Us Code § 14503 - Assistance for proposed low- and middle-income housing projects
Full text of Us Code United States Code § 14503 — Assistance for proposed low- and middle-income housing projects, with citation guidance and answers to common questions.
§ 14503. Assistance for proposed low- and middle-income housing projects
(a)
(1)
(2)
(b)
(1) section 221 of the National Housing Act (12 U.S.C. 1715l);
(2) section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f);
(3) section 515 of the Housing Act of 1949 (42 U.S.C. 1485); or
(4) any other law of similar purpose administered by the Secretary or any other department, agency, or instrumentality of the Federal Government or a state government.
(c)
(d)
(1)
(A) 50 percent of that cost;
(B) in the case of a project to be carried out in a county for which a distressed county designation is in effect under section 14526, 80 percent of that cost; or
(C) in the case of a project to be carried out for a county for which an at-risk county designation is in effect under section 14526, 70 percent of that cost.
(2)
(3)
(e)
(1)
(A) not be made to an organization established for profit; and
(B) except as provided in paragraph (2), not exceed—
(i) 50 percent of those expenses;
(ii) in the case of a project to be carried out in a county for which a distressed county designation is in effect under section 14526, 80 percent of those expenses; or
(iii) in the case of a project to be carried out in a county for which an at-risk county designation is in effect under section 14526, 70 percent of those expenses.
(2)
(A) the construction of housing shall not be more than 10 percent of the cost of the project; and
(B) the rehabilitation of housing shall not be more than 10 percent of the reasonable value of the rehabilitation housing, as determined by the Secretary.
(f)
(g)
(Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1268; Pub. L. 110–371, §2(c), Oct. 8, 2008, 122 Stat. 4038.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 14503(a) | 40 App.:207(d). | Pub. L. 89–4, title II, §207, as added Pub. L. 90–103, title I, §112, Oct. 11, 1967, 81 Stat. 261; Pub. L. 90–448, title II, §201(f), Aug. 1, 1968, 82 Stat. 502; Pub. L. 91–123, title I, §106, Nov. 25, 1969, 83 Stat. 215; Pub. L. 92–65, title II, §208, Aug. 5, 1971, 85 Stat. 169; Pub. L. 94–188, title I, §113, Dec. 31, 1975, 89 Stat. 1082; Pub. L. 105–393, title II, §212, Nov. 13, 1998, 112 Stat. 3621; Pub. L. 107–149, §13(e), Mar. 12, 2002, 116 Stat. 71. |
| 14503(b) | 40 App.:207(a). | |
| 14503(c) | 40 App.:207(e) (words after "areas of the region"). | |
| 14503(d) | 40 App.:207(b). | |
| 14503(e) | 40 App.:207(c). | |
| 14503(f) | 40 App.:207(e) (words before "and may provide funds"). | |
| 14503(g) | 40 App.:207(f). |
Subsection (a)(1) is added for clarity and for consistency with other titles of the United States Code.
In subsection (g), the words "notwithstanding such section" are omitted as unnecessary.
Editorial Notes
Amendments
2008—Subsec. (d)(1). Pub. L. 110–371, §2(c)(1), added par. (1) and struck out heading and text of former par. (1). Text read as follows: "A loan under subsection (b) shall not be more than 50 percent (or 80 percent for a project to be carried out in a county for which a distressed county designation is in effect under section 14526 of this title) of the cost of planning and obtaining financing for a project, including preliminary surveys and analyses of market needs, preliminary site engineering and architectural fees, site options, application and mortgage commitment fees, legal fees, and construction loan fees and discounts."
Subsec. (e)(1). Pub. L. 110–371, §2(c)(2), added par. (1) and struck out heading and text of former par. (1). Text read as follows: "A grant under this section shall not be made to an organization established for profit and, except as provided in paragraph (2), shall not exceed 50 percent (or 80 percent for a project to be carried out in a county for which a distressed county designation is in effect under section 14526 of this title) of expenses, incident to planning and obtaining financing for a project, which the Secretary considers not to be recoverable from the proceeds of a permanent loan made to finance the project."
About This Section
40 U.S.C. § 14503 is part of Title 40 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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