(a) General authorization
The Secretary may, upon such terms and conditions as the Secretary may prescribe, authorize a public housing agency to mortgage or otherwise grant a security interest in any public housing project or other property of the public housing agency.
(b) Terms and conditions
In making any authorization under subsection (a), the Secretary may consider—
(1) the ability of the public housing agency to use the proceeds of the mortgage or security interest for low-income housing uses;
(2) the ability of the public housing agency to make payments on the mortgage or security interest; and
(3) such other criteria as the Secretary may specify.
(c) No Federal liability
No action taken under this section shall result in any liability to the Federal Government.
Effective Date
Section effective and applicable beginning upon Oct. 1, 1999, except as otherwise provided, with provision that Secretary may implement section before such date except to extent otherwise provided, see section 503 of Pub. L. 105–276, set out as an Effective Date of 1998 Amendment note under section 1437 of this title.
Tried the LawStack mobile app?
Join thousands and try LawStack mobile for FREE today.
- Carry the law offline, wherever you go.
- Download CFR, USC, rules, and state law to your mobile device.
