Title 40 — Public Buildings, Property, and WorksRelease 119-73
§3505 Forgiveness of outstanding advances
Title 40 › Subtitle SUBTITLE II— - PUBLIC BUILDINGS AND WORKS › Part PART A— - GENERAL › Chapter CHAPTER 35— - NON-FEDERAL PUBLIC WORKS › § 3505
Summary
The Secretary of Housing and Urban Development forgave every advance that still had principal owed on February 5, 1988, using the accounting and other rules the Secretary sets, and canceled any contract terms that required repaying those advances.
Full Legal Text
Title 40, §3505
Public Buildings, Property, and Works — Source: USLM XML via OLRC
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.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 350540:462(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.
Reference
Citations & Metadata
Citation
40 U.S.C. § 3505
Title 40 — Public Buildings, Property, and Works
Last Updated
Apr 6, 2026
Release point: 119-73