922 loans - An Overview
The Secretary, in session with community governments and Federal agencies, may put into practice an initiative to establish and improve the availability of eligible packages in communities in considerably underserved belief spots.(ii) submit towards the Secretary an application at this kind of time, in these way, and that contains this sort of facts as being the Secretary may possibly call for; and
"(b) Statement of Plan.—It is the policy of your Congress that The agricultural Electrification Administration make loans that facilitate the event and enhancement of the rural telecommunications infrastructure in order to make modern-day telecommunications engineering and solutions readily available at acceptable costs to the greatest practicable range of persons in rural regions in the United States."
(3) deny a mortgage or progress to, or choose another adverse action towards, an applicant for, or maybe a borrower of, a phone mortgage beneath this chapter for any explanation that's not based on a rule, regulation, bulletin, or other written policy regular that has not been released pursuant to area 553 of title five.
An eligible entity that gives telecommunications or broadband company to a minimum of twenty per cent in the households in America might not receive an amount of resources underneath this section for a fiscal calendar year in extra of fifteen % of the resources approved and appropriated under subsection (j) with the fiscal yr.
(one) the number of applications been given and acknowledged, together with any Specific personal loan terms or problems for which the Secretary delivered further aid to unserved locations;
Extensions underneath this portion shall not be granted When the principal equilibrium extended exceeds the appraised value of the creating plant or transmission line referred to in subsection paragraph (two).
A distribution borrower not in default about the repayment of loans produced or insured below this chapter shall be eligible for discounted prepayment as supplied During this subsection. For the goal of deciding eligibility for discounted click here prepayment less than this subsection or eligibility for assistance less than this chapter, a default by a borrower from which a distribution borrower purchases wholesale power shall not be regarded as a default from the distribution borrower.
The Secretary shall make insured telephone loans, into the extent of qualifying apps for the loans, at an fascination price of five % each year, to any applicant who satisfies Just about every of the following prerequisites:
(two) payment of principal when owing (devoid of desire) on outstanding loans to the Secretary from your Secretary on the Treasury for electrification and telephone reasons and payment of principal and curiosity when because of on loans towards the Secretary in the Secretary in the Treasury pursuant to section 934(a) of this title;
Other than as delivered in paragraph (2), a immediate or insured bank loan created under this chapter shall not be marketed or prepaid at a price that's less than the remarkable principal stability over the mortgage.
The borrower might not select a time period pursuant to paragraph (3) that ends once the maturity date established to the mortgage ahead of the refinancing with the bank loan below this portion.
A borrower that receives an extension less than this area shall pay a fee to your Secretary which shall be credited to the Rural Electrification and Telecommunications Loans Software account. Such costs shall keep on being obtainable without the need of fiscal year limitation to pay the modification expenditures for extensions.
The Secretary may well not request any applicant for an electric bank loan underneath this chapter to apply for and accept a bank loan in an total exceeding thirty p.c of the credit score demands with the applicant.