Federal · Title 42 — Public Health and Welfare
42 U.S.C. § 5312: Use of grants for settlement of outstanding urban renewal loans of units of general local government
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the Secretary determines, after consultation with the local public agency carrying out the project and the chief executive of such unit of general local government, that the project cannot be completed without additional capital grants, or the local public agency carrying out the project submits to the Secretary an appropriate request which is concurred in by the governing body of such unit of general local government. Upon application by any local public agency carrying out an urban renewal project under title I of the Housing Act of 1949 [ 42 U.S.C. 1450 et seq.], which application is approved by the governing body of the unit of general local government in which the project is located, the Secretary may approve a financial settlement of such project if he finds that a surplus of capital grant funds after full repayment of temporary loan indebtedness will result and may authorize the unit of general local government to use such surplus funds, without deduction or offset, in accordance with the provisions of this chapter.
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