Sec. 5312.* Use of grants for settlement of outstanding urban renewal loans of units of general local government
[* Section 112 of the Act]

Information by State  Print version   Title 42, Chapter 69 Contents   Sec. 5301 Congressional findings and declaration of purpose.   Sec. 5302 General provisions   Sec. 5303 Grants to States, units of general local government and Indian tribes   Sec. 5304 Statement of activities and review   Sec. 5305 Activities eligible for assistance   Sec. 5306 Allocation and distribution of funds   Sec. 5307 Special purpose grants   Sec. 5308 Guarantee and commitment to guarantee loans for acquisition of property   Sec. 5309 Nondiscrimination in programs and activities   Sec. 5310 Labor standards; rate of wages; exceptions; enforcement powers   Sec. 5311 Remedies for noncompliance with community development requirements   Sec. 5312 Use of grants for settlement of outstanding urban renewal loans   Sec. 5313 Reporting requirements   Sec. 5314 Consultation by Secretary with other Federal departments, etc   Sec. 5315 Interstate agreements or compacts; purposes   Sec. 5316 Transition provisions   Sec. 5317 Liquidation of superseded or inactive programs   Sec. 5318 Urban development action grants   Sec. 5319 Community participation in programs   Sec. 5320 Historic preservation requirements   Sec. 5321 Suspension of requirements for disaster areas   Section 5318a (John Heinz Neighborhood Development Program) is not included   Back to the Laws Page

	Features
also in this section: (a) Limitation on amounts; prerequisites (b) Approval by Secretary of financial settlement of urban renewal project Annotations

1. Limitation on amounts; prerequisites
   
   The Secretary is authorized, notwithstanding any other provision of this chapter, to apply a portion of the grants, not to exceed 20 per centum thereof without the request of the recipient, made or to be made under section 5303 of this title in any fiscal year pursuant to an allocation under section 5306 of this title to any unit of general local government toward payment of the principal of, and accrued interest on, any temporary loan made in connection with urban renewal projects under title I of the Housing Act of 1949
   [42 U.S.C. 1450 et seq.]
   being carried out within the jurisdiction of such unit of general local government if--
   1. 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
      
      
   2. 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.
   
   In determining the amounts to be applied to the payment of temporary loans, the Secretary shall make an accounting for each project taking into consideration the costs incurred or to be incurred, the estimated proceeds upon any sale or disposition of property, and the capital grants approved for the project.
   
   
2. Approval by Secretary of financial settlement of urban renewal project
   
   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.