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B-115398.51 1 (1976-09-28)

handle is hein.gao/gaobadrja0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATESY4. WASHINGTON. D.C. 20'4A September 28, 1976 5-115398 51t The Honorable James J. Florio . House of Representatives Dear Mr. Florio: In response to your letter of August 12, 1976, and subsequent phone conversations with you and your staff, we have reviewed the Far.ers Home Administration's (FmHA) oper- ation of the rural construction and improvement loan programs pursuant to sections 502 and 504 of the Housing Act. of 1949, as amended (Act). Under section 502, 42 USC 1472, FmHA is authorized to pro- vide direct and insured loans for the purposes of constructing or improving housing andT farm buildings. Under section 5G4, 42 USC 1474, FmHA may make loans, grants, or'combined loan-grants not exceeding $5,000 per borrower for the purposes of repair or improvement of unsafe or unsanitary housing or farm buildings. 0nly persons who cannot qualify for a section 502 loan are eli- gible for assistance under section 504. 42 USC 1474(a). In 1965, the Housing and Urban Development Act, Pub. L. 89-117, created two revolving funds--the Rural Housing Insurance Fund (RHIF) as new section 517 of the Act, 42 USC 1487, and the Rural Housing Direct Loan Account, as new section 518 of the Act, 42 USC 1488. These funds were to be used, in part, to carry out, respectively, FmHA's insured and direct rural housing loan pro- grams. The Secretary of Agriculture was given the authority to borrow from the Treasury to operate both revolving funds; how- ever, under section5i8(c) of the Act, the level of borrowing authority for th., Rural Housing Direct Loan Account .Iaq limited to amounts authorized in appropriations acts. Section 513(c) stated: When and in such amounts as may be authorized in appropriation Acts, the Secretary may issue notes to the Secretary of the Treasury * * *.' (Emphasis added.)

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