42 USC 5184 - Community disaster loans

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

§ 5184.

Community disaster loans

(a)

In general

(b)

Amount

The amount of any such loan shall be based on need, shall not exceed—

(1)

25 percent of the annual operating budget of that local government for the fiscal year in which the major disaster occurs, and shall not exceed $5,000,000; or

(2)

if the loss of tax and other revenues of the local government as a result of the major disaster is at least 75 percent of the annual operating budget of that local government for the fiscal year in which the major disaster occurs, 50 percent of the annual operating budget of that local government for the fiscal year in which the major disaster occurs, and shall not exceed $5,000,000.

(c)

Repayment

(1)

Cancellation

(2)

Condition on continuing eligibility

(d)

Effect on other assistance

(Pub. L. 93–288, title IV, § 417, formerly § 414(a), (b), May 22, 1974, 88 Stat. 158; renumbered § 417, Pub. L. 100–707, title I, § 106(j), Nov. 23, 1988, 102 Stat. 4705; Pub. L. 106–390, title II, § 207, Oct. 30, 2000, 114 Stat. 1571; Pub. L. 109–347, title VI, § 608, Oct. 13, 2006, 120 Stat. 1942.)

cite as: 42 USC 5184