§ 1490d. Loans to nonprofit organizations to provide building sites for eligible families, nonprofit organizations, public agencies, and cooperatives; interest rates; factors determinative in making loan

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.

1. 1949

   Housing and Urban Development Act of 1969

   Pub. L. 91–152 title IV § 413(f)(1) · 83 Stat. 379

   Enacted · 42 U.S.C. § 1490d

   July 15, 1949, ch. 338, title V, § 524, as added Pub. L. 91–152, title IV, § 413(f)(1), Dec. 24, 1969, 83 Stat. 399

   Source evidence

   Code source credit
   July 15, 1949, ch. 338, title V, § 524, as added Pub. L. 91–152, title IV, § 413(f)(1), Dec. 24, 1969, 83 Stat. 399

   Enacted provision · exact public law section
   (1) Title V of such Act is amended by adding at the end thereof 63 Stat. 432; 82 Stat. 553. 42 USC 1471–1490c. a new section as follows: “Sec. 524. “financial assistance to nonprofit organizations to provide sites for rural housing for low- and moderate-income families (a) The Secretary may make loans, on such terms and conditions and in such amounts as he deems necessary, to public or private nonprofit organizations for the acquisition and development of land as building sites to he subdivided and sold to families, nonprofit organizations, and cooperatives eligible for assistance under section 235 or 236 of the National Housing Act or section 521 of this Act. 82 Stat. 477, 498, 551. 12 USC 1715z, 1715z–1. 42 USC 1490a. Such a loan shall bear interest at a rate prescribed by the Secretary taking into consideration a rate determined annually by the Secretary of the Treasury as the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest one-eighth of 1 per centum, and shall be repaid within a period not to exceed two years from the making of the loan or within such additional period as may be authorized by the Secretary in any case as being necessary to carry out the purposes of this section. “(b) In determining whether to extend financial assistance under this section, the Secretary shall take into consideration, among other factors, (1) the suitability of the area to the types of dwellings which can feasibly he provided, and (2) the extent to which the assistance will (i) facilitate providing needed decent, safe, and sanitary housing, (ii) be utilized efficiently and expeditiously, and (iii) fulfill a need in the area which is not otherwise being met through other programs, including those being carried out by other Federal, State, or local agencies.”

2. 1974

   Housing and Community Development Act of 1974

   Pub. L. 93–383 title V § 513 · 88 Stat. 634

   Substituted · 42 U.S.C. § 1490d(a)

   Pub. L. 93–383 provided for applicability to public agencies and substituted “any section of this subchapter or under any other law which provides financial assistance for housing low- and moderate-income families” for “section 1715z or 1715z–1 of title 12 or section 1490a of this title”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 93–383 provided for applicability to public agencies and substituted “any section of this subchapter or under any other law which provides financial assistance for housing low- and moderate-income families” for “section 1715z or 1715z–1 of title 12 or section 1490a of this title”.

   Enacted provision · exact public law section
   Sec. 513. site loans The first sentence of section 524(a) of the Housing Act of 1949 is amended to read as follows: “The Secretary may make loans, 42 USC 1490d. on such terms and conditions and in such amounts he deems necessary, to public or private nonprofit organizations for the acquisition and development of land as building sites to be subdivided and sold to families, nonprofit organizations, public agencies, and cooperatives eligible for assistance under any section of this title or under any other law which provides financial assistance for housing low- and moderate-income families.”

3. 1980

   Housing and Community Development Act of 1980

   Pub. L. 96–399 title V § 507(f) · 94 Stat. 1614

   Inserted · 42 U.S.C. § 1490d(a)

   Pub. L. 96–399 inserted reference to Indian tribes

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 96–399 inserted reference to Indian tribes.

   Enacted provision · exact public law section
   (f) Section 524(a) of such Act is amended by inserting “and to Indian tribes” after “nonprofit organizations” the first time it appears in the first sentence.

4. 1992

   Housing and Community Development Act of 1992

   Pub. L. 102–550 title VII § 715 · 106 Stat. 3672

   1. Amended · 42 U.S.C. § 1490d(a)

      Pub. L. 102–550 designated existing provisions as par. (1)

   2. Inserted · 42 U.S.C. § 1490d(a)

      Pub. L. 102–550 inserted par. heading

   3. Added · 42 U.S.C. § 1490d(a)

      Pub. L. 102–550 added par. (2)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 102–550 designated existing provisions as par. (1), inserted par. heading, and added par. (2).

   Enacted provision · exact public law section
   SEC. 715. SITE ACQUISITION AND DEVELOPMENT. Section 524(a) of the Housing Act of 1949 (42 U.S.C. 1490d(a)) is amended— (1) by inserting “(1) In general.—” before “The Secretary” in the first sentence; and (2) by adding at the end the following: “(2) Revolving funds.— The Secretary may make grants to nonprofit housing agencies to establish revolving loan funds for the acquisition and preparation of building sites for low- income housing. Any proceeds and repayments from such loans shall be returned to the revolving loan fund to be used for purposes related to this section. Loan funds and interest payments shall be used solely for the acquisition of land; the preparation of land for building sites; the payment of reimbursable legal and technical costs; and technical assistance and administrative costs, not to exceed 10 percent of the fund.”.

5. 2024

   Pub. L. 118–42 div. B title VII § 761 · 138 Stat. 115

   Substituted · 42 U.S.C. § 1490d(a)(1)

   Pub. L. 118–42 substituted “five years” for “two years”

   Unresolved: Pub. L. 118–42 was not found in the local Statutes at Large index.

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 118–42 substituted “five years” for “two years”.

6 of 7 references resolved to an enrolled provision · 1 unresolved