42 USC § 1437i - Obligations of public housing agencies; contestability; full faith and credit of United States pledged as security; tax exemption | Title 42 - The Public Health and Welfare | U.S. Code

USCPrelim is a preliminary release and may be subject to further revision before it is released again as a final version.

Current through Pub. L. 113-99. (See Public Laws for the current Congress.)

(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.

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(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.

Source

(Sept. 1, 1937, ch. 896, title I, § 11, as added Pub. L. 93–383, title II, § 201(a),Aug. 22, 1974, 88 Stat. 667; amended Pub. L. 97–35, title III, § 322(c),Aug. 13, 1981, 95 Stat. 402; renumbered title I, Pub. L. 100–358, § 5,June 29, 1988, 102 Stat. 681; Pub. L. 101–625, title V, § 572(2),Nov. 28, 1990, 104 Stat. 4236.)

Prior Provisions

A prior section 11 of act Sept. 1, 1937, ch. 896, 50 Stat. 893, as amended, authorized capital grants to public housing agencies in assistance of low rentals and was classified to section 1411 of this title, prior to the general revision of this chapter by Pub. L. 93–383.

Amendments

1990—Pub. L. 101–625substituted “low-income housing” for “lower income housing” wherever appearing.

1981—Pub. L. 97–35substituted reference to lower income for reference to low-income wherever appearing.

Effective Date of 1981 Amendment

Amendment by Pub. L. 97–35effective Oct. 1, 1981, see section 371 ofPub. L. 97–35, set out as an Effective Date note under section 3701 of Title 12, Banks and Banking.

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 Friday, May 3, 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.

How To Use

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The Session Year indicates which session of Congress was responsible for the changes classified. The Congress number forms the first part of the Public Law number; each Congress has two sessions.

Abbreviations used in the Description of Change column:

An empty field implies a standard amendment.
"new" means a new section or new note, or all new text of an existing section or note.
"nt" means note.
"nt [tbl]" means note [table].
"prec" means preceding.
"fr" means a transfer from another section.
"to" means a transfer to another section.
"omitted" means the section is omitted.
"repealed" means the section is repealed.
"nt ed change" and "ed change" - See the Editorial Classification Change Table [pdf].

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General Reference

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Refer to the Thomas site for changes that have not yet made it into the classification tables.

42 USC	Description of Change	Session Year	Public Law	Statutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

24 CFR - Title 24—Housing and Urban Development

24 CFR Part 20 - OFFICE OF HEARINGS AND APPEALS

24 CFR Part 904 - LOW RENT HOUSING HOMEOWNERSHIP OPPORTUNITIES

24 CFR Part 905 - THE PUBLIC HOUSING CAPITAL FUND PROGRAM

24 CFR Part 966 - PUBLIC HOUSING LEASE AND GRIEVANCE PROCEDURE

24 CFR Part 969 - PHA-OWNED PROJECTS—CONTINUED OPERATION AS LOW-INCOME HOUSING AFTER COMPLETION OF DEBT SERVICE

42 USC § 1437i - Obligations of public housing agencies; contestability; full faith and credit of United States pledged as security; tax exemption

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