40 U.S.C. § 14503: Assistance for proposed low- and middle-income housing projects

There is an Appalachian Housing Fund. Amounts allocated to the Secretary of Housing and Urban Development for the purposes of this section shall be deposited in the Fund. The Secretary shall use the Fund as a revolving fund to carry out those purposes. Amounts in the Fund not needed for current operation may be invested in bonds or other obligations the Federal Government guarantees as to principal and interest. General expenses of administration of this section may be charged to the Fund. section 221 of the National Housing Act ( 12 U.S.C. 1715 l ); section 8 of the United States Housing Act of 1937 ( 42 U.S.C. 1437f ); section 515 of the Housing Act of 1949 ( 42 U.S.C. 1485 ); or any other law of similar purpose administered by the Secretary or any other department, agency, or instrumentality of the Federal Government or a state government. The Secretary or the Commission may provide amounts to the States for making grants and loans to nonprofit, limited dividend, or cooperative organizations and public bodies for the purposes for which the Secretary may provide amounts under this section. 50 percent of that cost; in the case of a project to be carried out in a county for which a distressed county designation is in effect under section 14526, 80 percent of that cost; or in the case of a project to be carried out for a county for which an at-risk county designation is in effect under section 14526, 70 percent of that cost. A loan shall be made without interest, except that a loan made to an organization established for profit shall bear interest at the prevailing market rate authorized for an insured or guaranteed loan for that type of project. The Secretary shall require payment of a loan made under this section, under terms and conditions the Secretary may require, no later than on completion of the project. Except for a loan to an organization established for profit, the Secretary may cancel any part of a loan made under this section on determining that a permanent loan to finance the project cannot be obtained in an amount adequate for repayment of a loan made under this section. not be made to an organization established for profit; and 50 percent of those expenses; in the case of a project to be carried out in a county for which a distressed county designation is in effect under section 14526, 80 percent of those expenses; or in the case of a project to be carried out in a county for which an at-risk county designation is in effect under section 14526, 70 percent of those expenses. the construction of housing shall not be more than 10 percent of the cost of the project; and the rehabilitation of housing shall not be more than 10 percent of the reasonable value of the rehabilitation housing, as determined by the Secretary. The Secretary or the Commission may provide, or contract with public or private organizations to provide, information, advice, and technical assistance with respect to the construction, rehabilitation, and operation by nonprofit organizations of housing for low- or moderate- income families in areas of the region the Commission establishes. Programs and projects assisted under this section are subject to the provisions cited in section 14701 of this title to the extent provided in the laws authorizing assistance for low- and moderate-income housing.