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U.S. Code as of:
01/19/04
Section 3538. Rescheduling and refinancing of Federal loans
The Secretary of Housing and Urban Development is authorized to
refinance any note or other obligation which is held by him in
connection with any loan made by the Department of Housing and
Urban Development or its predecessor in interest, or which is
included within the revolving fund for liquidating programs
established by the Independent Offices Appropriation Act of 1955
[12 U.S.C. 1701g-5], where he finds such refinancing necessary
because of the loss, destruction, or damage (as a result of a major
disaster) to property or facilities securing such obligations. The
Secretary may authorize a suspension in the payment of principal
and interest charges on, and an additional extension in the
maturity of, any such loan for a period not to exceed five years if
he determines that such action is necessary to avoid severe
financial hardship.
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