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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

in plain englishAI-generated · not legal advice

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 actual law source: uscode.house.gov ↗public domain
(a) General authorization

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.

(b) Terms and conditions

In making any authorization under subsection (a), the Secretary may consider—

(1)

the ability of the public housing agency to use the proceeds of the mortgage or security interest for low-income housing uses;

(2)

the ability of the public housing agency to make payments on the mortgage or security interest; and

(3)

such other criteria as the Secretary may specify.

(c) No Federal liability

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.)

history & why it existsrecord from the source credit
  • 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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