12 U.S.C. 1701g–5The 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 [], 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.
Pub. L. 91–606, title II, § 236(b)84 Stat. 1754(, , .)
Editorial Notes
References in Text
act June 24, 1954, ch. 35968 Stat. 272section 1701g–5 of Title 12The Independent Offices Appropriation Act of 1955, referred to in text, is , . Provisions of the act which established the revolving fund for liquidating programs are classified to , 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 4455(b) of this titleSection was formerly classified to .
Statutory Notes and Related Subsidiaries
Effective Date
section 304 of Pub. L. 91–606section 165 of Title 26Section effective , see , set out as an Effective Date of 1970 Amendment note under , Internal Revenue Code.