---
kind: "section"
citation: "40 U.S.C. § 3505"
title: "40"
title_heading: "Public Buildings, Property, and Works"
number: "3505"
heading: "Forgiveness of outstanding advances"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/40/3505"
units:
  - "Subtitle II — Public Buildings and Works"
  - "Part A — General"
  - "Chapter 35 — Non-Federal Public Works"
---

# §3505. Forgiveness of outstanding advances


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 February 5, 1988, 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.)

## Notes

| Historical and Revision Notes |  |  |
| --- | --- | --- |
| Revised<br>Section | 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. |