The Secretary of Housing and Urban Development is authorized to refinance any note or other obligation which is held by him in connection with any loan made by the Department of Housing and Urban Development or its predecessor in interest, or which is included within the revolving fund for liquidating programs established by the Independent Offices Appropriation Act of 1955 [12 U.S.C. 1701g–5], where he finds such refinancing necessary because of the loss, destruction, or damage (as a result of a major disaster) to property or facilities securing such obligations. The Secretary may authorize a suspension in the payment of principal and interest charges on, and an additional extension in the maturity of, any such loan for a period not to exceed five years if he determines that such action is necessary to avoid severe financial hardship.
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The Independent Offices Appropriation Act of 1955, referred to in text, is act June 24, 1954, ch. 359,
Section was not enacted as part of the Department of Housing and Urban Development Act which comprises this chapter.
Section was formerly classified to section 4455(b) of this title.
Section effective Dec. 31, 1970, see section 304 of