§ 682. — Loan guarantees.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 14USC682]
TITLE 14--COAST GUARD
PART I--REGULAR COAST GUARD
CHAPTER 18--COAST GUARD HOUSING AUTHORITIES
Sec. 682. Loan guarantees
(a) Loan Guarantees.--
(1) Subject to subsection (b), the Secretary may guarantee a
loan made to any person in the private sector if the proceeds of the
loan are to be used by the person to acquire, or construct housing
units that the Secretary determines are suitable for use as military
family housing or as military unaccompanied housing.
(2) The amount of a guarantee on a loan that may be provided
under paragraph (1) may not exceed the amount equal to the lesser
of--
(A) 80 percent of the value of the project; or
(B) the outstanding principal of the loan.
(3) The Secretary shall establish such terms and conditions with
respect to guarantees of loans under this subsection as the
Secretary considers appropriate to protect the interests of the
United States, including the rights and obligations of the United
States with respect to such guarantees.
(4) The funds for the loan guarantees entered into under this
section shall be held in the Coast Guard Housing Fund under section
687 of this title. The Secretary is authorized to purchase mortgage
insurance to guarantee loans in lieu of guaranteeing loans directly
against funds held in the Coast Guard Housing Fund.
(b) Limitation on Guarantee Authority.--Loan guarantees may be made
under this section only to the extent that appropriations of budget
authority to cover their cost (as defined in section 502(5) of the
Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5))) are made in
advance, or authority is otherwise provided in appropriations Acts. If
such appropriation or other authority is provided, there may be
established a financing account (as defined in section 502(7) of such
Act (2 U.S.C. 661a(7))) which shall be available for the disbursement of
payment of claims for payment on loan guarantees under this section and
for all other cash flows to and from the Government as a result of
guarantees made under this section.
(Added Pub. L. 104-324, title II, Sec. 208(a), Oct. 19, 1996, 110 Stat.
3910.)
Section Referred to in Other Sections
This section is referred to in section 687 of this title.
