42 USC 300q - Loan and loan guarantee authority

U.S Code last checked for updates: Nov 22, 2024

§ 300q.

Loan and loan guarantee authority

(a)

Covered projects: duration; payment of principal and interest on loans for covered projects: duration; payments for reduction of interest rate

(1)

The Secretary, during the period ending September 30, 1982, may, in accordance with this part, make loans from the fund established under section 300q–2(d) of this title to any public or nonprofit private entity for projects for—

(A)

the discontinuance of unneeded hospital services or facilities,1

 So in original. The comma probably should be a semicolon.

(B)

the conversion of unneeded hospital services and facilities to needed health services and medical facilities, including outpatient medical facilities and facilities for long-term care;

(C)

the renovation and modernization of medical facilities, particularly projects for the prevention or elimination of safety hazards, projects to avoid noncompliance with licensure or accreditation standards, or projects to replace obsolete facilities;

(D)

the construction of new outpatient medical facilities; and

(E)

the construction of new inpatient medical facilities in areas which have experienced (as determined by the Secretary) recent rapid population growth.

(2)

(A)

The Secretary, during the period ending September 30, 1982, may, in accordance with this part, guarantee to—

(i)

non-Federal lenders for their loans to public and nonprofit private entities for medical facilities projects described in paragraph (1), and

(ii)

the Federal Financing Bank for its loans to public and nonprofit private entities for such projects,

payment of principal and interest on such loans.

(B)

In the case of a guarantee of any loan to a public or nonprofit private entity under subparagraph (A)(i) which is located in an urban or rural poverty area, the Secretary may pay, to the holder of such loan and for and on behalf of the project for which the loan was made, amounts sufficient to reduce by not more than one half the net effective interest rate otherwise payable on such loan if the Secretary finds that without such assistance the project could not be undertaken.

(b)

Amount of loans for medical facilities projects and such projects in urban or rural poverty areas

(c)

Limitation on cumulative total of principal of outstanding loans

(d)

Administrative assistance of Department of Housing and Urban Development

(July 1, 1944, ch. 373, title XVI, § 1601, formerly § 1620, as added Pub. L. 93–641, § 4, Jan. 4, 1975, 88 Stat. 2264; amended Pub. L. 94–273, § 2(21), Apr. 21, 1976, 90 Stat. 376; Pub. L. 95–83, title I, § 106(x)(1), Aug. 1, 1977, 91 Stat. 385; renumbered § 1601 and amended Pub. L. 96–79, title II, §§ 201(b)(1), 203(a)(1), (2), Oct. 4, 1979, 93 Stat. 630, 635.)

cite as: 42 USC 300q