42 U.S.C. § 291j–1 — Loan guarantees and loans

submitted 82 years ago by Pub. L. 91-296 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 309 words · no verdicts yet

in plain englishAI-generated · not legal advice

From mid-1970 through mid-1974, the Secretary could guarantee private loans for nonprofit hospital construction, and directly make loans to public agencies for similar projects, as long as combined federal help stayed within 90 percent of project cost.

(a) Secretary's authority: (1) From July 1, 1970, through June 30, 1974, the Secretary may guarantee loans that non-federal lenders make to nonprofit private agencies, to help those agencies build or modernize nonprofit private hospitals, long-term care facilities, outpatient facilities, and rehabilitation facilities. (2) During that same period, the Secretary may also make loans directly to public agencies for similar public health centers and public hospitals, long-term care, outpatient, and rehabilitation facilities — these loans are later sold and guaranteed under section 291j–7. (b) Cost limits: (1) A guaranteed loan can't cover so much of a project's cost that it, combined with any grant or loan the project also got under Part A, exceeds 90 percent of the project's total cost. (2) The same 90 percent combined cap applies to direct loans made to public agencies. (c) Administrative assistance: With the consent of the Secretary of Housing and Urban Development, the Secretary gets help from HUD in administering this part efficiently and economically.

the actual law source: uscode.house.gov ↗public domain

(a) Authority of Secretary

(1)

In order to assist nonprofit private agencies to carry out needed projects for the modernization or construction of nonprofit private hospitals, facilities for long-term care, outpatient facilities, and rehabilitation facilities, the Secretary, during the period July 1, 1970, through June 30, 1974, may, in accordance with the provisions of this part, guarantee to non-Federal lenders making loans to such agencies for such projects, payment of principal of and interest on loans, made by such lenders, which are approved under this part.

(2)

In order to assist public agencies to carry out needed projects for the modernization or construction of public health centers, and public hospitals, facilities for long-term care, outpatient facilities, and rehabilitation facilities, the Secretary, during the period July 1, 1970, through June 30, 1974, may, in accordance with the provisions of this part, make loans to such agencies which shall be sold and guaranteed in accordance with section 291j–7 of this title.

(b) Cost limitations

(1)

No loan guarantee under this part with respect to any modernization or construction project may apply to so much of the principal amount thereof as, when added to the amount of any grant or loan under part A with respect to such project, exceeds 90 per centum of the cost of such project.

(2)

No loan to a public agency under this part shall be made in an amount which, when added to the amount of any grant or loan under part A with respect to such project, exceeds 90 per centum of the cost of such project.

The Secretary, with the consent of the Secretary of Housing and Urban Development, shall obtain from the Department of Housing and Urban Development such assistance with respect to the administration of this part as will promote efficiency and economy thereof.

Source credit: (July 1, 1944, ch. 373, title VI, § 621, as added Pub. L. 91–296, title II, § 201, June 30, 1970, 84 Stat. 344; amended Pub. L. 93–45, title I, § 108(b)(1), June 18, 1973, 87 Stat. 93.)

history & why it existsrecord from the source credit

1944Enacted · Pub. L. 91-296 · 84 Stat. 344
1973Amended · Pub. L. 93-45 · 87 Stat. 93

A history note hasn’t been published yet. The record shows enactment by Pub. L. 91-296 on 1944-07-01.

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