(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.
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.
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 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.