PRIA, Government Policy, Made Personal

Summary

Lets the Commission lend money to the Lowell Development and Financial Corporation so that the corporation can make low‑interest loans to preserve, restore, or develop the specific properties named elsewhere in the law. Any loan from the Commission must be under a written agreement. The loan lasts 35 years and must be repaid in one lump sum to the Secretary of the Treasury for the Treasury’s general fund at the end. The corporation may only use the Commission’s money and any interest on it for the low‑interest loans (and reasonable costs to run the loan program or buy guarantees or insurance). The corporation must put the full loan amount to work in loans within five years (except the part used for those reasonable costs). When borrowers repay, the corporation must re‑lend those funds. The corporation must give its loan records to the Commission and the Secretary if asked. Before approving a loan, the corporation must get a statement from the Commission that the loan fits the program’s standards and the approved park preservation plan. The corporation may lend only to applicants who can repay and who meet its credit rules. The Commission may also give grants to owners of the named properties for preservation, restoration, management, development, or maintenance that follow the program’s standards. With the Secretary’s OK, the Commission can grant money to others for education, cultural programs, planning, transportation, maintenance, or other needed services. Grants must be written agreements saying how much, how it will be paid, what it can be used for, and any conditions. The Commission can get back any grant money that is used improperly. The Commission, with advice from the Secretary, may also offer technical help to owners (for repairs or to apply for loans) and to others working to meet the subchapter’s goals. The Commission must share its grant and loan records with the Secretary on request.

Title 16, §410cc–33

Conservation, Source: USLM XML via OLRC

(a)The Commission may make loans to the Lowell Development and Financial Corporation (established under chapter 844 of the Massachusetts General Laws and hereinafter referred to as the “corporation”) to enable the corporation to provide low interest loans for the preservation, restoration, or development of any property described in section 410cc–32(d)(1) of this title. The Commission may make any such loan to the corporation only after entering into a loan agreement with the corporation which includes the following terms:

(1)The loan to the corporation shall have a maturity of thirty-five years. At the end of such period, the corporation shall repay to the Secretary of the Treasury (in a lump sum) for deposit in the general fund of the Treasury the full amount of the loan and any additional amounts accruing to the corporation pursuant to this subsection excepting those amounts expended by the corporation for reasonable administrative expenses.

(2)The money received from the Commission, and any interest earned on such money, may be obligated by the corporation only for low interest loans made under paragraphs (6) and (7) of this subsection, except that the corporation may use such money to the extent the Commission considers reasonable to satisfy the costs of the corporation in administering the loan or procuring loan guarantees or insurance.

(3)Within five years after receiving the loan from the Commission, the corporation shall make loans under paragraphs (6) and (7) of this subsection which, in the aggregate, obligate the full amount of money received from the Commission (minus any amount required to satisfy the costs described in paragraph (2) of this subsection).

(4)As loans made under paragraphs (6) and (7) of this subsection are repaid, the corporation shall make additional loans under such paragraphs with the money made available for obligation by such repayments.

(5)The corporation shall make available to the Commission and to the Secretary, upon request, all accounts, financial records, and other information related to loans made under paragraphs (6) and (7) of this subsection.

(6)Before the corporation approves any application for a low interest loan for which money has been made available to the corporation by the Commission, the corporation shall require the prospective borrower to furnish the corporation with a statement from the Commission stating that the Commission has reviewed the application and has determined that any loan received by the prospective borrower will be spent in a manner consistent with—

(A)the standards and criteria established pursuant to section 410cc–32(e) of this title, and

(B)the goals of the park preservation plan approved under section 410cc–32(a) of this title.

(7)The corporation may approve any application for a low interest loan which meets the terms and conditions prescribed by the corporation with the approval of the Commission and for which money has been made available to the corporation by the Commission if—

(A)the prospective borrower furnishes the corporation with the statement described in paragraph (6) of this subsection;

(B)the corporation determines that such borrower has sufficient financial resources to repay the loan; and

(C)such borrower satisfies any other applicable credit criteria established by the corporation.

(b)(1)The Commission may make grants to owners of property described in section 410cc–32(d)(1) of this title for the preservation, restoration, management, development, or maintenance of such property in a manner consistent with the standards and criteria established pursuant to section 410cc–32(e) of this title.

(2)The Commission, with the approval of the Secretary, may make grants to any person or any public or private entity to provide for (i) educational and cultural programs which encourage appreciation of the resources of the park and preservation district, or (ii) any planning, transportation, maintenance, or other services the Commission considers necessary to carry out the purposes of this subchapter.

(3)Grants under this subsection shall be made under agreements which specify the amount of the grant, the installments (if any) by which the grant shall be paid to the grant recipient, the purpose for which the grant may be used, and any other condition the Commission considers appropriate. The Commission shall be entitled, under the terms of any grant agreement, to recover from the recipient any funds used in a manner inconsistent with such grant agreement.

(c)The Commission with the advice of the Secretary may provide technical assistance to—

(1)owners of property within the park or preservation district to assist such owners in (A) making repairs to or improvements in any property included in the index established pursuant to section 410cc–32(d) of this title, or (B) applying for loans under subsection (a) of this section; and

(2)any other person or public or private entity to assist such person or entity in taking actions consistent with the purpose of this subchapter.

(d)The Commission shall make available to the Secretary, upon request, all accounts, financial records, and other information of the Commission relating to grants and loans made under this section.

Notes & Related Subsidiaries

Editorial Notes

Codification Subsec. (e) of this section, which required the Secretary to make an annual report to Congress describing the loans, grants, and technical assistance provided under this section and under section 410cc–23 of this title, terminated, effective May 15, 2000, pursuant to section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 108 of House Document No. 103–7.

§410cc–33 Financial and Technical Assistance

Summary

Title 16, §410cc–33

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata