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40 U.S.C. 3505: Forgiveness of outstanding advancesText contains those laws in effect through Public Law 119-120 (October 7, 2026).
From Title 40-PUBLIC BUILDINGS, PROPERTY, AND WORKSCHAPTER 35-NON-FEDERAL PUBLIC WORKS
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§3505. Forgiveness of outstanding advances

In accordance with accounting and other procedures the Secretary of Housing and Urban Development prescribes, each advance made by the Secretary under this chapter that had any principal amount outstanding on February 5, 1988, was forgiven. The terms and conditions of any contract, or any amendment to a contract, for that advance with respect to any promise to repay the advance were canceled.

( Pub. L. 107–217 , Aug. 21, 2002 , 116 Stat. 1168 .)

Historical and Revision Notes

Revised

Section

Source (U.S. Code)

Source (Statutes at Large)

3505

40:462(g).

Aug. 2, 1954, ch. 649, title VII, § 702(g), as added Pub. L. 87–658, § 6, Sept. 14, 1962, 76 Stat. 544; Pub. L. 100–242, title V, § 524(2), Feb. 5, 1988, 101 Stat. 1939.