42 U.S.C. § 1437z–2 — Public housing mortgages and security interests
submitted 89 years ago by Pub. L. 105-276 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 125 words · no verdicts yet
The Secretary may allow a public housing agency to mortgage a public-housing project or grant a security interest in its property. The authorization may have conditions, and it creates no Federal liability.
(a) The Secretary* may, on terms and conditions the Secretary sets, authorize a public housing agency* to mortgage or otherwise give a security interest in any public-housing project* or other agency property.
(b) In deciding whether to authorize this, the Secretary may consider: (1) whether the agency can use the proceeds for low-income housing*; (2) whether it can make the required payments; and (3) other criteria the Secretary specifies.
(c) Nothing done under this section makes the Federal Government liable.
The Secretary* may, upon such terms and conditions as the Secretary may prescribe, authorize a public housing agency* to mortgage or otherwise grant a security interest in any public housing* project* or other property of the public housing agency.
In making any authorization under subsection (a), the Secretary may consider—
the ability of the public housing agency to use the proceeds of the mortgage or security interest for low-income housing* uses;
the ability of the public housing agency to make payments on the mortgage or security interest; and
such other criteria as the Secretary may specify.
No action taken under this section shall result in any liability to the Federal Government.
Source credit: (Sept. 1, 1937, ch. 896, title I, § 30, as added Pub. L. 105–276, title V, § 516, Oct. 21, 1998, 112 Stat. 2550.)
- 1937Enacted · Pub. L. 105-276 · 112 Stat. 2550
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-276 on 1937-09-01.
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