Notes on 42 U.S.C. § 5308 : US Code - Notes

Search Notes on 42 U.S.C. § 5308 : US Code - Notes

(Pub. L. 93-383, title I, Sec. 108, Aug. 22, 1974, 88 Stat. 647;
Pub. L. 95-128, title I, Sec. 108, Oct. 12, 1977, 91 Stat. 1123;
Pub. L. 96-399, title I, Sec. 108, Oct. 8, 1980, 94 Stat. 1619;
Pub. L. 97-35, title III, Sec. 309(i), Aug. 13, 1981, 95 Stat. 397;
Pub. L. 98-181, title I, Sec. 108, Nov. 30, 1983, 97 Stat. 1168;
Pub. L. 98-479, title II, Secs. 203(l)(2), 204(k)(1), Oct. 17,
1984, 98 Stat. 2231, 2233; Pub. L. 99-272, title III, Sec. 3002(a),
Apr. 7, 1986, 100 Stat. 102; Pub. L. 100-242, title V, Sec. 514,
Feb. 5, 1988, 101 Stat. 1930; Pub. L. 101-625, title IX, Secs.
901(b), 910(b)-(g), Nov. 28, 1990, 104 Stat. 4385, 4389-4391; Pub.
L. 102-550, title VIII, Sec. 801(b), Oct. 28, 1992, 106 Stat. 3843;
Pub. L. 103-233, title II, Secs. 231, 232(a)(1), 233, Apr. 11,
1994, 108 Stat. 366, 368; Pub. L. 104-120, Sec. 3(b), Mar. 28,
1996, 110 Stat. 835.)
REFERENCES IN TEXT
Section 1437o of this title, referred to in subsec. (a)(4), was
repealed by Pub. L. 101-625, title II, Sec. 289(b), Nov. 28, 1990,
104 Stat. 4128.
Title VI of the Housing Community Development Act of 1987,
referred to in subsec. (a)(4), is title VI of Pub. L. 100-242, Feb.
5, 1988, 101 Stat. 1951, which was set out as a note under section
1715l of Title 12, Banks and Banking, and was repealed by Pub. L.
101-625, title II, Sec. 289(b), Nov. 28, 1990, 104 Stat. 4128.
Section 916 of the Cranston-Gonzalez National Affordable Housing
Act, referred to in subsec. (a)(6), is section 916 of Pub. L. 101-
625, as amended, which is set out as a note under section 5306 of
this title.
CODIFICATION
Subsec. (i) of this section amended section 711(22) of former
Title 31, Money and Finance. Subsec. (i) was originally enacted as
subsec. (f) of this section, and was redesignated as subsec. (i) by
Pub. L. 95-128, Sec. 108(2).
November 28, 1990, referred to in subsec. (p)(1), was in the
original "the date of the enactment of the Housing and Community
Development Act of 1990", and was translated as meaning the date of
enactment of the Cranston-Gonzalez National Affordable Housing Act,
Pub. L. 101-625, which enacted subsec. (p) of this section, to
reflect the probable intent of Congress and because no "Housing and
Community Development Act of 1990" has been enacted.
AMENDMENTS
1996 - Subsec. (k)(1). Pub. L. 104-120 substituted
"$4,500,000,000" for "$3,500,000,000".
1994 - Subsec. (a). Pub. L. 103-233, Sec. 231, added cls. (5) and
(6).
Subsec. (q). Pub. L. 103-233, Sec. 232(a)(1), added subsec. (q).
Subsec. (r). Pub. L. 103-233, Sec. 233, added subsec. (r).
1992 - Subsec. (a). Pub. L. 102-550 amended fifth sentence
generally. Prior to amendment, fifth sentence read as follows:
"Notwithstanding any other provision of law and subject only to the
absence of qualified applicants or proposed activities and to the
authority provided in this section, to the extent approved or
provided in appropriation Acts, the Secretary shall enter into
commitments to guarantee notes and obligations under this section
with an aggregate principal amount of $300,000,000 during fiscal
year 1991 and $300,000,000 during fiscal year 1992."
1990 - Subsec. (a). Pub. L. 101-625, Sec. 910(e)(1), inserted at
end "Of the amount approved in any appropriation Act for guarantees
under this section in any fiscal year, the Secretary shall allocate
70 percent for guarantees for metropolitan cities, urban counties,
and Indian tribes and 30 percent for guarantees for units of
general local government in nonentitlement areas. The Secretary may
waive the percentage requirements of the preceding sentence in any
fiscal year only to the extent that there is an absence of
qualified applicants or proposed activities from metropolitan
cities, urban counties, and Indian tribes or units of general local
government in nonentitlement areas."
Pub. L. 101-625, Sec. 910(c), inserted "The Secretary may not
deny a guarantee under this section on the basis of the proposed
repayment period for the note or other obligation, unless the
period is more than 20 years or the Secretary determines that the
period causes the guarantee to constitute an unacceptable financial
risk."
Pub. L. 101-625, Sec. 910(b)(2), substituted a semicolon for ";
or" before "(3)" and added cl. (4).
Pub. L. 101-625, Sec. 910(b)(1)(A), substituted "eligible public
entity" and "eligible public entities" for "unit of general local
government" and "units of general local government", respectively,
wherever appearing.
Pub. L. 101-625, Sec. 901(b), amended last sentence generally.
Prior to amendment, last sentence read as follows: "Notwithstanding
any other provision of law and subject only to the absence of
qualified applicants or proposed activities, to the authority
provided in this section, and to any funding limitation approved in
appropriation Acts, the Secretary shall enter into commitments to
guarantee notes and obligations under this section with an
aggregate principal amount of $150,000,000 during fiscal year 1988,
and $153,000,000 during fiscal year 1989."
Subsec. (b). Pub. L. 101-625, Sec. 910(d), inserted "(excluding
any amount defeased under the contract entered into under
subsection (d)(1)(A) of this section)" after "this section",
substituted "5" for "three", and inserted reference to section 5307
of this title.
Subsec. (d). Pub. L. 101-625, Sec. 910(b)(4)(A), designated
existing provisions as par. (1), redesignated former pars. (1) to
(3) as subpars. (A) to (C), respectively, and added par. (2).
Subsec. (e). Pub. L. 101-625, Sec. 910(b)(4)(B), substituted
"paragraphs (1)(B) and (2) of subsection (d)" for "subsection
(d)(2)".
Subsec. (h). Pub. L. 101-625, Sec. 910(f), inserted at end "The
Secretary may also, to the extent approved in appropriation Acts,
assist the issuer of a note or other obligation guaranteed under
this section in the payment of all or a portion of the principal
and interest amount due under the note or other obligation, if the
Secretary determines that the issuer is unable to pay the amount
because of circumstances of extreme hardship beyond the control of
the issuer."
Pub. L. 101-625, Sec. 910(b)(1), substituted "entity or agency"
for "unit or agency" and "eligible public entity" for "unit of
general local government".
Subsec. (j). Pub. L. 101-625, Sec. 910(b)(1)(A), substituted
"eligible public entity" for "unit of general local government".
Subsec. (k). Pub. L. 101-625, Sec. 910(e)(2), designated existing
provisions as par. (1) and added par. (2).
Subsec. (n). Pub. L. 101-625, Sec. 910(b)(3), added subsec. (n).
Subsec. (o). Pub. L. 101-625, Sec. 910(b)(5), added subsec. (o).
Subsec. (p). Pub. L. 101-625, Sec. 910(g), added subsec. (p).
1988 - Subsec. (a). Pub. L. 100-242, Sec. 514(c), in first
sentence inserted cl. (1) designation and added cls. (2) and (3).
Pub. L. 100-242, Sec. 514(a), in last sentence struck out "during
fiscal year 1984" after "commitment" and substituted "$150,000,000
during fiscal year 1988, and $153,000,000 during fiscal year 1989"
for "$225,000,000".
Subsec. (m). Pub. L. 100-242, Sec. 514(b), added subsec. (m).
1986 - Subsec. (l). Pub. L. 99-272 added subsec. (l).
1984 - Subsec. (g). Pub. L. 98-479, Sec. 203(l)(2), substituted
"chapter 31 of title 31" for "the Second Liberty Bond Act, as now
or hereafter in force" and "such chapter" for "such Act".
Subsec. (h). Pub. L. 98-479, Sec. 204(k)(1), substituted
"subsection (j)" for "subsection (g)".
1983 - Subsec. (a). Pub. L. 98-181 inserted provision that a
guarantee under this section may be used to assist a grantee in
obtaining financing only if the grantee has made efforts to obtain
such financing without the use of such guarantee and cannot
complete such financing consistent with the timely execution of the
program plans without such guarantee, and substituted provisions
requiring the Secretary to enter into commitments during fiscal
year 1984 to guarantee notes and obligations under this section
with an aggregate principal amount of $225,000,000, notwithstanding
any other provision of law and subject only to the absence of
qualified applicants or proposed activities, for provisions
prohibiting the Secretary from entering into commitments during
fiscal year 1981 to guarantee under this section notes and other
obligations with an aggregate principal amount in excess of
$300,000,000.
1981 - Subsec. (d)(2). Pub. L. 97-35 struck out "approved or"
after "grant".
1980 - Subsec. (a). Pub. L. 96-399, Sec. 108(1), (2), inserted
provision respecting amounts as provided in appropriation Acts, and
provision relating to limitation of $300,000,000 the amount the
Secretary is authorized to guarantee during fiscal year 1981.
Subsec. (j). Pub. L. 96-399, Sec. 108(3), struck out
"Notwithstanding any other provision of this section" before "The
total amount".
1977 - Subsec. (a). Pub. L. 95-128, Sec. 108(1), (3), reenacted
substantially existing provisions and struck out "or assembly"
after "acquisition of", included rehabilitation of real property
owned by the unit of general local government, inserted provision
respecting form, denominations, maturities, and conditions of notes
or other obligations to be guaranteed, and struck out after
parenthetical text "to serve or be used in carrying out activities
which are eligible for assistance under section 5305 of this title
and are identified in the application under section 5304 of this
title, and with respect to which grants have been or are to be made
under section 5303 of this title, but no such guarantee shall be
issued in behalf of any agency designed to benefit, in or by the
flotation of any issue, a private individual or corporation".
Subsec. (b). Pub. L. 95-128, Sec. 108(1), (3), added subsec. (b)
and struck out prior provisions respecting: reservation and
withholding of prescribed amount for purpose of paying guaranteed
obligations, subject to being increased because of any
unanticipated, major reduction in estimated disposition proceeds;
pledge of full faith and credit of unit of general local government
to the Secretary for repayment of any amount required to be paid by
the United States pursuant to any guarantee; and pledge of
repayment of proceeds of grants in event of failure of repayment as
hereinbefore provided.
Subsecs. (c) to (e). Pub. L. 95-128, Sec. 108(3), added subsecs.
(c) to (e). Former subsecs. (c) to (e) redesignated (f) to (h).
Subsecs. (f), (g). Pub. L. 95-128, Sec. 108(2), redesignated
former subsecs. (c) and (d) as (f) and (g).
Subsec. (h). Pub. L. 95-128, Sec. 108(2), (4), (5), redesignated
former subsec. (e) as (h) and substituted in first sentence
"subsection (j)" for "subsection (g)"; substituted in first
sentence "shall" for "may, at the option of the issuing unit of
general local government or designated agency,"; and in second
sentence "The Secretary is authorized to make, and to contract to
make, grants, in such amounts as may be approved in appropriations
Acts," for "In the event that taxable obligations are issued and
guaranteed, the Secretary is authorized to make, and to contract to
make, grants".
Subsec. (j). Pub. L. 95-128, Sec. 108(2), (6), redesignated
former subsec. (g) as (j) and substituted "is guaranteed pursuant
to" for "such unit or agency has elected to issue as a taxable
obligation pursuant to subsection (e) of".
Subsec. (k). Pub. L. 95-128, Sec. 108(7), added subsec. (k).
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by Pub. L. 104-120 to be construed to have become
effective Oct. 1, 1995, see section 13(a) of Pub. L. 104-120, set
out as an Effective and Termination Dates of 1996 Amendments note
under section 1437d of this title.
EFFECTIVE DATE OF 1994 AMENDMENT
Amendment by Pub. L. 103-233 applicable with respect to any
amounts made available to carry out subchapter II (Sec. 12721 et
seq.) of chapter 130 of this title after Apr. 11, 1994, and any
amounts made available to carry out that subchapter before that
date that remain uncommitted on that date, with Secretary to issue
any regulations necessary to carry out such amendment not later
than end of 45-day period beginning on that date, see section 209
of Pub. L. 103-233, set out as a note under section 5301 of this
title.
EFFECTIVE DATE OF 1986 AMENDMENT
Section 3002(b) of Pub. L. 99-272 provided that: "The amendment
made by subsection (a) [amending this section] shall take effect on
July 1, 1986."
EFFECTIVE DATE OF 1983 AMENDMENT
Amendment by Pub. L. 98-181 applicable only to funds available
for fiscal year 1984 and thereafter, see section 110(b) of Pub. L.
98-181, as amended, set out as a note under section 5316 of this
title.
EFFECTIVE DATE OF 1981 AMENDMENT
Amendment by Pub. L. 97-35 effective Oct. 1, 1981, see section
371 of Pub. L. 97-35, set out as an Effective Date note under
section 3701 of Title 12, Banks and Banking.
EFFECTIVE DATE OF 1977 AMENDMENT
Amendment by Pub. L. 95-128 effective Oct. 1, 1977, see section
114 of Pub. L. 95-128, set out as a note under section 5301 of this
title.
REGULATIONS
Section 910(i) of Pub. L. 101-625 provided that: "To carry out
the amendments made by this section [amending this section and
section 5313 of this title], the Secretary of Housing and Urban
Development shall -
"(1) issue proposed regulations not later than 90 days after
the date of the enactment of this Act [Nov. 28, 1990]; and
"(2) issue final regulations not later than 180 days after the
date of the enactment of this Act."
COMMUNITY DEVELOPMENT LOAN GUARANTEES
Section 910(a) of Pub. L. 101-625 provided that:
"(1) Purposes. - The purposes of the amendments made by this
section [amending this section and section 5313 of this title] are -

"(A) to reaffirm the commitment of the Federal Government to
assist local governments in their efforts in stimulating economic
and community development activities needed to combat severe
economic distress and to help in promoting economic development
activities needed to aid in economic recovery; and
"(B) to promote revitalization and development projects
undertaken by local governments that principally benefit persons
of low and moderate income, the elimination of slums and blight,
and to meet urgent community needs, with special priority for
projects located in areas designated as enterprise zones by the
Federal Government or by any State.
"(2) Objectives. - In order to further the purpose described in
paragraph (1), activities undertaken pursuant to the amendments
made by this section shall be directed toward meeting the
objectives set forth in sections 101(c) and 104(b)(3) of the
Housing and Community Development Act of 1974 (42 U.S.C. 5301(c)
and 5304(b)(3)) and the additional objectives of -
"(A) encouraging local governments to establish public-private
partnerships;
"(B) preserving housing affordable for persons of low and
moderate income; and
"(C) creating permanent employment opportunities, primarily for
persons of low and moderate income."
ADMINISTRATIVE ACTIONS FOR PROVISION OF PRIVATE SECTOR FINANCING OF
GUARANTEED LOANS
Section 3002(c) of Pub. L. 99-272 provided that: "The Secretary
of Housing and Urban Development shall take such administrative
actions as are necessary to provide by the effective date of
subsection (a) [July 1, 1986] private sector financing of loans
guaranteed under section 108 of the Housing and Community
Development Act of 1974 [this section]."
(!1) See References in Text note below.
(!2) So in original. Probably should be "an".

(!3) See Codification note below.