40 USC § 3505 - Forgiveness of outstanding advances

---
identifier: "/us/usc/t40/s3505"
source: "usc"
legal_status: "official_legal_evidence"
title: "40 USC § 3505 - Forgiveness of outstanding advances"
title_number: 40
title_name: "PUBLIC BUILDINGS, PROPERTY, AND WORKS"
section_number: "3505"
section_name: "Forgiveness of outstanding advances"
chapter_number: 35
chapter_name: "NON-FEDERAL PUBLIC WORKS"
part_number: "A"
part_name: "GENERAL"
positive_law: true
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1168.)"
---


# § 3505. Forgiveness of outstanding advances

February 5, 1988

In accordance with accounting and other procedures the Secretary of Housing and Urban Development prescribes, each advance made by the Secretary under this chapter that had any principal amount outstanding on , was forgiven. The terms and conditions of any contract, or any amendment to a contract, for that advance with respect to any promise to repay the advance were canceled.

---

**Source Credit**: (Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1168.)

| RevisedSection | Source (U.S. Code) | Source (Statutes at Large) |
| --- | --- | --- |
| 3505 | 40:462(g). | Aug. 2, 1954, ch. 649, title VII, § 702(g), as added Pub. L. 87–658, § 6, Sept. 14, 1962, 76 Stat. 544; Pub. L. 100–242, title V, § 524(2), Feb. 5, 1988, 101 Stat. 1939. |