If, within 10 years after acquisition, or within 20 years after the completion of construction, of any facility for which funds have been paid under this subchapter—
the owner of the facility ceases to be a public or nonprofit private agency or organization; or
the facility ceases to be used for the purposes for which it was acquired (unless the Assistant Secretary determines, in accordance with regulations, that there is good cause for releasing the applicant or other owner from the obligation to do so);
the United States shall be entitled to recover from the applicant or other owner of the facility an amount which bears to the then value of the facility (or so much thereof as constituted an approved project or projects) the same ratio as the amount of such Federal funds bore to the cost of the facility financed with the aid of such funds. Such value shall be determined by agreement of the parties or by action brought in the United States district court for the district in which such facility is situated.
Pub. L. 89–73, title III, § 312Pub. L. 95–478, title I, § 103(b)92 Stat. 1534 Pub. L. 103–171, § 3(a)(13)107 Stat. 1990 (, as added , , ; amended , , .)
Editorial Notes
Amendments
Pub. L. 103–1711993—Par. (2). substituted “Assistant Secretary” for “Commissioner”.
Statutory Notes and Related Subsidiaries
Effective Date
section 504 of Pub. L. 95–478section 3001 of this titleSection effective at close of , see , set out as an Effective Date of 1978 Amendment note under .