Title 42 — The Public Health and Welfare
Chapter 44 — Department of Housing and Urban Development
§ 3538. Rescheduling and refinancing of Federal loans
Statutory text
The Secretary of Housing and Urban Development is authorized to refinance any note or other obligation which is held by him in connection with any loan made by the Department of Housing and Urban Development or its predecessor in interest, or which is included within the revolving fund for liquidating programs established by the Independent Offices Appropriation Act of 1955 [12 U.S.C. 1701g–5], where he finds such refinancing necessary because of the loss, destruction, or damage (as a result of a major disaster) to property or facilities securing such obligations. The Secretary may authorize a suspension in the payment of principal and interest charges on, and an additional extension in the maturity of, any such loan for a period not to exceed five years if he determines that such action is necessary to avoid severe financial hardship.
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.
Disaster Relief Act of 1970
Pub. L. 91–606 title II § 236(b) · 84 Stat. 1744
Enacted · 42 U.S.C. § 3538
(Pub. L. 91–606, title II, § 236(b), Dec. 31, 1970, 84 Stat. 1754.)
Source evidence
Code source credit
(Pub. L. 91–606, title II, § 236(b), Dec. 31, 1970, 84 Stat. 1754.)Enacted provision · exact public law section
(b) The Secretary of Housing and Urban Development is authorized to refinance any note or other obligation which is held by him in connection with any loan made by the Department of Housing and Urban Development or its predecessor in interest, or which is included within the revolving fund for liquidating programs established by 68 Stat. 295. 12 USC 1701g–5 the Independent Offices Appropriation Act of 1955, where he finds such refinancing necessary because of the loss, destruction, or damage (as a result of a major disaster) to property or facilities securing such obligations. The Secretary may authorize a suspension in the payment of principal and interest charges on, and an additional extension in the maturity of, any such loan for a period not to exceed five years if he determines that such action is necessary to avoid severe financial hardship.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
The Independent Offices Appropriation Act of 1955, referred to in text, is act June 24, 1954, ch. 359, 68 Stat. 272. Provisions of the act which established the revolving fund for liquidating programs are classified to section 1701g–5 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Tables.
Codification
Section was not enacted as part of the Department of Housing and Urban Development Act which comprises this chapter.
Section was formerly classified to section 4455(b) of this title.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective , see section 304 of Pub. L. 91–606, set out as an Effective Date of 1970 Amendment note under section 165 of Title 26, Internal Revenue Code.