42 U.S.C. § 1437i : US Code - Section 1437I: Obligations of public housing agencies; contestability; full faith and credit of United States pledged as security; tax exemption

Search 42 U.S.C. § 1437i : US Code - Section 1437I: Obligations of public housing agencies; contestability; full faith and credit of United States pledged as security; tax exemption

(a) Obligations issued by a public housing agency in connection
with low-income housing projects which (1) are secured (A) by a
pledge of a loan under any agreement between such public housing
agency and the Secretary, or (B) by a pledge of annual
contributions under an annual contributions contract between such
public housing agency and the Secretary, or (C) by a pledge of both
annual contributions under an annual contributions contract and a
loan under an agreement between such public housing agency and the
Secretary, and (2) bear, or are accompanied by, a certificate of
the Secretary that such obligations are so secured, shall be
incontestable in the hands of a bearer and the full faith and
credit of the United States is pledged to the payment of all
amounts agreed to be paid by the Secretary as security for such
obligations.
(b) Except as provided in section 1437c(g) of this title,
obligations, including interest thereon, issued by public housing
agencies in connection with low-income housing projects shall be
exempt from all taxation now or hereafter imposed by the United
States whether paid by such agencies or by the Secretary. The
income derived by such agencies from such projects shall be exempt
from all taxation now or hereafter imposed by the United States.