42 U.S.C. § 8013
- Citation
- 42 U.S.C. § 8013
- Parent Document
- 42 U.S.C. § 8013
- Jurisdiction
- United States (federal)
- Original Source
- https://www.law.cornell.edu/uscode/text/42/8013 ↗
Other Sections in This Document (149)
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Full Text
789 charsThe initial term of a contract entered into under subsection (d)(2) shall be 240 months, except that, in the case of the sponsor of a project assisted with any low-income housing tax credit pursuant to section 42 of title 26 or with any tax-exempt housing bonds, the contract shall have an initial term of not less than 360 months and shall provide funding for a term of 60 months. The Secretary shall, to the extent approved in appropriation Acts, upon expiration of a contract (or any renewed contract), renew such contract for a term of not less than 60 months. In order to facilitate the orderly extension of expiring contracts, the Secretary is authorized to make commitments to extend expiring contracts during the year prior to the date of expiration. (3) Limitation on use of funds