(a)The Secretary may guarantee the full or partial repayment of a loan that meets the requirements of this subchapter.
(1)Not more than 15 loans may be guaranteed under subsection (a), of which not more than five such loans may be guaranteed during the 3-year period beginning on the date of the enactment of this subchapter.
(2)A guarantee of a loan under subsection (a) shall be in an amount that is not less than the amount necessary to sell the loan in a commercial market.
(3)Not more than an aggregate amount of $100,000,000 in loans may be guaranteed under subsection (a).
(c)A loan may not be guaranteed under this subchapter unless, before closing such loan, the Secretary has approved the loan.
(1)The Secretary shall enter into contracts with a qualified nonprofit organization, or other qualified organization, that has experience in underwriting transitional housing projects to obtain advice in carrying out this subchapter, including advice on the terms and conditions necessary for a loan that meets the requirements of section
2052 of this title.
(2)For purposes of paragraph (1), a nonprofit organization is an organization that is described in paragraph (3) or (4) of subsection (c) ofsection
501 of the Internal Revenue Code of 1986 and is exempt from tax under subsection (a) of such section.
(e)The Secretary may carry out this subchapter in advance of the issuance of regulations for such purpose.
(f)The Secretary may guarantee loans under this subchapter notwithstanding any requirement for prior appropriations for such purpose under any provision of law.
(g)Notwithstanding any other provision of law, a multifamily transitional housing project that is funded by a loan guaranteed under this subchapter may accept uncompensated voluntary services performed by any eligible entity (as that term is defined in section
2011(d) of this title) in connection with the construction, alteration, or repair of such project.
Subsec. (d)(1). Pub. L. 107–95, § 5(d)(2)(B), substituted “section
2052 of this title” for “section
3773 of this title”.
Subchapter effective Oct. 1, 1998, see section 602(f) ofPub. L. 105–368, set out as an Effective Date of 1998 Amendment note under section
2106 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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