Source: https://law.justia.com/codes/us/2015/title-12/chapter-13/subchapter-ii/sec.-1715y/
Timestamp: 2019-09-19 19:25:50
Document Index: 155331077

Matched Legal Cases: ['§ 1715', '§234', '§104', '§119', '§207', '§1108', '§1', '§3', '§303', '§102', '§302', '§3', '§8', '§303', '§313', '§312', '§310', '§339', '§201', '§101', '§404', '§104', '§406', '§509', '§306', '§10005', '§213', '§5', '§302', '§221', '§2117', '§ 1715', '§304', '§234', '§104', '§119', '§207', '§1108', '§1', '§3', '§303', '§102', '§302', '§3', '§8', '§303', '§313', '§312', '§310', '§339', '§201', '§101', '§404', '§104', '§406', '§509', '§306', '§10005', '§213', '§5', '§302', '§221', '§2117', '§1701', '§483', '§2117', '§406', '§423', '§339', '§318', '§312', '§302', '§102', '§303', '§1', '§1108', '§119', '§3', '§404', '§339']

12 U.S.C. § 1715y (2015) - Mortgage insurance for condominiums :: Title 12 - Banks and Banking (Sections 1 - 5710) - US Code :: Justia
Justia US Law US Codes and Statutes US Code 2015 US Code Title 12 - Banks and Banking (Sections 1 - 5710) Chapter 13 - National Housing (Sections 1701 - 1750jj) Subchapter II - Mortgage Insurance (Sections 1707 - 1715z-25) Sec. 1715y - Mortgage insurance for condominiums
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 13 - National Housing (Sections 1701 - 1750jj)
Subchapter II - Mortgage Insurance (Sections 1707 - 1715z-25)
Sec. 1715y - Mortgage insurance for condominiums
Publication Title United States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING
Contains section 1715y
Source Credit June 27, 1934, ch. 847, title II, §234, as added Pub. L. 87-70, title I, §104, June 30, 1961, 75 Stat. 160; amended Pub. L. 88-560, title I, §119(a), Sept. 2, 1964, 78 Stat. 780; Pub. L. 89-117, title II, §207(f), title XI, §1108(o), Aug. 10, 1965, 79 Stat. 468, 506; Pub. L. 90-19, §1(a)(3), (4), May 25, 1967, 81 Stat. 17; Pub. L. 90-301, §3(e), May 7, 1968, 82 Stat. 114; Pub. L. 90-448, title III, §303, Aug. 1, 1968, 82 Stat. 507; Pub. L. 91-152, title I, §§102(d), 113(h), Dec. 24, 1969, 83 Stat. 380, 384; Pub. L. 93-383, title III, §§302(e), 303(g), 304(h), 310(d), Aug. 22, 1974, 88 Stat. 676-678, 683; Pub. L. 94-173, §3, Dec. 23, 1975, 89 Stat. 1027; Pub. L. 94-375, §8(a), (b)(7), Aug. 3, 1976, 90 Stat. 1071, 1072; Pub. L. 95-128, title III, §§303(e), 304(d), Oct. 12, 1977, 91 Stat. 1132, 1133; Pub. L. 95-557, title III, §313, Oct. 31, 1978, 92 Stat. 2099; Pub. L. 96-153, title III, §§312(c), 314, Dec. 21, 1979, 93 Stat. 1116, 1117; Pub. L. 96-399, title III, §§310(g), 318, 333(e), 336(d), Oct. 8, 1980, 94 Stat. 1643, 1646, 1653, 1654; Pub. L. 97-35, title III, §§339(a), 339B(a), (d), Aug. 13, 1981, 95 Stat. 416, 417; Pub. L. 97-253, title II, §201(e), Sept. 8, 1982, 96 Stat. 789; Pub. L. 97-377, title I, §101(g), Dec. 21, 1982, 96 Stat. 1908; Pub. L. 98-181, title I [title IV, §§404(b)(11), 420, 423(b)(4), 431(b)], Nov. 30, 1983, 97 Stat. 1209, 1213, 1217, 1220; Pub. L. 98-479, title I, §104(a)(2), Oct. 17, 1984, 98 Stat. 2224; Pub. L. 100-242, title IV, §§406(b)(17), 422(a), 426(g), (h), Feb. 5, 1988, 101 Stat. 1901, 1914, 1916; Pub. L. 102-550, title V, §509(g), Oct. 28, 1992, 106 Stat. 3783; Pub. L. 103-211, title I, Feb. 12, 1994, 108 Stat. 12; Pub. L. 103-233, title III, §306, Apr. 11, 1994, 108 Stat. 373; Pub. L. 105-18, title II, §10005, June 12, 1997, 111 Stat. 201; Pub. L. 107-73, title II, §213(g), Nov. 26, 2001, 115 Stat. 677; Pub. L. 107-326, §5(b)(7), Dec. 4, 2002, 116 Stat. 2796; Pub. L. 108-186, title III, §302(b), Dec. 16, 2003, 117 Stat. 2692; Pub. L. 110-161, div. K, title II, §221(1), Dec. 26, 2007, 121 Stat. 2436; Pub. L. 110-289, div. B, title I, §2117(a), July 30, 2008, 122 Stat. 2832.
75 Stat. 160
78 Stat. 780
79 Stat. 468
81 Stat. 17
82 Stat. 114, 507
83 Stat. 380
88 Stat. 678, 676-678
89 Stat. 1027
90 Stat. 1071
91 Stat. 1132
92 Stat. 2099
93 Stat. 1116
94 Stat. 1643
95 Stat. 416, 417
96 Stat. 789, 1908
97 Stat. 1209, 1208, 1240
98 Stat. 2224
101 Stat. 1901
106 Stat. 3783
108 Stat. 12, 373
111 Stat. 201
112 Stat. 2673, 2674
115 Stat. 677
116 Stat. 2796
117 Stat. 2692
121 Stat. 2436
122 Stat. 2832
Public and Private Laws Public Law 87-70, Public Law 88-560, Public Law 89-117, Public Law 90-19, Public Law 90-301, Public Law 90-448, Public Law 91-152, Public Law 93-383, Public Law 94-173, Public Law 94-375, Public Law 95-128, Public Law 95-557, Public Law 96-153, Public Law 96-399, Public Law 97-35, Public Law 97-253, Public Law 97-377, Public Law 98-181, Public Law 98-479, Public Law 100-242, Public Law 102-550, Public Law 103-211, Public Law 103-233, Public Law 105-18, Public Law 105-276, Public Law 107-73, Public Law 107-326, Public Law 108-186, Public Law 110-161, Public Law 110-289
12 U.S.C. § 1715y (2015)
In addition to individual mortgages insured under subsection (c), the Secretary is authorized, in his discretion and under such terms and conditions as he may prescribe, to insure blanket mortgages (including advances on such mortgages during construction) which cover multifamily projects to be constructed or rehabilitated in cases where the mortgage is held by a mortgagor, approved by the Secretary, which—
To be eligible for insurance, a blanket mortgage on any multifamily project of a mortgagor of the character described in subsection (d) shall involve a principal obligation in an amount—
(1) Repealed. Pub. L. 93–383, title III, §304(h), Aug. 22, 1974, 88 Stat. 678;
(June 27, 1934, ch. 847, title II, §234, as added Pub. L. 87–70, title I, §104, June 30, 1961, 75 Stat. 160; amended Pub. L. 88–560, title I, §119(a), Sept. 2, 1964, 78 Stat. 780; Pub. L. 89–117, title II, §207(f), title XI, §1108(o), Aug. 10, 1965, 79 Stat. 468, 506; Pub. L. 90–19, §1(a)(3), (4), May 25, 1967, 81 Stat. 17; Pub. L. 90–301, §3(e), May 7, 1968, 82 Stat. 114; Pub. L. 90–448, title III, §303, Aug. 1, 1968, 82 Stat. 507; Pub. L. 91–152, title I, §§102(d), 113(h), Dec. 24, 1969, 83 Stat. 380, 384; Pub. L. 93–383, title III, §§302(e), 303(g), 304(h), 310(d), Aug. 22, 1974, 88 Stat. 676–678, 683; Pub. L. 94–173, §3, Dec. 23, 1975, 89 Stat. 1027; Pub. L. 94–375, §8(a), (b)(7), Aug. 3, 1976, 90 Stat. 1071, 1072; Pub. L. 95–128, title III, §§303(e), 304(d), Oct. 12, 1977, 91 Stat. 1132, 1133; Pub. L. 95–557, title III, §313, Oct. 31, 1978, 92 Stat. 2099; Pub. L. 96–153, title III, §§312(c), 314, Dec. 21, 1979, 93 Stat. 1116, 1117; Pub. L. 96–399, title III, §§310(g), 318, 333(e), 336(d), Oct. 8, 1980, 94 Stat. 1643, 1646, 1653, 1654; Pub. L. 97–35, title III, §§339(a), 339B(a), (d), Aug. 13, 1981, 95 Stat. 416, 417; Pub. L. 97–253, title II, §201(e), Sept. 8, 1982, 96 Stat. 789; Pub. L. 97–377, title I, §101(g), Dec. 21, 1982, 96 Stat. 1908; Pub. L. 98–181, title I [title IV, §§404(b)(11), 420, 423(b)(4), 431(b)], Nov. 30, 1983, 97 Stat. 1209, 1213, 1217, 1220; Pub. L. 98–479, title I, §104(a)(2), Oct. 17, 1984, 98 Stat. 2224; Pub. L. 100–242, title IV, §§406(b)(17), 422(a), 426(g), (h), Feb. 5, 1988, 101 Stat. 1901, 1914, 1916; Pub. L. 102–550, title V, §509(g), Oct. 28, 1992, 106 Stat. 3783; Pub. L. 103–211, title I, Feb. 12, 1994, 108 Stat. 12; Pub. L. 103–233, title III, §306, Apr. 11, 1994, 108 Stat. 373; Pub. L. 105–18, title II, §10005, June 12, 1997, 111 Stat. 201; Pub. L. 107–73, title II, §213(g), Nov. 26, 2001, 115 Stat. 677; Pub. L. 107–326, §5(b)(7), Dec. 4, 2002, 116 Stat. 2796; Pub. L. 108–186, title III, §302(b), Dec. 16, 2003, 117 Stat. 2692; Pub. L. 110–161, div. K, title II, §221(1), Dec. 26, 2007, 121 Stat. 2436; Pub. L. 110–289, div. B, title I, §2117(a), July 30, 2008, 122 Stat. 2832.)
This chapter, referred to in subsec. (c), was in the original "this Act", meaning act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§1701 et seq.). For complete classification of this Act to the Code, see Tables.
Section 1720 of this title, referred to in subsec. (e)(3)(B), was repealed by Pub. L. 98–181, title I [title IV, §483(a)], Nov. 30, 1983, 97 Stat. 1240.
2008—Subsec. (c). Pub. L. 110–289, §2117(a)(1), in first sentence, struck out "and" before "(2)" and inserted ", and (3) the project has a blanket mortgage insured by the Secretary under subsection (d)" before period at end.
2007—Subsec. (e)(3)(B). Pub. L. 110–161 substituted "170 percent" for "140 percent" after "not to exceed" in two places and "215 percent in high cost areas" for "170 percent in high cost areas".
2003—Subsec. (e)(3)(B). Pub. L. 108–186 substituted "140 percent in" for "110 percent in" and inserted ", or 170 percent in high cost areas," after "and by not to exceed 140 percent".
2002—Subsec. (e)(3). Pub. L. 107–326 inserted "(A)" after "(3)" and substituted "$42,048" for "$38,025", "$48,481" for "$42,120", "$58,469" for "$50,310", "$74,840" for '$62,010", "$83,375" for "$70,200", "$44,250" for "$43,875", "$50,724" for "$49,140", "$61,680" for "$60,255", "$79,793" for "$75,465", "$87,588" for "$85,328", and "; (B) the Secretary may, by regulation, increase any of the dollar limitations in subparagraph (A) (as such limitations may have been adjusted in accordance with section 1712a of this title)" for "; except that each of the foregoing dollar amounts is increased to the amount established for a comparable unit in section 1715l(d)(3)(ii) of this title; and except that the Secretary may, by regulation, increase any of the foregoing dollar amount limitations contained in this paragraph".
2001—Subsec. (e)(3). Pub. L. 107–73 substituted "$38,025", "$42,120", "$50,310", "$62,010", and "$70,200" for "$30,420", "$33,696", "$40,248", "$49,608", and "$56,160", respectively, and "$43,875", "$49,140", "$60,255", "$75,465", and "$85,328" for "$35,100", "$39,312", "$48,204", "$60,372", and "$68,262", respectively.
1997—Subsec. (c). Pub. L. 105–18 inserted "or pursuant to section 1709(h) of this title under the conditions described in section 1709(h) of this title" after "section 1709(b)(2) of this title".
1994—Subsec. (c). Pub. L. 103–211, effective for 18-month period following Feb. 12, 1994, for eligible persons, inserted "or pursuant to section 1709(h) of this title under the conditions described in section 1709(h) of this title" after "section 1709(b)(2) of this title". See Applicability of 1994 Amendment note below.
1992—Subsec. (e)(3). Pub. L. 102–550 substituted "$30,420", "$33,696", "$40,248", "$49,608", and "$59,160" for "$25,350", "$28,080", "$33,540", "$41,340", and "$46,800", respectively, and "$35,100", "$39,312", "$48,204", "$60,372", and "$68,262" for "$29,250", "$32,760", "$40,170", "$50,310", and "$56,885", respectively.
1988—Subsec. (c). Pub. L. 100–242, §406(b)(17), struck out fourth sentence which read as follows: "In determining the amount of a mortgage in the case of a nonoccupant mortgagor the reference to paragraph (2) of section 1709(b) of this title in section 1709(b)(8) of this title shall be construed to refer to the preceding sentence in this subsection."
1984—Subsec. (k)(4). Pub. L. 98–479 added cl. (4).
1983—Subsec. (c). Pub. L. 98–181, §423(b)(4), purported to amend cl. (A) of third sentence of subsec. (c) by striking out ": Provided, That the foregoing maximum mortgage amounts may be increased by the amount of the mortgage insurance premium paid at the time the mortgage is insured", but this provision had been previously struck out by section 420(b) of Pub. L. 98–181. See second par. below and Effective Date of 1983 Amendment note below.
1982—Subsec. (c)(A). Pub. L. 97–253 inserted provision that the foregoing maximum mortgage amounts may be increased by the amount of the mortgage insurance premium paid at the time the mortgage is insured.
1981—Subsec. (b). Pub. L. 97–35, §339(a), inserted reference to projects in which the dwelling units are attached, semi-attached, or detached.
1980—Subsec. (c). Pub. L. 96–399, §§318, 333(e), 336(d), inserted provisions relating to projects approved under chapter 37 of title 38, and provisions relating to increases in the maximum dollar amounts on an area-by-area basis, and struck out applicability to determinations of three-quarters of the Secretary's estimate of the remaining economic life of the building improvements, if so determined as the lesser amount in the computations.
1979—Subsec. (c). Pub. L. 96–153, §312(c), substituted "$67,500" for "$60,000".
1978—Subsec. (c). Pub. L. 95–557 inserted "or twelve or more units in the case of a multifamily project the construction of which was completed more than a year prior to the application for mortgage insurance" after "less units" in cl. (2) and "(100 per centum if the mortgagor is a veteran as defined under section 1709(b)(2) of this title)" after "97 per centum" in cl. (A)(i).
1977—Subsec. (c). Pub. L. 95–128 substituted in cl. (A) "$60,000" for "$45,000" and "and (ii) 95 per centum of such value in excess of $25,000," for "(ii) 90 per centum of such value in excess of $25,000 but not in excess of $35,000, (iii) 80 per centum of such value in excess of $35,000".
1976—Subsec. (e) (3). Pub. L. 94–375 substituted "50 per centum in any geographical area" for "75 per centum in any geographical area", "$19,500" for "$13,000", "$21,600" for "$18,000", "$25,800" for "$21,500", "$31,800" for "$26,500", "$36,000" for "$30,000", "$22,500" for "$15,000", "$25,200" for "$21,000", "$30,900" for "$25,750", "$38,700" for "$32,250", and "$43,758" for "$36,465".
1975—Subsec. (e)(3). Pub. L. 94–173 raised from 45 per centum to 75 per centum the amount by which any dollar limitation may, by regulation, be increased.
1974—Subsec. (c). Pub. L. 93–383, §§302(e), 310(d), substituted "$45,000" for "$33,000" in cl. (A), "$25,000" for "$15,000" in cl. (A)(i), "$25,000" for "$15,000" and "$35,000" for "$25,000" in cl. (A)(ii), and "$35,000" for "$25,000" and "80" for "75" in cl. (A)(iii).
1969—Subsec. (c). Pub. L. 91–152, §§102(d), 113(h)(1), substituted "$25,000" for "$20,000" wherever appearing, and "$33,000" for "$30,000".
1968—Subsec. (c). Pub. L. 90–448, §303(a), (b), made one-family units in multifamily projects involving eleven or less units eligible for insurance without having been covered by a project mortgage, and increased the maximum mortgage limits from 75 to 80 per centum of the appraised value of the property in excess of $20,000.
1967—Pub. L. 90–19, §1(a)(3), substituted "Secretary" for "Commissioner" wherever appearing in subsecs. (b) to (d), (d)(1), (2), (e)(2), (3), (f), and (g).
1965—Subsec. (d)(2). Pub. L. 89–117, §1108(o)(1), substituted "General Insurance Fund" for "Apartment Unit Insurance Fund".
1964—Pub. L. 88–560, §119(a)(1), substituted "Mortgage insurance for condominiums" for "Mortgage insurance for individually owned units in multifamily structures" in section catchline.
The directory language of, but not the amendment made by, Pub. L. 90–301, §3(e), May 7, 1968, 82 Stat. 114, cited as a credit to this section, was repealed by Pub. L. 98–181, title I [title IV, §404(a)], Nov. 30, 1983, 97 Stat. 1208.
Section 318 of Pub. L. 96–399, cited as a credit to this section, was repealed by Pub. L. 97–35, title III, §339B(d)(2), Aug. 13, 1981, 95 Stat. 417. See 1981 Amendments note for subsec. (c)(2) set out above.