The Single Best Strategy To Use For 922 loans
The Single Best Strategy To Use For 922 loans
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(iii) The normal for each capita earnings of your residents obtaining electric provider from your applicant is below the normal for every capita cash flow on the residents in the Point out where the applicant supplies support, or the median domestic income with the homes acquiring electric service in the applicant is lower than the median domestic earnings of your homes while in the Condition.
The Secretary, in session with the Secretary of Agriculture as well as the Secretary of the inside, may offer grants less than this segment to eligible grantees for the purpose of—
The Secretary may well not, as being a issue of constructing a telephone mortgage to an applicant therefor, need the applicant to—
(3) may give the very best funding precedence to specified projects in considerably underserved trust parts; and
(II)(aa) the normal revenue for every kilowatt-hour bought by the applicant is greater than the average income per kilowatt-hour bought by all utilities from the Condition during which the applicant offers assistance; and
inserted provisions associated with loans made by Federal Funding Financial institution with respect to ensures issued under this section, and substituted "an insured loan" for "a mortgage insured in the common fee".
The Secretary may well waive the need of subparagraph (A)(ii) in any scenario wherein the Secretary determines (and sets forth The explanations for the waiver in crafting) that the necessity would stop unexpected emergency restoration of the telephone process on the applicant or bring about significant hardship into the applicant.
(ii) features only Those people locations through which the applicant can satisfy the provider prerequisites less than this area, as determined by the Secretary.
(iii) agree to finish buildout on the broadband infrastructure described in the application by not later than 5 several years after the initial date on which aid under this section is made out there.
(B) In the situation of deferments manufactured to enable the borrower to deliver Local community growth guidance, complex help to businesses, and for other Local community, organization, or economic advancement projects not involved beneath subparagraph (A), the deferment shall be repaid in equivalent installments, with no accrual of fascination, more than the a hundred and twenty-month time period beginning to more info the date with the deferment, and the total number of this kind of payments shall be equal to the amount of the payment deferred.
"(A) notify the Administrator in crafting, inside of 30 times following the issuance of restrictions to perform this segment, on the intent on the borrower to prepay; and
Clause (ii) shall not apply to the bank loan to become designed to an applicant for the purpose of furnishing or increasing electric provider to buyers located in an urban place (as defined with the Bureau of the Census) if the average amount of consumers per mile of line of the overall electric powered method with the applicant exceeds seventeen.
Pub. L. 115–334, § 6211, substituted “furnishing phone company in rural places, which includes indebtedness of recipients on One more telecommunications loan made below this chapter.” for “furnishing phone provider in rural places: Supplied, That this sort of refinancing shall be based on the Secretary being important as a way to furnish and increase phone provider in rural areas: And delivered further, That these refinancing shall constitute not a lot more than forty for each centum of any financial loan designed beneath this subchapter.”
The Secretary could enter into such contracts, grants, or cooperative agreements as are needed to perform this portion.