Title 48 — Territories and Insular PossessionsRelease 119-73

§51 [New Federal Loan Adjustments.]

Title 48 › Chapter CHAPTER 2— - ALASKA › § 51

Last updated Apr 6, 2026|Official source

Summary

The Secretary of Agriculture may reduce or cancel part of certain loans in Alaska when losses came from the 1964 earthquake and later seismic waves. He can refinance loans made under section 502 of the Housing Act of 1949 (42 U.S.C. 1472) to repair, rebuild, or replace homes or farm buildings, and those loans can cover buying new building sites if the old ones cannot be used. He may also reduce or cancel part of debts under programs run by the Rural Electrification Administration in Alaska for property lost, damaged, or destroyed by the same earthquake and seismic waves.

Full Legal Text

Title 48, §51

Territories and Insular Possessions — Source: USLM XML via OLRC

(a)The Secretary of Agriculture is authorized to compromise or release such portion of a borrower’s indebtedness under programs administered by the Farmers Home Administration in Alaska as he finds necessary because of loss resulting from the 1964 earthquake and subsequent seismic waves, and he may refinance outstanding indebtedness of applicants in Alaska for loans under section 502 of the Housing Act of 1949 [42 U.S.C. 1472] for the repair, reconstruction, or replacement of dwellings or farm buildings lost, destroyed, or damaged by such causes and securing such outstanding indebtedness. Such loans may also provide for the purchase of building sites, when the original sites cannot be utilized.

“(b)The Secretary of Agriculture is authorized to compromise or release such portion of a borrower’s indebtedness under programs administered by the Rural Electrification Administration in Alaska as he finds necessary because of loss, destruction, or damage of property resulting from the 1964 earthquake and subsequent seismic waves. (Added Pub. L. 88–451, § 4, Aug. 19, 1964, 78 Stat. 505.)

Reference

Citations & Metadata

Citation

48 U.S.C. § 51

Title 48 — Territories and Insular Possessions

Last Updated

Apr 6, 2026

Release point: 119-73