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Direct loans; authorization; terms and conditions; revolving fund; appropriation

4 rules0 of 3 subsections

The Secretary is authorized to make loans to private nonprofit corporations and consumer cooperatives and Indian tribes to provide rental or cooperative housing and related facilities for elderly or handicapped persons or families of low or moderate income or other persons and families of low income in rural areas, in accordance with terms and conditions substantially identical with those specified in section 1472 of this title ; except that—

(1)

(1)#

no such loan shall exceed the development cost or the value of the security, whichever is less;

(2)#

such a loan may be made for a period of up to 30 years from the making of the loan; and

(3)#

such a loan, when made to a consumer cooperative for cooperative housing purposes, may, notwithstanding any other provision of law, be made upon the condition that any person who is admitted as an eligible member and tenant of the cooperative may not subsequently be deprived of his membership or tenancy by reason of his no longer meeting the income eligibility requirements established by the Secretary.

in view

Whole section

Encodings · 4

direct_loan_maximum_term_years42 USC § 1485 (a) · parameter

42 USC 1485(a)

name: direct_loan_maximum_term_years
kind: parameter
dtype: Integer
source: 42 USC 1485(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us/statute/42/1485
          excerpt: such a loan may be made for a period of up to 30 years
versions:
  - effective_from: '0001-01-01'
    formula: '30'

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direct_loan_revolving_fund_authorization_amount42 USC § 1485 (a) · parameter

42 USC 1485(a)

name: direct_loan_revolving_fund_authorization_amount
kind: parameter
dtype: Money
unit: USD
source: 42 USC 1485(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us/statute/42/1485
          excerpt: There is authorized to be appropriated not to exceed $50,000,000
versions:
  - effective_from: '0001-01-01'
    formula: '50000000'

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direct_loan_principal_within_security_limit42 USC § 1485 (a) · derived

42 USC 1485(a)

name: direct_loan_principal_within_security_limit
kind: derived
entity: Loan
dtype: Judgment
period: Month
source: 42 USC 1485(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us/statute/42/1485
          excerpt: >-
            no such loan shall exceed the development cost or the value of the
            security, whichever is less
versions:
  - effective_from: '0001-01-01'
    formula: requested_loan_principal_amount <= min(development_cost, security_value)

open in graph ↗

direct_loan_term_within_limit42 USC § 1485 (a) · derived

42 USC 1485(a)

name: direct_loan_term_within_limit
kind: derived
entity: Loan
dtype: Judgment
period: Month
source: 42 USC 1485(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us/statute/42/1485
          excerpt: up to 30 years from the making of the loan
versions:
  - effective_from: '0001-01-01'
    formula: requested_loan_term_years <= direct_loan_maximum_term_years

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▸rulespec code

Shown source

statutes/42/1485.yaml

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Rules

direct_loan_maximum_term_years

Parameter

source: 42 USC 1485(a)

- name: direct_loan_maximum_term_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: such a loan may be made for a period of up to 30 years
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

direct_loan_revolving_fund_authorization_amount

Parameter

source: 42 USC 1485(a)

- name: direct_loan_revolving_fund_authorization_amount
  kind: parameter
  dtype: Money
  unit: USD
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: There is authorized to be appropriated not to exceed $50,000,000
  versions:
    - effective_from: '0001-01-01'
      formula: '50000000'

insured_loan_maximum_term_years

Parameter

source: 42 USC 1485(b)

- name: insured_loan_maximum_term_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: such a loan may be made for a period of up to 30 years
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

insured_loan_payment_amortization_schedule_years

Parameter

source: 42 USC 1485(b)

- name: insured_loan_payment_amortization_schedule_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: amortization schedule of 50 years
  versions:
    - effective_from: '0001-01-01'
      formula: '50'

secretary_held_insured_loan_principal_outstanding_limit

Parameter

source: 42 USC 1485(b)

- name: secretary_held_insured_loan_principal_outstanding_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: shall not exceed $10,000,000 outstanding at any one time
  versions:
    - effective_from: '0001-01-01'
      formula: '10000000'

final_payment_new_loan_additional_period_limit_years

Parameter

source: 42 USC 1485(b)

- name: final_payment_new_loan_additional_period_limit_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: for an additional period not to exceed twenty years
  versions:
    - effective_from: '0001-01-01'
      formula: '20'

development_cost_initial_operating_expense_cap_rate

Parameter

source: 42 USC 1485(e)

- name: development_cost_initial_operating_expense_cap_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1485(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: initial operating expenses up to 2 per centum
  versions:
    - effective_from: '0001-01-01'
      formula: '0.02'

state_or_local_similar_assistance_minimum_contract_years

Parameter

source: 42 USC 1485(l)

- name: state_or_local_similar_assistance_minimum_contract_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: rental assistance for a period of not less than five years
  versions:
    - effective_from: '0001-01-01'
      formula: '5'

general_equity_contribution_cap_rate

Parameter

source: 42 USC 1485(r)

- name: general_equity_contribution_cap_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: may require not more than a 3 percent contribution to equity
  versions:
    - effective_from: '0001-01-01'
      formula: '0.03'

tax_credit_project_equity_contribution_required_rate

Parameter

source: 42 USC 1485(r)

- name: tax_credit_project_equity_contribution_required_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              shall require a 5 percent contribution in the case of a project that is allocated a
              low-income housing tax credit
  versions:
    - effective_from: '0001-01-01'
      formula: '0.05'

direct_loan_principal_within_security_limit

Derived

source: 42 USC 1485(a)

- name: direct_loan_principal_within_security_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              no such loan shall exceed the development cost or the value of the security, whichever
              is less
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_principal_amount <= min(development_cost, security_value)

direct_loan_term_within_limit

Derived

source: 42 USC 1485(a)

- name: direct_loan_term_within_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: up to 30 years from the making of the loan
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_term_years <= direct_loan_maximum_term_years

insured_loan_principal_within_security_limit

Derived

source: 42 USC 1485(b)

- name: insured_loan_principal_within_security_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              no such loan shall exceed the development cost or the value of the security, whichever
              is less
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_principal_amount <= min(development_cost, security_value)

insured_loan_term_within_limit

Derived

source: 42 USC 1485(b)

- name: insured_loan_term_within_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: up to 30 years from the making of the loan
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_term_years <= insured_loan_maximum_term_years

insured_loan_amortization_schedule_within_limit

Derived

source: 42 USC 1485(b)

- name: insured_loan_amortization_schedule_within_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: amortization schedule of 50 years
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        periodic_payment_amortization_schedule_years <=
        insured_loan_payment_amortization_schedule_years

development_cost_included_initial_operating_expenses

Derived

source: 42 USC 1485(e)

- name: development_cost_included_initial_operating_expenses
  kind: derived
  entity: Project
  dtype: Money
  period: Month
  unit: USD
  source: 42 USC 1485(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: initial operating expenses up to 2 per centum of the aforementioned costs
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if nonprofit_or_consumer_cooperative_financing_housing_under_this_section and
        project_allocated_low_income_housing_tax_credit: 0 else:
        min(approved_initial_operating_expenses,
        development_cost_base_before_initial_operating_expenses *
        development_cost_initial_operating_expense_cap_rate)

state_or_local_similar_assistance_market_feasibility_demonstrated

Derived

source: 42 USC 1485(l)

- name: state_or_local_similar_assistance_market_feasibility_demonstrated
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        market_exists_for_persons_and_families_eligible_for_state_or_local_similar_assistance

        and state_or_local_similar_assistance_contract_years >=
        state_or_local_similar_assistance_minimum_contract_years

        and (reasonable_assurance_assistance_contract_will_be_extended_or_renewed or
        adequate_rental_market_exists_without_assistance_for_remaining_loan_term)

        and
        state_or_local_government_makes_required_rental_assistance_amounts_available_at_least_annually

rehabilitation_or_repair_carbon_monoxide_alarm_requirement_satisfied

Derived

source: 42 USC 1485(m)

- name: rehabilitation_or_repair_carbon_monoxide_alarm_requirement_satisfied
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: shall contain installed carbon monoxide alarms or detectors
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        not housing_or_related_facilities_rehabilitated_or_repaired_with_section_loan_amounts
        or installed_carbon_monoxide_alarms_or_detectors_meet_required_standards

rehabilitation_or_repair_qualifying_smoke_alarm_requirement_satisfied

Derived

source: 42 USC 1485(m)

- name: rehabilitation_or_repair_qualifying_smoke_alarm_requirement_satisfied
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: shall contain qualifying smoke alarms
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        not housing_or_related_facilities_rehabilitated_or_repaired_with_section_loan_amounts
        or qualifying_smoke_alarms_installed_in_required_locations_and_meet_required_standards

assistance_denial_based_on_rental_assistance_requirement_complies

Derived

source: 42 USC 1485(o)

- name: assistance_denial_based_on_rental_assistance_requirement_complies
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(o)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              may not deny assistance under this section on the basis that rental assistance
              payments ... may be required unless the authority to provide such assistance is not
              available
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        not assistance_denied_because_rental_assistance_payments_may_be_required
        or authority_to_provide_rental_assistance_payments_is_not_available

occupancy_denial_based_on_rental_assistance_requirement_complies

Derived

source: 42 USC 1485(o)

- name: occupancy_denial_based_on_rental_assistance_requirement_complies
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(o)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              may not ... promulgate any regulation that would have the effect of denying occupancy
              to eligible persons
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        not
        regulation_denies_occupancy_to_eligible_persons_because_they_require_rental_assistance_payments

baseline_equity_contribution_rate_before_secretary_adjustment

Derived

source: 42 USC 1485(r)

- name: baseline_equity_contribution_rate_before_secretary_adjustment
  kind: derived
  entity: Project
  dtype: Rate
  period: Month
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              not more than a 3 percent contribution ... except that the Secretary shall require a 5
              percent contribution
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if project_allocated_low_income_housing_tax_credit:
        tax_credit_project_equity_contribution_required_rate else:
        general_equity_contribution_cap_rate

initial_operating_reserve_letter_of_credit_allowed

Derived

source: 42 USC 1485(r)

- name: initial_operating_reserve_letter_of_credit_allowed
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              may require that the initial operating reserve under this section may be in the form
              of an irrevocable letter of credit
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        initial_operating_reserve_under_this_section
        and initial_operating_reserve_is_irrevocable_letter_of_credit

▸citations (1)

References

This rule cites 1 other rule.

42 USC § 1472inferredUS Federal › Statutes › Title 42 › § 1472

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us/statute/42/1485/a — Direct loans; authorization; terms and conditions; revolving fund; appropriation · Axiom

Direct loans; authorization; terms and conditions; revolving fund; appropriation

4 rules0 of 3 subsections

Official source

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(1)

Encodings · 4

direct_loan_maximum_term_years42 USC § 1485 (a) · parameter

42 USC 1485(a)

name: direct_loan_maximum_term_years
kind: parameter
dtype: Integer
source: 42 USC 1485(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us/statute/42/1485
          excerpt: such a loan may be made for a period of up to 30 years
versions:
  - effective_from: '0001-01-01'
    formula: '30'

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direct_loan_revolving_fund_authorization_amount42 USC § 1485 (a) · parameter

42 USC 1485(a)

name: direct_loan_revolving_fund_authorization_amount
kind: parameter
dtype: Money
unit: USD
source: 42 USC 1485(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: amount
        source:
          corpus_citation_path: us/statute/42/1485
          excerpt: There is authorized to be appropriated not to exceed $50,000,000
versions:
  - effective_from: '0001-01-01'
    formula: '50000000'

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direct_loan_principal_within_security_limit42 USC § 1485 (a) · derived

42 USC 1485(a)

name: direct_loan_principal_within_security_limit
kind: derived
entity: Loan
dtype: Judgment
period: Month
source: 42 USC 1485(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us/statute/42/1485
          excerpt: >-
            no such loan shall exceed the development cost or the value of the
            security, whichever is less
versions:
  - effective_from: '0001-01-01'
    formula: requested_loan_principal_amount <= min(development_cost, security_value)

open in graph ↗

direct_loan_term_within_limit42 USC § 1485 (a) · derived

42 USC 1485(a)

name: direct_loan_term_within_limit
kind: derived
entity: Loan
dtype: Judgment
period: Month
source: 42 USC 1485(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: formula
        source:
          corpus_citation_path: us/statute/42/1485
          excerpt: up to 30 years from the making of the loan
versions:
  - effective_from: '0001-01-01'
    formula: requested_loan_term_years <= direct_loan_maximum_term_years

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▸rulespec code

Shown source

statutes/42/1485.yaml

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This encoding covers the parent provision us/statute/42/1485; no dedicated encoding exists for this exact provision yet.

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Rules

direct_loan_maximum_term_years

Parameter

source: 42 USC 1485(a)

- name: direct_loan_maximum_term_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: such a loan may be made for a period of up to 30 years
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

direct_loan_revolving_fund_authorization_amount

Parameter

source: 42 USC 1485(a)

- name: direct_loan_revolving_fund_authorization_amount
  kind: parameter
  dtype: Money
  unit: USD
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: There is authorized to be appropriated not to exceed $50,000,000
  versions:
    - effective_from: '0001-01-01'
      formula: '50000000'

insured_loan_maximum_term_years

Parameter

source: 42 USC 1485(b)

- name: insured_loan_maximum_term_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: such a loan may be made for a period of up to 30 years
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

insured_loan_payment_amortization_schedule_years

Parameter

source: 42 USC 1485(b)

- name: insured_loan_payment_amortization_schedule_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: amortization schedule of 50 years
  versions:
    - effective_from: '0001-01-01'
      formula: '50'

secretary_held_insured_loan_principal_outstanding_limit

Parameter

source: 42 USC 1485(b)

- name: secretary_held_insured_loan_principal_outstanding_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: shall not exceed $10,000,000 outstanding at any one time
  versions:
    - effective_from: '0001-01-01'
      formula: '10000000'

final_payment_new_loan_additional_period_limit_years

Parameter

source: 42 USC 1485(b)

- name: final_payment_new_loan_additional_period_limit_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: for an additional period not to exceed twenty years
  versions:
    - effective_from: '0001-01-01'
      formula: '20'

development_cost_initial_operating_expense_cap_rate

Parameter

source: 42 USC 1485(e)

- name: development_cost_initial_operating_expense_cap_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1485(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: initial operating expenses up to 2 per centum
  versions:
    - effective_from: '0001-01-01'
      formula: '0.02'

state_or_local_similar_assistance_minimum_contract_years

Parameter

source: 42 USC 1485(l)

- name: state_or_local_similar_assistance_minimum_contract_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: rental assistance for a period of not less than five years
  versions:
    - effective_from: '0001-01-01'
      formula: '5'

general_equity_contribution_cap_rate

Parameter

source: 42 USC 1485(r)

- name: general_equity_contribution_cap_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: may require not more than a 3 percent contribution to equity
  versions:
    - effective_from: '0001-01-01'
      formula: '0.03'

tax_credit_project_equity_contribution_required_rate

Parameter

source: 42 USC 1485(r)

- name: tax_credit_project_equity_contribution_required_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              shall require a 5 percent contribution in the case of a project that is allocated a
              low-income housing tax credit
  versions:
    - effective_from: '0001-01-01'
      formula: '0.05'

direct_loan_principal_within_security_limit

Derived

source: 42 USC 1485(a)

- name: direct_loan_principal_within_security_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              no such loan shall exceed the development cost or the value of the security, whichever
              is less
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_principal_amount <= min(development_cost, security_value)

direct_loan_term_within_limit

Derived

source: 42 USC 1485(a)

- name: direct_loan_term_within_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: up to 30 years from the making of the loan
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_term_years <= direct_loan_maximum_term_years

insured_loan_principal_within_security_limit

Derived

source: 42 USC 1485(b)

- name: insured_loan_principal_within_security_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              no such loan shall exceed the development cost or the value of the security, whichever
              is less
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_principal_amount <= min(development_cost, security_value)

insured_loan_term_within_limit

Derived

source: 42 USC 1485(b)

- name: insured_loan_term_within_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: up to 30 years from the making of the loan
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_term_years <= insured_loan_maximum_term_years

insured_loan_amortization_schedule_within_limit

Derived

source: 42 USC 1485(b)

- name: insured_loan_amortization_schedule_within_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: amortization schedule of 50 years
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        periodic_payment_amortization_schedule_years <=
        insured_loan_payment_amortization_schedule_years

development_cost_included_initial_operating_expenses

Derived

source: 42 USC 1485(e)

- name: development_cost_included_initial_operating_expenses
  kind: derived
  entity: Project
  dtype: Money
  period: Month
  unit: USD
  source: 42 USC 1485(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: initial operating expenses up to 2 per centum of the aforementioned costs
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if nonprofit_or_consumer_cooperative_financing_housing_under_this_section and
        project_allocated_low_income_housing_tax_credit: 0 else:
        min(approved_initial_operating_expenses,
        development_cost_base_before_initial_operating_expenses *
        development_cost_initial_operating_expense_cap_rate)

state_or_local_similar_assistance_market_feasibility_demonstrated

Derived

source: 42 USC 1485(l)

- name: state_or_local_similar_assistance_market_feasibility_demonstrated
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        market_exists_for_persons_and_families_eligible_for_state_or_local_similar_assistance

        and state_or_local_similar_assistance_contract_years >=
        state_or_local_similar_assistance_minimum_contract_years

        and (reasonable_assurance_assistance_contract_will_be_extended_or_renewed or
        adequate_rental_market_exists_without_assistance_for_remaining_loan_term)

        and
        state_or_local_government_makes_required_rental_assistance_amounts_available_at_least_annually

rehabilitation_or_repair_carbon_monoxide_alarm_requirement_satisfied

Derived

source: 42 USC 1485(m)

- name: rehabilitation_or_repair_carbon_monoxide_alarm_requirement_satisfied
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: shall contain installed carbon monoxide alarms or detectors
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        not housing_or_related_facilities_rehabilitated_or_repaired_with_section_loan_amounts
        or installed_carbon_monoxide_alarms_or_detectors_meet_required_standards

rehabilitation_or_repair_qualifying_smoke_alarm_requirement_satisfied

Derived

source: 42 USC 1485(m)

- name: rehabilitation_or_repair_qualifying_smoke_alarm_requirement_satisfied
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: shall contain qualifying smoke alarms
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        not housing_or_related_facilities_rehabilitated_or_repaired_with_section_loan_amounts
        or qualifying_smoke_alarms_installed_in_required_locations_and_meet_required_standards

assistance_denial_based_on_rental_assistance_requirement_complies

Derived

source: 42 USC 1485(o)

- name: assistance_denial_based_on_rental_assistance_requirement_complies
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(o)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              may not deny assistance under this section on the basis that rental assistance
              payments ... may be required unless the authority to provide such assistance is not
              available
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        not assistance_denied_because_rental_assistance_payments_may_be_required
        or authority_to_provide_rental_assistance_payments_is_not_available

occupancy_denial_based_on_rental_assistance_requirement_complies

Derived

source: 42 USC 1485(o)

- name: occupancy_denial_based_on_rental_assistance_requirement_complies
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(o)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              may not ... promulgate any regulation that would have the effect of denying occupancy
              to eligible persons
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        not
        regulation_denies_occupancy_to_eligible_persons_because_they_require_rental_assistance_payments

baseline_equity_contribution_rate_before_secretary_adjustment

Derived

source: 42 USC 1485(r)

- name: baseline_equity_contribution_rate_before_secretary_adjustment
  kind: derived
  entity: Project
  dtype: Rate
  period: Month
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              not more than a 3 percent contribution ... except that the Secretary shall require a 5
              percent contribution
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if project_allocated_low_income_housing_tax_credit:
        tax_credit_project_equity_contribution_required_rate else:
        general_equity_contribution_cap_rate

initial_operating_reserve_letter_of_credit_allowed

Derived

source: 42 USC 1485(r)

- name: initial_operating_reserve_letter_of_credit_allowed
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              may require that the initial operating reserve under this section may be in the form
              of an irrevocable letter of credit
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        initial_operating_reserve_under_this_section
        and initial_operating_reserve_is_irrevocable_letter_of_credit

▸citations (1)

References

This rule cites 1 other rule.

42 USC § 1472inferredUS Federal › Statutes › Title 42 › § 1472