Collapse to view only § 2181. Policy
- § 2181. Policy
- § 2182. Authorization for worldwide shelter guarantees
- § 2182a. Agricultural and productive credit and self-help community development programs
- § 2183. General provisions
- § 2184. Trade credit insurance program for Central America
- § 2185. Trade credit insurance program for Poland
- § 2186. Loan guarantees to Israel program
§ 2181. Policy
The Congress recognizes that shelter, including essential urban development services, is among the most fundamental of human needs. Shelter for most people in the developing countries consists largely of domestic materials assembled by local labor. While recognizing that most financing for such shelter must come from domestic resources, the Congress finds that carefully designed programs involving United States capital and expertise can increase the availability of domestic financing for improved shelter and related services for low-income people by demonstrating to local entrepreneurs and institutions that providing low-cost shelter can be financially viable. The Congress reaffirms, therefore, that the United States should continue to assist developing countries in marshalling resources for low-cost shelter. Particular attention should be given to programs which will support pilot projects for low-cost shelter or which will have a maximum demonstration impact on local institutions and national policy. The Congress declares that the long run goal of all such programs should be to develop domestic construction capabilities and to stimulate local credit institutions to make available domestic capital and other management and technological resources required for effective low-cost shelter programs and policies.
(Pub. L. 87–195, pt. I, § 221, as added Pub. L. 91–175, pt. I, § 105, Dec. 30, 1969, 83 Stat. 807; amended Pub. L. 92–226, pt. I, § 103(a), Feb. 7, 1972, 86 Stat. 22; Pub. L. 93–189, § 5(1), Dec. 17, 1973, 87 Stat. 717; Pub. L. 93–559, § 7(1), Dec. 30, 1974, 88 Stat. 1796; Pub. L. 94–161, title III, § 311(3), Dec. 20, 1975, 89 Stat. 861; Pub. L. 95–88, title I, § 117(a)(1), Aug. 3, 1977, 91 Stat. 540; Pub. L. 95–424, title I, § 115(a), Oct. 6, 1978, 92 Stat. 950; Pub. L. 98–473, title I, § 101(1) [title V, § 541(a)], Oct. 12, 1984, 98 Stat. 1884, 1903.)
§ 2182. Authorization for worldwide shelter guarantees
(a) Authorization to issue guarantees to eligible investors
(b) Emphasis on certain activities
Activities carried out under this section shall emphasize—
(1) projects which provide improved home sites to poor families on which to build shelter, and related services;
(2) projects comprised of expandable core shelter units on serviced sites;
(3) slum upgrading projects designed to conserve and improve existing shelter;
(4) shelter projects for low-income people designed for demonstration or institution building purposes; and
(5) community facilities and services in support of projects authorized under this section to improve the shelter occupied by the poor.
(c) Use of solar energy technology
(k)2
2 So in original. No subsecs. (d) to (j) have been enacted.
Minimum annual program levels(Pub. L. 87–195, pt. I, § 222, as added Pub. L. 91–175, pt. I, § 105, Dec. 30, 1969, 83 Stat. 807; amended Pub. L. 94–161, title III, § 311(4), Dec. 20, 1975, 89 Stat. 861; Pub. L. 95–88, title I, § 117(a)(2), Aug. 3, 1977, 91 Stat. 540; Pub. L. 95–424, title I, § 115(a), Oct. 6, 1978, 92 Stat. 950; Pub. L. 96–53, title I, § 112(a), Aug. 14, 1979, 93 Stat. 363; Pub. L. 97–113, title III, § 310(a), Dec. 29, 1981, 95 Stat. 1535; Pub. L. 98–473, title I, § 101(1) [title V, § 541(a)], Oct. 12, 1984, 98 Stat. 1884, 1903; Pub. L. 99–83, title III, § 313(a)–(c), Aug. 8, 1985, 99 Stat. 216, 217; Pub. L. 100–202, § 101(e) [title II, § 201], Dec. 22, 1987, 101 Stat. 1329–131, 1329–142; Pub. L. 101–167, title II, Nov. 21, 1989, 103 Stat. 1205; Pub. L. 101–302, title II, May 25, 1990, 104 Stat. 224; Pub. L. 101–513, title II, Nov. 5, 1990, 104 Stat. 1989.)
§ 2182a. Agricultural and productive credit and self-help community development programs
(a) Financing pilot programs; scope
(b) Guaranties; percentage limitation
(c) Total and individual amount of guaranties
(d) Inter-American Foundation consultations
(e) Guaranty reserve
(f) Administrative and operating expenses; funds
(g) Transfer of Overseas Private Investment Corporation’s obligations and assets
(h) Termination of authority
(i) Excess foreign currencies; use
(Pub. L. 87–195, pt. I, § 222A, as added Pub. L. 93–559, § 8(a)(2), Dec. 30, 1974, 88 Stat. 1796; amended Pub. L. 95–88, title I, § 117(b)(1), Aug. 3, 1977, 91 Stat. 540; Pub. L. 95–424, title I, § 115(b), title V, § 502(d)(1), Oct. 6, 1978, 92 Stat. 951, 959; Pub. L. 96–53, title I, § 112(b), Aug. 14, 1979, 93 Stat. 364; Pub. L. 97–438, Jan. 8, 1983, 96 Stat. 2286; Pub. L. 98–473, title I, § 101(1) [title V, § 541(a)], Oct. 12, 1984, 98 Stat. 1884, 1903; Pub. L. 99–83, title III, § 313(d), Aug. 8, 1985, 99 Stat. 217; Pub. L. 106–113, div. B, § 1000(a)(2) [title V, § 586(h)(3)], Nov. 29, 1999, 113 Stat. 1535, 1501A–120.)
§ 2183. General provisions
(a) Fees; determination by President; reduction
(b) Accumulated and existing fees; expenditure of fees; revolving fund account; investments; use of investment income
(c) Priorities of funds for guaranty payments
(d) Guaranties as obligations backed by full faith and credit of United States
(e) Authorization of appropriations; borrowing authority
(1) There is hereby authorized to be appropriated to the President such amounts, to remain available until expended, as may be necessary from time to time to carry out the purposes of this subpart.
(2)
(A) In order to meet obligations incurred for the payment of claims pursuant to loan guaranties described in subsection (d), the Administrator of the agency primarily responsible for administering subchapter I of this chapter may, to the extent that reserves are not sufficient, borrow from time to time from the Treasury, except that—
(i) the Administrator may exercise the authority to borrow under this paragraph only to such extent or in such amounts as are provided in advance in appropriation Acts; and
(ii) the amount borrowed under this paragraph which is outstanding at any one time may not exceed $100,000,000.
(B) Any such borrowing shall bear interest at a rate determined by the Secretary of the Treasury, taking into account the current average market yield on outstanding marketable obligations of the United States of comparable maturities. The Secretary of the Treasury shall make loans under this paragraph and for such purpose may borrow on the credit of the United States in accordance with subchapter I of chapter 31 of title 31.
(f) Agency determination of maximum rate of interest
(g) Guaranties under prior acts
(h) Fraud or misrepresentation
(i) Repealed. Pub. L. 95–424, title I, § 115(i), Oct. 6, 1978, 92 Stat. 952
(j) Guaranties for housing projects; percentage requirement for families with income below median income
(Pub. L. 87–195, pt. I, § 223, as added Pub. L. 91–175, pt. I, § 105, Dec. 30, 1969, 83 Stat. 808; amended Pub. L. 92–226, pt. I, § 103(b) Feb. 7, 1972, 86 Stat. 22; Pub. L. 93–189, § 5(2), Dec. 17, 1973, 87 Stat. 717; Pub. L. 93–559, §§ 7(2), 8(a)(3)–(5), Dec. 30, 1974, 88 Stat. 1796, 1797; Pub. L. 94–161, title III, § 311(5), Dec. 20, 1975, 89 Stat. 861; Pub. L. 94–329, title IV, § 414, June 30, 1976, 90 Stat. 761; Pub. L. 95–88, title I, § 117(a)(3), (b)(2), (c), Aug. 3, 1977, 91 Stat. 540; Pub. L. 95–424, title I, § 115(c)–(j), Oct. 6, 1978, 92 Stat. 951, 952; Pub. L. 96–53, title I, § 112(c), (d), Aug. 14, 1979, 93 Stat. 364; Pub. L. 97–113, title III, § 310(b), Dec. 29, 1981, 95 Stat. 1535; Pub. L. 98–473, title I, § 101(1) [title V, § 541(a)], Oct. 12, 1984, 98 Stat. 1884, 1903; Pub. L. 100–202, § 101(e) [title II, § 201], Dec. 22, 1987, 101 Stat. 1329–131, 1329–142; Pub. L. 105–277, div. A, § 101(d) [title II], Oct. 21, 1998, 112 Stat. 2681–150, 2681–157.)
§ 2184. Trade credit insurance program for Central America
(a) Guarantees to Export-Import Bank; financial transactions with private sector in Central American countries
(b) Extent of guarantees; agreements; reserve fund
(1) Guarantees provided by the Agency pursuant to the authority of subsection (a) shall be for short-term guarantees and insurance extended by the Bank which shall be repayable within a period not to exceed one year from the date of arrival at the port of importation of the goods and services covered by such guarantees or insurance. Guarantees or insurance extended by the Bank and guaranteed by the Agency pursuant to subsection (a) shall be provided by the Bank in accordance with criteria and procedures agreed to by the Agency and the Bank. Such agreement shall also provide for the establishment of a reserve fund by the Agency, with such funds made available to the reserve as the Agency deems necessary to discharge liabilities under guarantees provided by the Agency pursuant to subsection (a).
(2) The Administrator of such agency shall transmit a copy of such agreement to the Speaker of the House of Representatives and to the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate.
(c) Deadline for guarantee commitments
(d) Availability of appropriated funds
(e) Guarantee commitments limit
(f) Credits to reserve fund
(g) Omitted
(h) Administrative and technical assistance
(Pub. L. 87–195, pt. I, § 224, as added Pub. L. 98–473, title I, § 101(1) [title V, § 541(a)], Oct. 12, 1984, 98 Stat. 1884, 1903; amended Pub. L. 99–83, title III, § 314, Aug. 8, 1985, 99 Stat. 217; Pub. L. 101–167, title IV, Nov. 21, 1989, 103 Stat. 1216; Pub. L. 101–179, title III, § 304(b), Nov. 28, 1989, 103 Stat. 1313; Pub. L. 101–513, title IV, Nov. 5, 1990, 104 Stat. 2001.)
§ 2185. Trade credit insurance program for Poland
(a) General authority
(1) Assurance to Export-Import Bank of repayment
(2) Liabilities which may be guaranteed
(b) Guarantees available only for short-term guarantees and insurance
(c) Agreement on criteria and procedures
(d) Reserve fund
(e) Discharge of liabilities
(1) Funds which may be used
(2) Crediting of subsequent payments
(f) Appropriations action required
(g) Limitation on outstanding commitments
(h) Omitted
(i) Administrative and technical assistance
(j) Fees and premiums
The Bank is authorized to charge fees and premiums, in connection with guarantees or insurance guaranteed by the administering agency under subsection (a), that are commensurate (in the judgment of the Bank) with the Bank’s administrative costs and the risks covered by the agency’s guarantees. Any amounts received by the Bank in excess of the estimated costs incurred by the Bank in administering such guarantees or insurance—
(1) shall be credited to the reserve fund established pursuant to subsection (d),
(2) shall be merged with the funds in such reserve, and
(3) shall be available for the purpose of payments by the administering agency to the Bank for guarantees under subsection (a).
(k) Restrictions not applicable
(l) Expiration of authority
(m) Definitions
For purposes of this section—
(1) the term “administering agency” means the Agency for International Development;
(2) the term “Administrator” means the Administrator of the Agency for International Development; and
(3) the term “Bank” means the Export-Import Bank of the United States.
(Pub. L. 87–195, pt. I, § 225, as added Pub. L. 101–179, title III, § 304(a), Nov. 28, 1989, 103 Stat. 1312.)
§ 2186. Loan guarantees to Israel program
(a) In general
(b) Fiscal year levelsThe President is authorized to issue guarantees in furtherance of the purposes of this section. Subject to subsection (d), the total principal amount of guarantees which may be issued by the President under this section shall be up to $10,000,000,000 which may be issued as follows:
(1) in fiscal year 1993, up to $2,000,000,000 may be issued on October 1, 1992 or thereafter;
(2) subject to subsection (d), in fiscal years 1994 through 1997, up to $2,000,000,000 in each fiscal year may be issued on October 1 or thereafter.
(3) If less than the full amount of guarantees authorized to be made available in a fiscal year pursuant to paragraphs (1) and (2) of this subsection is issued to Israel during that fiscal year, the authority to issue the balance of such guarantees shall extend to any subsequent fiscal year ending on or before September 30, 1998.
(4)
(A) Not later than September 1 of each year during the period in which the President is authorized to issue loan guarantees under subsection (a), beginning in fiscal year 1993, the President shall notify the appropriate congressional committees in writing of his intentions regarding the exercise of that authority for the fiscal year beginning on October 1 of that year, including a statement of the total principal amount of guarantees, if any, that the President proposes to issue for that fiscal year.
(B) For purposes of this paragraph, the term “appropriate congressional committees” means the Committee on Appropriations and the Committee on Foreign Relations of the Senate and the Committee on Appropriations and the Committee on Foreign Affairs of the House of Representatives.
(c) Use of guarantees
(d) Limitation on guarantee amount
(e) Fees
(1) Fees charged for the loan guarantee program under this section each year shall be an aggregate annual origination fee equal to the estimated subsidy cost of the guarantees issued under this section for that year, calculated by the Office of Management and Budget for the Federal Credit Reform Act of 1990 [2 U.S.C. 661 et seq.]. This shall also include an amount for the administrative expenses of the Agency for International Development in administering the program under this section. All such fees shall be paid by the Government of Israel to the Government of the United States. Funds made available for Israel under part 4 of subchapter II of this chapter, may be utilized by the Government of Israel to pay such fees to the United States Government. No further appropriations of subsidy cost are needed for the loan guarantee authorized hereunder for fiscal year 1993 and the four succeeding fiscal years.
(2) The origination fee shall be payable to the United States Government on a pro rata basis as each guarantee for each loan or increment is issued.
(f) Authority to suspend
(g) Procedures for suspension or terminationAny suspension or termination pursuant to subsection (f) shall be in accordance with the following procedures:
(1) Upon making a determination to suspend or terminate the provision of loan guarantees, the President shall submit to the Speaker of the House of Representatives and the President Pro Tempore of the Senate his determination to do so, including the basis for such suspension or termination.
(2) Such a suspension or termination shall cease to be effective if Congress enacts, within 30 days of submission, a joint resolution authorizing the assistance notwithstanding the suspension.
(3) Any such joint resolution shall be considered in the Senate in accordance with the provisions of section 601(b) of the International Security Assistance and Arms Export Control Act of 1976.
(4) For the purpose of expediting the consideration and enactment of joint resolutions under this subsection, a motion to proceed to the consideration of any such joint resolution after it has been reported by the appropriate committee shall be treated as highly privileged in the House of Representatives.
(5) In the event that the President suspends the provision of additional loan guarantees under subsection (f) and Congress does not enact a joint resolution pursuant to this subsection, the provision of additional loan guarantees under the program established by this section may be resumed only if the President determines and so reports to Congress that the reasons for the suspension have been resolved or that the resumption is otherwise in the national interest.
(h) Economic context
(i) Consultations
(j) Goods and services
(k) Reports
(l) Applicability of certain sections
(m) Terms and conditions
(1) Each loan guarantee issued under this section shall guarantee 100 percent of the principal and interest payable on such loans.
(2) The standard terms of any loan or increment guaranteed under this section shall be 30 years with semiannual payments of interest only over the first 10 years, and with semiannual payments of principal and interest on a level payment basis, over the last 20 years thereof, except that the guaranteed loan or any increments issued in a single transaction may include obligations having different maturities, interest rates, and payment terms if the aggregate scheduled debt service for all obligations issued in a single transaction equals the debt service for a single loan or increment of like amount having the standard terms described in this sentence. The guarantor shall not have the right to accelerate any guaranteed loan or increment or to pay any amounts in respect of the guarantees issued other than in accordance with the original payment terms of the loan. For purposes of determining the maximum principal amount of any loan or increment to be guaranteed under this section, the principal amount of each such loan or increment shall be—
(A) in the case of any loan issued on a discount basis, the original issue price (excluding any transaction costs) thereof; or
(B) in the case of any loan issue 2
2 So in original. Probably should be “issued”.
on an interest-bearing basis, the stated principal amount thereof.(Pub. L. 87–195, pt. I, § 226, as added Pub. L. 102–391, title VI, § 601, Oct. 6, 1992, 106 Stat. 1699.)