housing agencies for purposes of financing public housing projects authorized by section 1437c(c) of title 42. Notwithstanding any other provision of law, such contracts may be entered into only to the extent approved in appropriation Acts, and the aggregate amount which may be obligated over the duration of such contracts may not exceed $400,000,000. There are hereby authorized to be appropriated any amounts necessary to provide for such payments. The authority to enter into contracts under this subsection shall be in lieu of any authority (except for authority provided specifically to the Secretary before ) of the Secretary to enter into contracts for such purposes under section 2294(b) of this title.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Housing and Community Development Amendments of 1981
Pub. L. 97–35 title III § 329E · 95 Stat. 357
Enacted · 12 U.S.C. § 2294a
(Pub. L. 97–35, title III, § 329E, Aug. 13, 1981, 95 Stat. 410.)
Source evidence
Code source credit
(Pub. L. 97–35, title III, § 329E, Aug. 13, 1981, 95 Stat. 410.)Enacted provision · exact public law section
Sec. 329E. purchase of pha obligations In addition to any authority provided before October 1, 1981, the Secretary of Housing and Urban Development may, on and after October 1, 1981, enter into contracts for periodic payments to the Federal Financing Bank to offset the costs to the Bank of purchasing obligations (as described in the first sentence of section 12 USC 2294. 16(b) of the Federal Financing Bank Act of 1973) issued by local public housing agencies for purposes of financing public housing projects 94 Stat. 1624. 42 USC 1437c. authorized by section 5(c) of the United States Housing Act of 1937. Notwithstanding any other provision of law, such contracts may be entered into only to the extent approved in appropriation Acts, and the aggregate amount which may be obligated over the duration of such contracts may not exceed $400,000,000. There are hereby authorized to be appropriated any amounts necessary to provide for such payments. The authority to enter into contracts under this subsection shall be in lieu of any authority (except for authority provided specifically to the Secretary before October 1, 1981) of the Secretary to enter into contracts for such purposes under section 16(b) of the Federal Financing Bank Act of 1973.
1 of 1 references resolved to an enrolled provision
Editorial Notes
Codification
Section was enacted as part of the Housing and Community Development Amendments of 1981 and also as part of the Omnibus Budget Reconciliation Act of 1981, and not as part of the Federal Financing Bank Act of 1973 which comprises this chapter.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective , see section 371 of Pub. L. 97–35, set out as a note under section 3701 of this title.