42 U.S.C. § 5312 | Use of grants for settlement of outstanding urban renewal loans of units of general local government

(a)

Limitation on amounts; prerequisites

section 5303 of this title section 5306 of this title 42 U.S.C. 1450The Secretary is authorized, notwithstanding any other provision of this chapter, to apply a portion of the grants, not to exceed 20 per centum thereof without the request of the recipient, made or to be made under in any fiscal year pursuant to an allocation under to any unit of general local government toward payment of the principal of, and accrued interest on, any temporary loan made in connection with urban renewal projects under title I of the Housing Act of 1949 [ et seq.] being carried out within the jurisdiction of such unit of general local government if—

(1)

the Secretary determines, after consultation with the local public agency carrying out the project and the chief executive of such unit of general local government, that the project cannot be completed without additional capital grants, or

(2)

the local public agency carrying out the project submits to the Secretary an appropriate request which is concurred in by the governing body of such unit of general local government.

In determining the amounts to be applied to the payment of temporary loans, the Secretary shall make an accounting for each project taking into consideration the costs incurred or to be incurred, the estimated proceeds upon any sale or disposition of property, and the capital grants approved for the project.

(b)

Approval by Secretary of financial settlement of urban renewal project

42 U.S.C. 1450Upon application by any local public agency carrying out an urban renewal project under title I of the Housing Act of 1949 [ et seq.], which application is approved by the governing body of the unit of general local government in which the project is located, the Secretary may approve a financial settlement of such project if he finds that a surplus of capital grant funds after full repayment of temporary loan indebtedness will result and may authorize the unit of general local government to use such surplus funds, without deduction or offset, in accordance with the provisions of this chapter.

Pub. L. 93–383, title I, § 112Aug. 22, 197488 Stat. 650 Pub. L. 97–35, title III, § 309(k)Aug. 13, 198195 Stat. 397 Pub. L. 98–181, title INov. 30, 198397 Stat. 1168 Pub. L. 98–479, title I, § 101(a)(13)(A)Oct. 17, 198498 Stat. 2220(, , ; , , ; [title I, § 109], , ; , , .)

Editorial Notes

References in Text

Pub. L. 93–383Aug. 22, 197488 Stat. 633This chapter, referred to in text, was in the original “this title”, meaning title I of , , , which is classified principally to this chapter. For complete classification of title I to the Code, see Tables.

act July 15, 1949, ch. 338 63 Stat. 413 section 5316 of this titleJan. 1, 1975section 1441 of this titleThe Housing Act of 1949, referred to in subsecs. (a) and (b), is , . Title I of the Housing Act of 1949 was classified generally to subchapter II (§ 1450 et seq.) of chapter 8A of this title, and was omitted from the Code pursuant to which terminated authority to make grants or loans under such title I after . For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Amendments

Pub. L. 98–4791984—Subsec. (c). struck out subsec. (c) which related to retention of program income and prerequisites.

Pub. L. 98–1811983—Subsec. (c). added subsec. (c).

Pub. L. 97–351981—Subsec. (a). substituted “5303” for “5303(a)”.

Statutory Notes and Related Subsidiaries

Effective Date of 1983 Amendment

Pub. L. 98–181 section 110(b) of Pub. L. 98–181 section 5316 of this titleAmendment by applicable only to funds available for fiscal year 1984 and thereafter, see , as amended, set out as a note under .

Effective Date of 1981 Amendment

Pub. L. 97–35Oct. 1, 1981section 371 of Pub. L. 97–35 section 3701 of Title 12Amendment by effective , see , set out as an Effective Date note under , Banks and Banking.