2011 US Code
Title 42 - The Public Health and Welfare
Chapter 8 - LOW-INCOME HOUSING (§§ 1401 - 1440)
Subchapter I - GENERAL PROGRAM OF ASSISTED HOUSING (§§ 1437 - 1437z-8)
Section 1437i - Obligations of public housing agencies; contestability; full faith and credit of United States...
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 5, Title 42 - THE PUBLIC HEALTH AND WELFARE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 42 - THE PUBLIC HEALTH AND WELFARE CHAPTER 8 - LOW-INCOME HOUSING SUBCHAPTER I - GENERAL PROGRAM OF ASSISTED HOUSING Sec. 1437i - Obligations of public housing agencies; contestability; full faith and credit of United States pledged as security; tax exemption |
Contains | section 1437i |
Date | 2011 |
Laws in Effect as of Date | January 3, 2012 |
Positive Law | No |
Disposition | standard |
Source Credit | Sept. 1, 1937, ch. 896, title I, §11, as added Pub. L. 93-383, title II, §201(a), Aug. 22, 1974, 88 Stat. 667; amended Pub. L. 97-35, title III, §322(c), Aug. 13, 1981, 95 Stat. 402; renumbered title I, Pub. L. 100-358, §5, June 29, 1988, 102 Stat. 681; Pub. L. 101-625, title V, §572(2), Nov. 28, 1990, 104 Stat. 4236. |
Statutes at Large References | 50 Stat. 893 88 Stat. 667 95 Stat. 402 102 Stat. 681 104 Stat. 4236 |
Public Law References | Public Law 93-383, Public Law 97-35, Public Law 100-358, Public Law 101-625 |
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(a) Obligations issued by a public housing agency in connection with low-income housing projects which (1) are secured (A) by a pledge of a loan under any agreement between such public housing agency and the Secretary, or (B) by a pledge of annual contributions under an annual contributions contract between such public housing agency and the Secretary, or (C) by a pledge of both annual contributions under an annual contributions contract and a loan under an agreement between such public housing agency and the Secretary, and (2) bear, or are accompanied by, a certificate of the Secretary that such obligations are so secured, shall be incontestable in the hands of a bearer and the full faith and credit of the United States is pledged to the payment of all amounts agreed to be paid by the Secretary as security for such obligations.
(b) Except as provided in section 1437c(g) of this title, obligations, including interest thereon, issued by public housing agencies in connection with low-income housing projects shall be exempt from all taxation now or hereafter imposed by the United States whether paid by such agencies or by the Secretary. The income derived by such agencies from such projects shall be exempt from all taxation now or hereafter imposed by the United States.
(Sept. 1, 1937, ch. 896, title I, §11, as added Pub. L. 93–383, title II, §201(a), Aug. 22, 1974, 88 Stat. 667; amended Pub. L. 97–35, title III, §322(c), Aug. 13, 1981, 95 Stat. 402; renumbered title I, Pub. L. 100–358, §5, June 29, 1988, 102 Stat. 681; Pub. L. 101–625, title V, §572(2), Nov. 28, 1990, 104 Stat. 4236.)
Prior ProvisionsA prior section 11 of act Sept. 1, 1937, ch. 896, 50 Stat. 893, as amended, authorized capital grants to public housing agencies in assistance of low rentals and was classified to section 1411 of this title, prior to the general revision of this chapter by Pub. L. 93–383.
Amendments1990—Pub. L. 101–625 substituted “low-income housing” for “lower income housing” wherever appearing.
1981—Pub. L. 97–35 substituted reference to lower income for reference to low-income wherever appearing.
Effective Date of 1981 AmendmentAmendment by Pub. L. 97–35 effective Oct. 1, 1981, see section 371 of Pub. L. 97–35, set out as an Effective Date note under section 3701 of Title 12, Banks and Banking.
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