42 U.S.C. § 16375
The Secretary shall establish a uniform system to service the Federal credit instruments provided under the CIFIA program.
If funding sufficient to cover the costs of services of expert firms retained pursuant to subsection (d) and all or a portion of the costs to the Federal Government of servicing the Federal credit instruments is not provided in an appropriations Act for a fiscal year, the Secretary, during that fiscal year, may collect fees on or after the date of the financial close of a Federal credit instrument provided under the CIFIA program at a level that is sufficient to cover those costs.
The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments.
A servicer appointed under paragraph (1) shall act as the agent for the Secretary.
A servicer appointed under paragraph (1) shall receive a servicing fee, subject to approval by the Secretary.
The Secretary may retain the services of expert firms, including counsel, in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments.
The Secretary shall implement procedures and measures to economize the time and cost involved in obtaining approval and the issuance of credit assistance under the CIFIA program.
42 U.S.C. § 16375
EDITORIAL NOTES
PRIOR PROVISIONSA prior section 1 6375,Pub. L. 109-58, title IX, §999E6375,, 119 Stat. 923, related to limitations on eligibility for awards, prior to repeal by Pub. L. 113-67, div. A, title III, §301(a), Dec. 26, 2013, 127 Stat. 1181.
STATUTORY NOTES AND RELATED SUBSIDIARIES
WAGE RATE REQUIREMENTSFor provisions relating to rates of wages to be paid to laborers and mechanics on projects for construction, alteration, or repair work funded under div. D or an amendment by div. D of Pub. L. 117-58 including authority of Secretary of Labor, see section 18851 of this title.
- Secretary
- The term "Secretary" means the Secretary of Housing and Urban Development.1See References in Text note below.
- project
- The terms "federally assisted housing" and "project" mean-(A) a public housing project (as such term is defined in section 3(b) of the United States Housing Act of 1937 [42 U.S.C. 1437a(b)] );(B) housing for which project-based assistance is provided under section 8 of the United States Housing Act of 1937 [42 U.S.C. 1437f] ;(C) housing that is assisted under section 1701q of title 12;(D) housing that is assisted under section 1701q of title 12, as such section existed before November 28, 1990;(E) housing financed by a loan or mortgage insured under section 1715l(d)(3) of title 12 that bears interest at a rate determined under the proviso of section 1715l(d)(5) of title 12;(F) housing insured, assisted, or held by the Secretary or a State or State agency under section 1715z-1 of title 12;(G) housing constructed or substantially rehabilitated pursuant to assistance provided under section 8(b)(2) of the United States Housing Act of 1937 [42 U.S.C. 1437f(b)(2)], as in effect before October 1, 1983, that is assisted under a contract for assistance under such section; and(H) housing that is assisted under section 80131 of this title.