U.S.C. 1926 - Water & Waste Facility Loans & Grants

CITE-

7 USC Sec. 1926e 02/01/2010

-EXPCITE-

TITLE 7 - AGRICULTURE

CHAPTER 50 - AGRICULTURAL CREDIT

SUBCHAPTER I - REAL ESTATE LOANS

-HEAD-

Sec. 1926e. Grants to nonprofit organizations to finance the

construction, refurbishing, and servicing of individually-owned

household water well systems in rural areas for individuals with

low or moderate incomes

-STATUTE-

(a) Definition of eligible individual

In this section, the term "eligible individual" means an

individual who is a member of a household the members of which have

a combined income (for the most recent 12-month period for which

the information is available) that is not more than 100 percent of

the median nonmetropolitan household income for the State or

territory in which the individual resides, according to the most

recent decennial census of the United States.

(b) Grants

(1) In general

The Secretary may make grants to private nonprofit

organizations for the purpose of providing loans to eligible

individuals for the construction, refurbishing, and servicing of

individual household water well systems in rural areas that are

or will be owned by the eligible individuals.

(2) Terms of loans

A loan made with grant funds under this section -

(A) shall have an interest rate of 1 percent;

(B) shall have a term not to exceed 20 years; and

(C) shall not exceed $11,000 for each water well system

described in paragraph (1).

(3) Administrative expenses

A recipient of a grant made under this section may use grant

funds to pay administrative expenses associated with providing

the assistance described in paragraph (1), as determined by the

Secretary.

(c) Priority in awarding grants

In awarding grants under this section, the Secretary shall give

priority to an applicant that has substantial expertise and

experience in promoting the safe and productive use of individually-

owned household water well systems and ground water.

(d) Authorization of appropriations

There is authorized to be appropriated to carry out this section

$10,000,000 for each of fiscal years 2008 through 2012.