Fees; determination by President; reduction
A fee shall be charged for each guaranty issued under section 2182 or 2182a of this title in an amount to be determined by the President. In the event the fee to be charged for such type of guaranty is reduced, fees to be paid under existing contracts for the same type of guaranty may be similarly reduced.
Accumulated and existing fees; expenditure of fees; revolving fund account; investments; use of investment income
section 2182 of this titlesection 2182 of this titlesection 2182 of this titlesection 2182a of this titleThe amount of $50,000,000 of fees accumulated under prior investment guaranty provisions repealed by the Foreign Assistance Act of 1969, together with all fees collected in connection with guaranties issued under or under prior housing guaranty authorities, shall be available for meeting necessary administrative and operating expenses of carrying out the provisions of and administering housing guaranties heretofore authorized under this subpart and under prior housing guaranty provisions repealed by the Foreign Assistance Act of 1969 (including, but not limited to expenses pertaining to personnel, supplies, and printing), subject to such limitations as may be imposed in annual appropriation Acts; for meeting management and custodial costs incurred with respect to currencies or other assets acquired under guaranties made pursuant to or heretofore pursuant to this subpart or prior Latin American and other housing guaranty authorities repealed by the Foreign Assistance Act of 1969; and to pay the cost of investigating and adjusting (including costs of arbitration) claims under such guaranties; and shall be available for expenditure in discharge of liabilities under such guaranties until such time as all such property has been disposed of and all such liabilities have been discharged or have expired, or until all such fees have been expended in accordance with the provisions of this subsection. Fees collected in connection with guaranties issued under shall likewise be available to meet similar expenses, costs, or liabilities incurred in connection with the programs authorized by that section. All of the foregoing fees referred to in this section together with earnings thereon and other income arising from guaranty operations under this subpart shall be held in a revolving fund account maintained in the Treasury of the United States. All funds in such account may be invested in obligations of the United States. Any interest or other receipts derived from such investments shall be credited to such account and may be used for the purposes cited in this section.
Priorities of funds for guaranty payments
section 2182 of this titleAny payments made to discharge liabilities under guaranties issued under or heretofore under this subpart or under prior Latin American or other housing guaranty authorities repealed by the Foreign Assistance Act of 1969, shall be paid first out of fees referred to in subsection (b) (excluding amounts required for purposes other than the discharge of liabilities under guaranties) as long as such fees are available, and thereafter shall be paid out of funds, if any, realized from the sale of currencies or other assets acquired in connection with any payment made to discharge liabilities under such guaranties as long as funds are available, and finally out of funds hereafter made available pursuant to subsection (e).
Guaranties as obligations backed by full faith and credit of United States
1
Authorization of appropriations; borrowing authority
Agency determination of maximum rate of interest
section 2182 of this titleIn the case of any loan investment guaranteed under , the agency primarily responsible for administering subchapter I of this chapter shall prescribe the maximum rate of interest allowable to the eligible investor, which maximum rate shall not exceed by more than 1 per centum the then current rate of interest applicable to housing mortgages insured by the Department of Housing and Urban Development. The maximum allowable rate of interest under this subsection shall be prescribed by the agency as of the date the project covered by the investment is officially authorized and, prior to the execution of the contract, the agency may amend such rate at its discretion, consistent with the provisions of this subsection.
Guaranties under prior acts
Housing guaranties committed, authorized, or outstanding heretofore under this subpart or under prior housing guaranty authorities repealed by the Foreign Assistance Act of 1969 shall continue subject to provisions of law originally applicable thereto and fees collected hereafter with respect to such guaranties shall be available for the purposes specified in subsection (b).
Fraud or misrepresentation
No payment may be made under any guaranty issued pursuant to this subpart for any loss arising out of fraud or misrepresentation for which the party seeking payment is responsible.
Pub. L. 95–424, title I, § 115(i)92 Stat. 952 Repealed. , ,
Guaranties for housing projects; percentage requirement for families with income below median income
section 2182 of this titleGuaranties shall be issued under only for housing projects which are coordinated with and complementary to any development assistance being furnished under part I of this subchapter and which are specifically designed to demonstrate the feasibility and suitability of particular kinds of housing or of financial or other institutional arrangements. Of the aggregate face value of housing guaranties hereafter issued under this subpart, not less than 90 per centum shall be issued for housing suitable for families with income below the median income (below the median urban income for housing in urban areas) in the country in which the housing is located.
Pub. L. 87–195Pub. L. 91–17583 Stat. 808Pub. L. 92–22686 Stat. 22Pub. L. 93–189, § 5(2)87 Stat. 717Pub. L. 93–55988 Stat. 1796Pub. L. 94–161, title III, § 311(5)89 Stat. 861Pub. L. 94–329, title IV, § 41490 Stat. 761Pub. L. 95–88, title I, § 117(a)(3)91 Stat. 540Pub. L. 95–424, title I, § 115(c)92 Stat. 951Pub. L. 96–53, title I, § 112(c)93 Stat. 364Pub. L. 97–113, title III, § 310(b)95 Stat. 1535Pub. L. 98–473, title I, § 101(1)98 Stat. 1884Pub. L. 100–202, § 101(e) [title II, § 201]101 Stat. 1329–131Pub. L. 105–277, div. A, § 101(d) [title II]112 Stat. 2681–150(, pt. I, § 223, as added , pt. I, § 105, , ; amended , pt. I, § 103(b) , ; , , ; , §§ 7(2), 8(a)(3)–(5), , , 1797; , , ; , , ; , (b)(2), (c), , ; –(j), , , 952; , (d), , ; , , ; [title V, § 541(a)], , , 1903; , , , 1329–142; , , , 2681–157.)
Editorial Notes
References in Text
Pub. L. 91–17583 Stat. 805section 2151 of this titleThe Foreign Assistance Act of 1969, referred to in subsecs. (b), (c), (d), and (g), is , , . For complete classification of this Act to the Code, see Short Title note set out under and Tables. The guaranty authorities repealed by the 1969 Act were the guaranty authorities contained in sections 2181 to 2184 prior to the general reorganization of this subpart by the 1969 Act.
Section 2200 of this titlesection 240 of Pub. L. 87–195section 105 of Pub. L. 91–175section 8(b) of Pub. L. 93–559section 2182a of this titlesection 240 of Pub. L. 87–195section 9 of Pub. L. 95–268section 2200 of this titlePub. L. 115–254, div. F, title VI, § 1464(2)132 Stat. 3513, referred to in subsec. (d), was in the original a reference to section 240 of this Act, meaning , as added by , which was repealed by , and was replaced by . Another , as added by , was enacted , and was classified to , prior to repeal by , , .
Codification
Pub. L. 98–473Pub. L. 98–473Amendment by is based on section 311(c) of H.R. 5119, Ninety-eighth Congress, as passed by the House of Representatives , which was enacted into permanent law by .
Prior Provisions
section 223 of Pub. L. 87–19575 Stat. 431Pub. L. 89–17179 Stat. 654Pub. L. 90–13781 Stat. 451Pub. L. 91–17583 Stat. 807A prior , pt. I, , , as amended by , pt. I, § 104(d), , ; , pt. I, § 104(c), , , contained definitions, prior to the general reorganization of this subpart by , pt. I, § 105, , .
Amendments
Pub. L. 105–277section 2182 of this title1998—Subsec. (j). struck out at end “The face value of guaranties issued with respect to housing in any country shall not exceed $25,000,000 in any fiscal year, and the average face value of guaranties issued in any fiscal year shall not exceed $15,000,000. Of the total amount of housing guaranties authorized to be issued under through , not less than a face amount of $25,000,000 shall be issued for projects in Israel and not less than a face amount of $25,000,000 shall be issued for projects in Egypt.”
Pub. L. 100–2021987—Subsec. (e)(2)(A)(ii). substituted “$100,000,000” for “$40,000,000”.
Pub. L. 98–4731984—Subsec. (e). designated existing provisions as par. (1) and added par. (2).
Pub. L. 97–1131981—Subsec. (b). provided for maintenance of a revolving fund account in the Treasury consisting of fees, earnings from fees, and income from guaranty operations and authorized investment of account funds in obligations of the United States and use of investment income.
Pub. L. 96–53, § 112(c)1979—Subsec. (f). , substituted “the Department of Housing and Urban Development” for “such Department”, and struck out provisions setting forth minimum rate of interest as not less than one-half of one per centum above the then current rate on mortgages insured by the Department of Housing and Urban Development.
Pub. L. 96–53, § 112(d)Subsec. (j). , struck out requirement that except for regional projects, guarantees for housing projects be granted to countries receiving or which have received in the two previous years assistance under part I of this subchapter and substituted provisions authorizing face amounts of housing guarantees through of not less than $25,000,000 for Israel and Egypt for provisions authorizing face amounts of housing guarantees until of an amount not to exceed $75,000,000 in Israel and $30,000,000 in Portugal and Lebanon.
Pub. L. 95–424, § 115(c)1978—Subsec. (a). , substituted “section 2182 or 2182a” for “section 2181, 2182, or 2182a”.
Pub. L. 95–424, § 115(d)section 2182 of this titlesection 2182 of this titleSubsec. (b). , struck out “2181 or” after “guarantees issued under section”; substituted “ and administering housing guaranties heretofore authorized under this subpart and under” for “section 2181 and and of”; struck out “2181 or” after “made pursuant to section”, and inserted “this subpart” after “heretofore pursuant to”.
Pub. L. 95–424, § 115(e)Subsec. (c). , struck out “section 2181 or” after “guaranties issued under”, and inserted “under this subpart or” after “heretofore”.
Pub. L. 95–424, § 115(f)Subsec. (d). , substituted “section 2182 or 2182a” for “section 2181, 2182, 2182a”, and inserted “under this subpart” after “heretofore”.
Pub. L. 95–424, § 115(g)Subsec. (f). , substituted “section 2182” for “section 2181 or 2182”.
Pub. L. 95–424, § 115(h)Subsec. (g). , inserted “heretofore under this subpart” after “outstanding”.
Pub. L. 95–424, § 115(i)Subsec. (i). , struck out subsec. (i) directing that the authority of sections 2181 and 2182 of this title shall continue until .
Pub. L. 95–424, § 115(j)Subsec. (j). , substituted “section 2182” for “sections 2181 and 2182”.
Pub. L. 95–88, § 117(b)(2)section 2182a of this title1977—Subsec. (b). , substituted “together with all fees collected in connection with guaranties issued under section 2181 or 2182 of this title or under prior housing guaranty authorities” for “together with all fees collected in connection with guaranties issued hereunder” and inserted provision that fees collected in connection with guaranties issued under shall likewise be available to meet similar expenses, costs, or liabilities incurred in connection with the programs authorized by that section.
Pub. L. 95–88, § 117(a)(3)Subsec. (i). , substituted “” for “”.
Pub. L. 95–88, § 117(c)Subsec. (j). , substituted “” for “”, “$75,000,000” for “$50,000,000” in provisions relating to housing guaranties in Israel, “$30,000,000” for “$20,000,000” in provisions relating to housing guaranties in Portugal, and “$30,000,000” for “$15,000,000” in provisions relating to housing guaranties in Lebanon.
Pub. L. 94–3291976—Subsec. (j). authorized President to issue housing guaranties until , in Lebanon, not exceeding a face amount of $15,000,000.
Pub. L. 94–161, § 311(5)(A)1975—Subsec. (i). , substituted “” for “”.
Pub. L. 94–161, § 311(5)(B)Subsec. (j). , added subsec. (j).
Pub. L. 93–559, § 8(a)(3)section 2182a of this title1974—Subsec. (a). , inserted reference to .
Pub. L. 93–559, § 8(a)(4)section 2182 of this titleSubsec. (b). , substituted in first sentence “section 2181 and ” for “this subpart”.
Pub. L. 93–559, § 8(a)(5)section 2200 of this titlesection 2182 of this titleSubsec. (d). , substituted “section 2181, 2182, 2182a, or previously under ” for “section 2181 or ”.
Pub. L. 93–559, § 7(2)Subsec. (i). , substituted “” for “”.
Pub. L. 93–1891973—Subsec. (i). substituted “” for “”.
Pub. L. 92–2261972—Subsec. (i). substituted “” for “”.
Statutory Notes and Related Subsidiaries
References to Subchapter I Deemed To Include Certain Parts of Subchapter II
section 202(b) of Pub. L. 92–226section 2346 of this titleReferences to subchapter I of this chapter are deemed to include parts IV (§ 2346 et seq.), VI (§ 2348 et seq.), and VIII (§ 2349aa et seq.) of subchapter II of this chapter, and references to subchapter II are deemed to exclude such parts. See , set out as a note under , and sections 2348c and 2349aa–5 of this title.
References to Part I Deemed To Include Section 2293
section 2293 of this titlesection 2293(d)(1) of this titleReferences to part I of this subchapter are deemed to include a reference to . See .
Effective Date of 1984 Amendment
Pub. L. 98–473, § 101(1) [title V, § 541(a)]98 Stat. 1884
Effective Date of 1979 Amendment
Pub. L. 96–53section 512(a) of Pub. L. 96–53section 2151 of this titleAmendment by effective , see , set out as a note under .
Effective Date of 1978 Amendment
Pub. L. 95–424section 605 of Pub. L. 95–424section 2151 of this titleAmendment by effective , see , set out as a note under .
Executive Documents
Delegation of Functions
section 2381 of this titleFor delegation of functions of President under this section, see Ex. Ord. No. 12163, , 44 F.R. 56673, as amended, set out as a note under .