Us Code § 3538 - Rescheduling and refinancing of Federal loans
Full text of Us Code United States Code § 3538 — Rescheduling and refinancing of Federal loans, with citation guidance and answers to common questions.
§ 3538. Rescheduling and refinancing of Federal loans
The Secretary of Housing and Urban Development is authorized to refinance any note or other obligation which is held by him in connection with any loan made by the Department of Housing and Urban Development or its predecessor in interest, or which is included within the revolving fund for liquidating programs established by the Independent Offices Appropriation Act of 1955 [12 U.S.C. 1701g–5], where he finds such refinancing necessary because of the loss, destruction, or damage (as a result of a major disaster) to property or facilities securing such obligations. The Secretary may authorize a suspension in the payment of principal and interest charges on, and an additional extension in the maturity of, any such loan for a period not to exceed five years if he determines that such action is necessary to avoid severe financial hardship.
(Pub. L. 91–606, title II, §236(b), Dec. 31, 1970, 84 Stat. 1754.)
Editorial Notes
References in Text
The Independent Offices Appropriation Act of 1955, referred to in text, is act June 24, 1954, ch. 359, 68 Stat. 272. Provisions of the act which established the revolving fund for liquidating programs are classified to section 1701g–5 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Tables.
Codification
Section was not enacted as part of the Department of Housing and Urban Development Act which comprises this chapter.
Section was formerly classified to section 4455(b) of this title.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective Dec. 31, 1970, see section 304 of Pub. L. 91–606, set out as an Effective Date of 1970 Amendment note under section 165 of Title 26, Internal Revenue Code.
About This Section
42 U.S.C. § 3538 is part of Title 42 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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