Title 48 — Territories and Insular PossessionsRelease 119-73not60

§51 [new Federal Loan Adjustments.]

Title 48 › Chapter 2— ALASKA › § 51

Last updated Apr 5, 2026|Official source

Summary

Allows the Secretary of Agriculture to reduce or forgive part of a borrower's debt in Alaska when losses came from the 1964 earthquake and the seismic waves that followed. The Secretary can also refinance loans for Alaska applicants under section 502 of the Housing Act of 1949 to repair, rebuild, or replace homes or farm buildings lost or damaged, and those loans can pay for new building sites if the old ones cannot be used. Also allows the Secretary to reduce or forgive part of debts under Rural Electrification Administration programs in Alaska for property loss, destruction, or damage from the 1964 earthquake and the following 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 5, 2026

Release point: 119-73not60