§291j–1 Loan guarantees and loans

Summary

The Secretary may, from July 1, 1970, through June 30, 1974, guarantee that non‑Federal lenders who make approved loans to nonprofit private agencies will be paid back principal and interest. Those loans must be for building or modernizing nonprofit private hospitals, long‑term care centers, outpatient facilities, or rehabilitation facilities. During the same dates, the Secretary may make loans to public agencies for public health centers, public hospitals, long‑term care, outpatient, or rehabilitation facilities; those loans must be sold and guaranteed under section 291j–7. No guaranteed loan or loan under this part can be for more than an amount that, when added to any grant or loan under part A for the same project, would exceed 90 percent of the project’s cost. The Secretary must get help from the Department of Housing and Urban Development, with that Department Secretary’s consent, to run this program efficiently and economically.