Source: https://www.law.cornell.edu/uscode/text/12/1715z?qt-us_code_tabs=1
Timestamp: 2016-02-09 00:17:45
Document Index: 614544541

Matched Legal Cases: ['§\u202f235', '§\u202f101', '§\u202f101', '§\u202f412', '§\u202f101', '§\u202f1', '§\u202f1', '§\u202f1', '§\u202f211', '§\u202f3', '§\u202f205', '§\u202f301', '§\u202f1', '§\u202f301', '§\u202f1', '§\u202f1', '§\u202f213', '§\u202f301', '§\u202f1', '§\u202f206', '§\u202f301', '§\u202f328', '§\u202f304', '§\u202f201', '§\u202f1', '§\u202f1', '§\u202f1', '§\u202f226', '§\u202f401', '§\u202f102', '§\u202f204', '§\u202f1', '§\u202f1', '§\u202f1', '§\u202f1', '§\u202f3007', '§\u202f1', '§\u202f1', '§\u202f1', '§\u202f170', '§\u202f125', '§\u202f2120', '§\u202f2120', '§\u202f5301', '§\u202f404', '§\u202f125', '§\u202f125', '§\u202f125', '§\u202f125', '§\u202f125', '§\u202f125', '§\u202f125', '§\u202f125', '§\u202f125', '§\u202f401', '§\u202f406', '§\u202f170', '§\u202f406', '§\u202f401', '§\u202f102', '§\u202f204', '§\u202f104', '§\u202f226', '§\u202f226', '§\u202f226', '§\u202f1', '§\u202f226', '§\u202f423', '§\u202f423', '§\u202f226', '§\u202f404', '§\u202f226', '§\u202f226', '§\u202f226', '§\u202f401', '§\u202f1', '§\u202f1', '§\u202f401', '§\u202f1', '§\u202f1', '§\u202f1', '§\u202f201', '§\u202f201', '§\u202f201', '§\u202f201', '§\u202f1', '§\u202f1', '§\u202f328', '§\u202f328', '§\u202f331', '§\u202f331', '§\u202f328', '§\u202f308', '§\u202f308', '§\u202f206', '§\u202f206', '§\u202f206', '§\u202f301', '§\u202f206', '§\u202f207', '§\u202f213', '§\u202f213', '§\u202f213', '§\u202f301', '§\u202f213', '§\u202f205', '§\u202f303', '§\u202f301', '§\u202f303', '§\u202f3', '§\u202f3', '§\u202f3', '§\u202f3', '§\u202f3', '§\u202f3', '§\u202f211', '§\u202f211', '§\u202f211', '§\u202f211', '§\u202f211', '§\u202f211', '§\u202f211', '§\u202f211', '§\u202f211', '§\u202f107', '§\u202f102', '§\u202f105', '§\u202f105', '§\u202f106', '§\u202f101', '§\u202f106', '§\u202f106', '§\u202f107', '§\u202f412', '§\u202f109', '§\u202f109', '§\u202f109', '§\u202f113', '§\u202f101', '§\u202f206', '§\u202f125', '§\u202f401', '§\u202f206', '§\u202f101', '§\u202f401', '§\u202f201']

Subparagraph (A) does not apply to any property with respect to which there is assumption in accordance with paragraph (1) of this subsection or to any property which is subject to a mortgage, loan, or other advance of credit insured pursuant to subsection (q).
There hereby is established in the Treasury of the United States a fund, which, to the extent approved in appropriation Acts, may be used by the Secretary for purposes of carrying out subparagraph (B). There shall be deposited into such fund (i) any amount recaptured under paragraph (2); (ii) any authority to make assistance payments under subsection (a) that is committed for use in a contract but is unused because the mortgage, loan, or advance of credit involved is refinanced (except to the extent provided in subsection (r) for mortgages insured under such subsection) or because such assistance payments are terminated or suspended for other reasons before the original termination date of such contract; and (iii) any amount received under subparagraph (C).
In the case of any homeowner whose assistance payments are terminated by reason of the 10-year limitation referred to in paragraph (1), and who is determined by the Secretary to be unable to assume the full payments due under the mortgage, loan, or advance of credit involved, the Secretary shall, to the extent of the availability of amounts in the fund established in subparagraph (A), contract to make, and make, continued assistance payments on behalf of such homeowner. Such continued assistance payments shall be made in an amount determined in accordance with the applicable provisions of paragraph (1) or subsection (a)(2)(B) and for such period as the Secretary determines to be appropriate.
Assistance payments to a mortgagee by the Secretary on behalf of a family holding membership in a cooperative association operating a housing project shall be made only during such time as the family is an occupant of such proj­ect and shall be in amounts computed on the basis of the formula set forth in subsection (c) applying the cooperative member’s proportionate share of the obligations under the project mortgage to the items specified in the formula.
(f) Adoption of procedures for recertifications of mortgagor’s or cooperative member’s income
Procedures shall be adopted by the Secretary for recertifications of the mortgagor’s (or cooperative member’s) income at intervals of two years (or at shorter intervals where the Secretary deems it desirable) for the purpose of adjusting the amount of such assistance payments within the limits of the formula described in subsection (c).
There are authorized to be appropriated such sums as may be necessary to carry out the provisions of this section, including such sums as may be necessary to make the assistance payments under contracts entered into under this section. The aggregate amount of outstanding contracts to make such payments shall not exceed amounts approved in appropriation Acts, and payments pursuant to such contracts shall not exceed $75,000,000 per annum prior to July 1, 1969, which maximum dollar amount shall be increased by $125,000,000 on July 1, 1969, by $150,000,000 on July 1, 1970, by $200,000,000 on July 1, 1971, by such sums as may be approved in appropriation Acts after June 30, 1974, and prior to July 1, 1976, and by such sums as may be approved in an appropriation Act on or after October 1, 1983 (from the additional authority to enter into contracts made available on such date under the first sentence of section 1437c(c)(1) of title 42). The aggregate amount that may be obligated over the duration of the contracts entered into with the authority provided on or after October 1, 1983 (other than obligations in connection with mortgages insured under subsection (r)), may not exceed such sums of new budget authority as may be appropriated after November 30, 1983. The Secretary shall begin issuing new commitments and reservations to provide mortgage insurance and assistance payments under this section before the expiration of the 30-day period following the approval in any appropriation Act of budget authority for this section after November 30, 1983. Upon the expiration of one year following August 22, 1974, the Secretary shall not enter into new contracts for assistance payments under this section utilizing authority approved in appropriation Acts prior to July 1, 1974. The Secretary shall not enter into new contracts for assistance payments under this section (except under subsection (r)) after May 20, 1983, utilizing amounts approved in appropriation Acts before November 30, 1983, except (i) pursuant to a firm commitment issued on or before May 20, 1983, (ii) pursuant to other commitments issued by the Secretary prior to June 30, 1981, reserving funds for housing to be assisted under this section  where  such  housing  is  included  in  a project pursuant to section 119 of the Housing and Community Development Act of 1974 [42 U.S.C. 5318], or (iii) pursuant to other commitments issued on or before September 30, 1981, where housing under this section is to be developed on land which was municipally owned on September 30, 1981, and where a local government contributes at least $1,000 per unit of funds obtained under title I of the Housing and Community Development Act of 1974 [42 U.S.C. 5301 et seq.] and at least $2,000 per unit of additional funds to assist housing under this section. In no event may the Secretary enter into any new contract for assistance payments under this section (other than a contract in connection with a mortgage insured under subsection (r)) after September 30, 1989.
(3) Notwithstanding the provisions of subsections (b)(2) and (i)(3)(A) with respect to the prior construction or rehabilitation of a dwelling, or of the project in which there is a dwelling unit, for which assistance payments may be made, and notwithstanding the provisions of subsection (j)(1) authorizing the purchase of housing which is neither deteriorating nor substandard, not more than—
The Secretary is authorized, upon application by the mortgagee, to insure a mortgage (including advances with respect to property construction or rehabilitation pursuant to a self-help program) executed by a mortgagor who meets the eligibility requirements for assistance payments prescribed by the Secretary under subsection (b). Commitments for the insurance of such mortgages may be issued by the Secretary prior to the date of their execution or disbursement thereon, upon such terms and conditions as the Secretary may prescribe.
To be eligible for insurance under this subsection, a mortgage shall meet the requirements of section 1715l(d)(2) or 1715y(c) of this title, except as such requirements are modified by this subsection.
(3) A mortgage to be insured under this subsection shall—
involve a single-family or a two-family dwelling which has been approved by the Secretary prior to the beginning of construction or substantial rehabilitation, or a three-family dwelling which is approved by the Secretary prior to the beginning of substantial rehabilitation, or a one-family unit in a condominium project (together with an undivided interest in the common areas and facilities serving the project) which is released from a multi-family project, the construction or substantial rehabilitation of which has been completed within two years prior to the filing of the application for assistance payments with respect to such family unit and the unit has had no previous occupant other than the mortgagor: Provided, That the mortgage may involve an existing dwelling or a family unit in an existing condominium project which meets such standards as the Secretary may prescribe: Provided further, That the mortgage may involve an existing dwelling or a family unit in an existing condominium proj­ect if assistance payments have been made on behalf of the previous owner of the dwelling or family unit with respect to a mortgage insured under subsection (j)(4): Provided further, That the mortgage may involve a dwelling unit in an existing project covered by a mortgage insured under section 1715z–1 of this title or in an existing project receiving the benefits of financial assistance under section 101 of the Housing and Urban Development Act of 1965 [12 U.S.C. 1701s];
As a condition of insuring a mortgage on a two- to three-family dwelling, the Secretary shall require the mortgagor (A) not to discriminate against prospective tenants on the basis of their receipt of or eligibility for housing assistance under any Federal, State or local housing assistance program and (B) to agree that during the term of the mortgage each of the rental units shall be occupied by, or available for occupancy by, persons and families whose incomes do not exceed 100 per centum of the area median income.
In addition to mortgages insured under the provisions of subsection (i), the Secretary is authorized, upon application by the mortgagee, to insure a mortgage (including advances under such mortgage during rehabilitation) which is executed by a nonprofit organization or public body or agency to finance the purchase of housing, and the rehabilitation of such housing if it is deteriorating or substandard, for subsequent resale to lower income home purchasers who meet the eligibility requirements for assistance payments prescribed by the Secretary under subsection (b). Commitments for the insurance of such mortgages may be issued by the Secretary prior to the date of their execution or disbursement thereon, upon such terms and conditions as the Secretary may prescribe.
be executed by a private nonprofit organization or public body or agency, approved by the Secretary, for the purpose of financing the purchase (with the intention of subsequent resale), and rehabilitation where the housing involved is deteriorating or substandard, of property comprising one or more tracts or parcels, whether or not contiguous, consisting of (i) four or more single-family dwellings of detached, semidetached, or row construction, or (ii) four or more one-family units in a structure or structures for which a plan of family unit ownership approved by the Secretary is established; except that in a case not involving the rehabilitation of deteriorating or substandard housing the property purchased may consist of one or more such dwellings or units;
No mortgage shall be insured under paragraph (1) unless the mortgagor shall have demonstrated to the satisfaction of the Secretary that (A) the property involved is located in a neighborhood which is sufficiently stable and contains sufficient public facilities and amenities to support long-term values, or (B) the purchase or rehabilitation of such property plus the mortgagor’s related activities and the activities of other owners of housing in the neighborhood, together with actions to be taken by public authorities, will be of such scope and quality as to give reasonable promise that a stable environment will be created in the neighborhood.
No mortgage shall be insured under paragraph (1) unless the mortgagor enters into an agreement, satisfactory to the Secretary, that it will offer to sell the dwellings involved, after purchase and upon completion of any rehabilitation, to lower income individuals or families meeting the eligibility requirements established by the Secretary under subsection (b).
(B) The Secretary is authorized to insure under this paragraph mortgages executed to finance the sale of individual dwellings to lower income purchasers as provided in subparagraph (A). Any such mortgage shall—
In addition to the assistance payments authorized under subsection (b), the Secretary may make such payments to a mortgagee on behalf of a nonprofit organization or public body or agency which is a mortgagor under the provisions of paragraph (1) in an amount not exceeding the difference between the monthly payment for principal, interest, and mortgage insurance premium which the mortgagor is obligated to pay under the mortgage and the monthly payment for principal and interest such mortgagor would be obligated to pay if the mortgage were to bear interest at the rate of 1 per centum per annum.
A mortgage covering property which is not deteriorating or substandard may be insured under this subsection only if it is situated in an area in which mortgages may be insured under section 1715l(h) of this title.
Notwithstanding any other provision of this section, except subsection (n), if the Secretary determines that there is a substantial need for emergency stimulation of the housing market, the Secretary is authorized to make and enter into contracts to make periodic assistance payments, to the extent of not to exceed 75 per centum of the authority available pursuant to subsection (h)(1), on behalf of homeowners, including owners of manufactured homes, to mortgagees or other lenders holding mortgages, loans, or advances of credit which meet the requirements of this subsection. The Secretary may establish such criteria, terms, and conditions relating to homeowners and mortgages, loans, or advances of credit assisted under this subsection as the Secretary deems appropriate, consistent with the provisions of this subsection. The Secretary is authorized to insure a mortgage which meets the requirements of and is to be assisted under this subsection. The authority to enter into contracts to provide assistance payments and to insure mortgages under this subsection shall terminate on September 30, 1989, or at such earlier date as the Secretary may deem appropriate, upon a determination by the Secretary that the conditions which gave rise to the exercise of authority under this subsection are no longer present, except pursuant to a commitment entered into prior to such date.
(2) Payments under this subsection may be made only on behalf of a homeowner who satisfies such eligibility requirements as may be prescribed by the Secretary and who—
is a mortgagor under a mortgage which meets the requirements of and is insured under this subsection, or (ii) is the original owner of a new manufactured home consisting of two or more modules and a lot on which the manufactured home is situated, where insurance under section 1703 of this title covering the loan, advance of credit, or purchase of an obligation representing such loan or advance of credit to finance the purchase of such manufactured home and lot has been granted to the lender making such loan, advance of credit, or purchase of an obligation; and
(4) The amount of the assistance payments in the case of a mortgage shall not at any time exceed the lesser of—
the difference between the amount of the monthly payment for principal, interest, and any mortgage insurance premium which would be required if the mortgage were a level payment mortgage bearing interest at a rate equal to the maximum interest rate which is applicable to level payment mortgages insured under section 1709(b) of this title, other than mortgages subject to section 1709–1(2) 1 of this title, and the monthly payment for principal and interest which the mortgagor would be obligated to pay if the mortgage were a level payment mortgage bearing interest at the rate of at least 9½ per centum per annum.
(5) Assistance payments on behalf of the owner of a manufactured home shall not at any time exceed the lesser of—
The Secretary may, in addition to mortgages insured under subsection (i) or (j), insure, upon application by the mortgagee, a mortgage executed by a mortgagor who meets the eligibility requirements for assistance payments prescribed by the Secretary under paragraph (2). Commitments for the insurance of such mortgages may be issued by the Secretary prior to the date of their execution or disbursement thereon, upon such terms and conditions as the Secretary may prescribe.
(10) To be eligible for insurance under this subsection, a mortgage shall—
involve a principal residence the sales price of which does not exceed 82 per centum of the applicable maximum principal obligation of a mortgage which may be insured in the area pursuant to section 1709(b)(2) of this title, determined without regard to the last sentence of such section;
bear interest (exclusive of premium charges for insurance, and service charges if any) at not to exceed the applicable maximum rate for mortgages insured pursuant to section 1709(b) of this title;
A mortgage to be assisted under this subsection shall, where the Secretary deems it appropriate, provide for graduated payments pursuant to section 1715z–10 1 of this title.
Upon the disposition by the homeowner of any property assisted pursuant to this subsection, or where the homeowner rents the property (or the owner’s unit in the case of a two- to four-family residence) for a period longer than one year, the Secretary shall provide for the recapture of an amount equal to the lesser of (A) the amount of assistance actually received under this subsection, other than any amount provided under paragraph (6), or (B) an amount at least equal to 50 per centum of the net appreciation of the property, as determined by the Secretary. For the purpose of this paragraph, the term “net appreciation of the property” means any increase in the value of the property over the original purchase price, less the reasonable costs of sale, the reasonable costs of improvements made to the property, and any increase in the mortgage balance as of the time of sale over the original mortgage balance due to the mortgage being insured pursuant to section 1715z–10 1 of this title. In providing for such recapture, the Secretary shall include incentives for the homeowner to maintain the property in a marketable condition. Notwithstanding any other provision of law, any such assistance shall constitute a debt secured by the property to the extent that the Secretary may provide for such recapture.
(2) To be eligible for insurance under this subsection, a mortgage must be executed by a mortgagor meeting the requirements of paragraph (3) and shall—
(A) be a first lien on real estate held in fee simple, or on a leasehold under a lease—
Notwithstanding the provisions of subsection (h)(2), assistance payments in connection with mortgages insured under paragraph (2) shall be made only with respect to a family who is eligible for, and receiving assistance payments with respect to, the insured mortgage being refinanced.
(4) The Secretary is authorized and, to the extent provided in appropriation Acts, may pay to the mortgagor (directly, through the mortgagee, or otherwise)—
Amounts of budget authority required for assistance payments contracts with respect to mortgages insured under this subsection shall be derived from amounts recaptured from assistance payments contracts relating to mortgages that are being refinanced. For purposes of subsection (c)(3)(A), the amount of recaptured budget authority that the Secretary commits for assistance payments contracts relating to mortgages insured under this subsection shall not be construed as “unused”.
The Secretary is authorized to take any actions to identify and communicate with any mortgagor of a mortgage insured under this section to implement the refinancing of such mortgages with insurance under this subsection. The Secretary may take such actions directly, or under contract. Notwithstanding the restriction of section 552a(b) of title 5, upon the request of an approved mortgagee, the Secretary may disclose to such mortgagee the name and address of any mortgagor of a mortgage insured under this section that meets the criteria for refinancing, pursuant to paragraph (2)(F), and the unpaid principal balance and interest rate on such mortgage.
(June 27, 1934, ch. 847, title II, § 235, as added Pub. L. 90–448, title I, § 101(a), Aug. 1, 1968, 82 Stat. 477; amended Pub. L. 91–152, title I, §§ 101(d), 106, 107(a), 109, 113(i), title IV, §§ 412(b), 418(a), Dec. 24, 1969, 83 Stat. 379, 381, 385, 398, 402; Pub. L. 91–609, title I, §§ 101(d), 102(a), 105–107, Dec. 31, 1970, 84 Stat. 1770, 1771; Pub. L. 92–503, § 1(d), Oct. 18, 1972, 86 Stat. 906; Pub. L. 93–85, § 1(d), Aug. 10, 1973, 87 Stat. 220; Pub. L. 93–117, § 1(d), Oct. 2, 1973, 87 Stat. 421; Pub. L. 93–383, title II, § 211, Aug. 22, 1974, 88 Stat. 671; Pub. L. 94–375, § 3(a)–(c), (e), (f), Aug. 3, 1976, 90 Stat. 1068, 1069; Pub. L. 95–128, title II, § 205, title III, §§ 301(d), 303(f), Oct. 12, 1977, 91 Stat. 1130, 1131, 1132; Pub. L. 95–406, § 1(d), Sept. 30, 1978, 92 Stat. 879; Pub. L. 95–557, title III, § 301(d), Oct. 31, 1978, 92 Stat. 2096; Pub. L. 96–71, § 1(d), Sept. 28, 1979, 93 Stat. 501; Pub. L. 96–105, § 1(d), Nov. 8, 1979, 93 Stat. 794; Pub. L. 96–153, title II, § 213, title III, § 301(d), Dec. 21, 1979, 93 Stat. 1111; Pub. L. 96–372, § 1(d), Oct. 3, 1980, 94 Stat. 1363; Pub. L. 96–399, title II, §§ 206(a), (b)(1), 207, title III, §§ 301(d), 308(c)(1), (2), Oct. 8, 1980, 94 Stat. 1630, 1631, 1638, 1640; Pub. L. 97–35, title III, §§ 328, 331(d), Aug. 13, 1981, 95 Stat. 407, 412; Pub. L. 97–110, title III, § 304, Dec. 26, 1981, 95 Stat. 1515; Pub. L. 97–185, May 24, 1982, 96 Stat. 100; Pub. L. 97–253, title II, § 201(f), Sept. 8, 1982, 96 Stat. 790; Pub. L. 97–289, § 1(d), Oct. 6, 1982, 96 Stat. 1230; Pub. L. 98–35, § 1(d), May 26, 1983, 97 Stat. 197; Pub. L. 98–109, § 1(d), Oct. 1, 1983, 97 Stat. 745; Pub. L. 98–181, title I [title II, § 226, title IV, §§ 401(d), 404(b)(12), 423(b)(5)], Nov. 30, 1983, 97 Stat. 1194, 1207, 1209, 1217; Pub. L. 98–479, title I, §§ 102(a)(1), 104(a)(3), title II, § 204(a)(8), Oct. 17, 1984, 98 Stat. 2221, 2224, 2232; Pub. L. 99–120, § 1(d), Oct. 8, 1985, 99 Stat. 502; Pub. L. 99–156, § 1(d), Nov. 15, 1985, 99 Stat. 815; Pub. L. 99–219, § 1(d), Dec. 26, 1985, 99 Stat. 1730; Pub. L. 99–267, § 1(d), Mar. 27, 1986, 100 Stat. 73; Pub. L. 99–272, title III, § 3007(d), Apr. 7, 1986, 100 Stat. 104; Pub. L. 99–289, § 1(b), May 2, 1986, 100 Stat. 412; Pub. L. 99–345, § 1, June 24, 1986, 100 Stat. 673; Pub. L. 99–430, Sept. 30, 1986, 100 Stat. 986; Pub. L. 100–122, § 1, Sept. 30, 1987, 101 Stat. 793; Pub. L. 100–154, Nov. 5, 1987, 101 Stat. 890; Pub. L. 100–170, Nov. 17, 1987, 101 Stat. 914; Pub. L. 100–179, Dec. 3, 1987, 101 Stat. 1018; Pub. L. 100–200, Dec. 21, 1987, 101 Stat. 1327; Pub. L. 100–242, §§ 170(a), 401(c), 406(b)(18), (19), Feb. 5, 1988, 101 Stat. 1867, 1898, 1901; Pub. L. 101–144, title II, Nov. 9, 1989, 103 Stat. 852; Pub. L. 101–235, title I, § 125(a)–(c), Dec. 15, 1989, 103 Stat. 2022–2024.)
Section 1715z–2 of this title, referred to in subsec. (b)(1), was repealed by Pub. L. 110–289, div. B, title I, § 2120(a)(6), July 30, 2008, 122 Stat. 2835.
Section 1715z–10 of this title, referred to in subsecs. (c)(2)(A) and (q)(12), (14), was repealed by Pub. L. 110–289, div. B, title I, § 2120(a)(7), July 30, 2008, 122 Stat. 2835.
The Housing and Community Development Act of 1974, referred to in subsec. (h)(1), is Pub. L. 93–383, Aug. 22, 1974, 88 Stat. 633, as amended. Title I of the Housing and Community Development Act of 1974 is classified principally to chapter 69 (§ 5301 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of Title 42 and Tables.
Section 101 of the Housing and Urban Development Act of 1965, referred to in subsec. (i)(3)(A), is section 101 of Pub. L. 89–117, title I, Aug. 10, 1965, 79 Stat. 451, as amended, which enacted section 1701s of this title and amended sections 1451 and 1465 of Title 42.
Section 1709–1 of this title, referred to in subsec. (q)(4)(B), was repealed by Pub. L. 98–181, title I [title IV, § 404(a)], Nov. 30, 1983, 97 Stat. 1208.
1989—Subsec. (c)(1). Pub. L. 101–235, § 125(c)(1), inserted “, other than a contract in connection with a refinancing under subsection (r),” after “any new contract” in second sentence.
Subsec. (c)(3)(A). Pub. L. 101–235, § 125(c)(2), which directed the insertion of “(except to the extent provided in subsection (r) for mortgages insured under such subsection)” after “refinanced,” in second sentence, was executed by making the insertion after “refinanced” as the probable intent of Congress.
Subsec. (c)(3)(C). Pub. L. 101–235, § 125(b), inserted at end “Notwithstanding the preceding sentence, any amounts of budget authority or contract authority recaptured from assistance payments contracts relating to mortgages that are being refinanced that are not required for assistance payments contracts relating to mortgages insured under this subsection, shall be rescinded.”
Subsec. (e). Pub. L. 101–235, § 125(c)(3), inserted reference to subsec. (r).
Subsec. (h)(1). Pub. L. 101–235, § 125(c)(4), inserted “(other than obligations in connection with mortgages insured under subsection (r))” in third sentence, “(except under subsection (r))” in sixth sentence, and “(other than a contract in connection with a mortgage insured under subsection (r))” in seventh sentence.
Subsec. (h)(3). Pub. L. 101–235, § 125(c)(5), inserted sentence at end providing that the preceding sentence shall not apply to contracts in connection with mortgages insured under subsec. (r).
Subsec. (m). Pub. L. 101–235, § 125(c)(6), inserted “(except a mortgage insured under subsection (r))” after “No mortgage”.
Subsec. (n). Pub. L. 101–235, § 125(c)(7), inserted “or to a mortgage insured under subsection (r)” before period at end.
Subsec. (r). Pub. L. 101–235, § 125(a), amended subsec. (r) generally. Prior to amendment, subsec. (r) read as follows:
1988—Subsec. (h)(1). Pub. L. 100–242, § 401(c), substituted “September 30, 1989” for “March 15, 1988”.
Subsec. (i)(3)(A). Pub. L. 100–242, § 406(b)(18), struck out “one of the units of which is to be occupied by the owner and” after “three-family dwelling”.
Subsec. (i)(3)(C). Pub. L. 100–242, § 170(a), substituted “(including” for “including”.
Subsec. (j)(6). Pub. L. 100–242, § 406(b)(19), struck out “if one of the units is to be occupied by the owner” after “Secretary”.
Subsecs. (m), (q)(1). Pub. L. 100–242, § 401(c), substituted “September 30, 1989” for “March 15, 1988”.
1987—Subsecs. (h)(1), (m), (q)(1). Pub. L. 100–200 substituted “March 15, 1988” for “December 16, 1987”.
1986—Subsecs. (h)(1), (m), (q)(1). Pub. L. 99–430 substituted “September 30, 1987” for “September 30, 1986”.
1985—Subsecs. (h)(1), (m), (q)(1). Pub. L. 99–219 substituted “March 17, 1986” for “December 15, 1985”.
1984—Subsec. (h)(1). Pub. L. 98–479, § 102(a)(1), inserted “utilizing amounts approved in appropriation Acts before November 30, 1983,” before “except (i)” and substituted “September 30, 1985” for “November 30, 1983” in last sentence.
Subsec. (i)(3)(C). Pub. L. 98–479, § 204(a)(8), substituted “Secretary” for “Seretary” before “authorizes an increase”.
Subsec. (j)(2)(C). Pub. L. 98–479, § 104(a)(3), substituted “bear interest at a rate not to exceed such percent per annum on the amount of the principal obligation outstanding at any time as the Secretary determines is necessary to meet the mortgage market, taking into consideration the yields on mortgages in the primary and secondary markets” for “bear interest (exclusive of premium charges for insurance and service charge, if any) at not to exceed such per centum per annum (not in excess of 6 per centum), on the amount of the principal obligation outstanding at any time, as the Secretary finds necessary to meet the mortgage market”.
1983—Subsec. (c)(1). Pub. L. 98–181, § 226(a), substituted “Subject to the second sentence of this paragraph, the” for “The”, and inserted provision limiting to a 10-year period assistance payments pursuant to any new contract entered into after Sept. 30, 1983, utilizing authority approved in appropriation Acts for any fiscal year beginning after such date.
Subsec. (c)(3). Pub. L. 98–181, § 226(b), added par. (3).
Subsec. (h)(1). Pub. L. 98–181, § 226(c), struck out “and” after “on July 1, 1971”, and inserted “, and by such sums as may be approved in an appropriation Act on or after October 1, 1983 (from the additional authority to enter into contracts made available on such date under the first sentence of section 1437c(c)(1) of title 42). The aggregate amount that may be obligated over the duration of the contracts entered into with the authority provided on or after October 1, 1983, may not exceed such sums of new budget authority as may be appropriated after November 30, 1983. The Secretary shall begin issuing new commitments and reservations to provide mortgage insurance and assistance payments under this section before the expiration of the 30-day period following the approval in any appropriation Act of budget authority for this section after November 30, 1983.”
Pub. L. 98–109, § 1(d)(1), substituted “November 30, 1983” for “September 30, 1983”.
Subsec. (i)(3)(A). Pub. L. 98–181, § 226(d)(1), substituted “three-family” for “two-family”, and “involve a single-family or a two-family” for “involve a single-family”.
Subsec. (i)(3)(B), (C). Pub. L. 98–181, § 423(b)(5)(A), (B), struck 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” after “$55,000, respectively”.
Subsec. (i)(3)(D). Pub. L. 98–181, § 423(b)(5)(C), struck 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” after “cost levels so require)”.
Pub. L. 98–181, § 226(d)(2), inserted “or three-family” and substituted “$60,000” for “$55,000” and “$66,250” for “$61,250”.
Subsec. (i)(3)(F). Pub. L. 98–181, § 404(b)(12), added subpar. (F).
Subsec. (i)(4), (5). Pub. L. 98–181, § 226(d)(3), added pars. (4) and (5).
Subsec. (j)(6). Pub. L. 98–181, § 226(e)(1), substituted “two- to three-family” for “two-family”.
Subsec. (j)(9). Pub. L. 98–181, § 226(e)(2), added par. (9).
Subsec. (m). Pub. L. 98–181, § 401(d)(1), substituted “September 30, 1985” for “November 30, 1983”.
Pub. L. 98–109, § 1(d)(2), substituted “November 30, 1983” for “September 30, 1983”.
Pub. L. 98–35, § 1(d)(1), substituted “September 30, 1983” for “May 20, 1983”.
Subsec. (q)(1). Pub. L. 98–181, § 401(d)(2), substituted “September 30, 1985” for “November 30, 1983”.
Pub. L. 98–109, § 1(d)(3), substituted “November 30, 1983” for “September 30, 1983”.
Pub. L. 98–35, § 1(d)(2), substituted “September 30, 1983” for “May 20, 1983”.
1982—Subsec. (h)(1). Pub. L. 97–289, § 1(d)(1), substituted “May 20, 1983” for “September 30, 1982” in two places.
Subsec. (i)(3)(B). Pub. L. 97–253, § 201(f)(1), 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.
Subsec. (i)(3)(C). Pub. L. 97–253, § 201(f)(2), 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.
Subsec. (i)(3)(D). Pub. L. 97–253, § 201(f)(3), 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.
Subsec. (i)(3)(E). Pub. L. 97–253, § 201(f)(4), inserted “(excluding the mortgage insurance premium paid at the time the mortgage is insured)” after “cost of acquisition”.
Subsec. (m). Pub. L. 97–289, § 1(d)(2), substituted “May 20, 1983” for “September 30, 1982”.
Subsec. (q)(1). Pub. L. 97–289, § 1(d)(3), substituted “May 20, 1983” for “September 30, 1982”.
1981—Subsec. (c)(2)(A). Pub. L. 97–35, § 328(a), struck out provisions relating to homeowner ceasing to make payments for a period of 90 continuous days or more under the mortgage, etc.
Pub. L. 97–35, § 328(b), inserted provisions prohibiting new contracts for assistance under this section after Mar. 1, 1982, except pursuant to specified exceptions.
Subsec. (m). Pub. L. 97–35, § 331(d)(1), substituted “1982” for “1981”.
Subsec. (q)(1). Pub. L. 97–35, § 331(d)(2), substituted “September 30, 1982” for “June 1, 1981”.
Subsec. (q)(14). Pub. L. 97–35, § 328(c), struck out provisions relating to homeowner ceasing to make payments for a period of 90 continuous days or more under the mortgage, etc.
1980—Subsec. (a)(2)(A). Pub. L. 96–399, § 308(c)(1), substituted “manufactured home” for “mobile home” wherever appearing.
Subsec. (a)(2)(B). Pub. L. 96–399, § 308(c)(2), substituted “manufactured homeowner” and “manufactured homeowner’s” for “mobile homeowner” and “mobile homeowner’s”, respectively.
Subsec. (b)(2). Pub. L. 96–399, § 206(a)(1), substituted in last proviso “$40,000” for “$32,000”, “$47,500” for “$38,000” in two places, and “$55,000” for “$44,000”.
Subsec. (c). Pub. L. 96–399, § 206(b)(1), designated existing provisions as par. (1), redesignated existing pars. (1) and (2) as subpars. (A) and (B), respectively, and added par. (2).
Subsec. (i)(3)(B) to (D). Pub. L. 96–399, § 206(a)(2), (3), substituted “$40,000” for “$32,000”, “$47,500” for “$38,000”, “$55,000” for “$44,000”, and “$61,250” for “$49,000”.
Subsec. (m). Pub. L. 96–399, § 301(d), substituted “September 30, 1981” for “October 15, 1980”.
Subsec. (p). Pub. L. 96–399, § 206(a)(4), added subsec. (p).
Subsec. (q). Pub. L. 96–399, § 207, added subsec. (q).
1979—Subsec. (a)(1). Pub. L. 96–153, § 213(a), inserted provision that the Secretary give preference to low-income families who are likely to be displaced without assistance and that the assistance may include the acquisition of a condominium or membership in a cooperative association.
Subsec. (c)(2). Pub. L. 96–153, § 213(c)(2), inserted parenthetical reference to 4 per centum per annum rate in the case of a mortgage described in subsec. (o) of this section.
Subsec. (i)(3)(A). Pub. L. 96–153, § 213(b), substituted “standards as the Secretary may prescribe:” for “standards as the Secretary may prescribe, if the mortgagor qualifies as a displaced family as defined in section 1715l(f) of this title, or a family which includes five or more minor persons, or a family occupying low-rent public housing:”.
Subsec. (m). Pub. L. 96–153, § 301(d), substituted “September 30, 1980” for “November 30, 1979”.
Subsec. (o). Pub. L. 96–153, § 213(c)(1), added subsec. (o).
1978—Subsec. (m). Pub. L. 95–557 substituted “September 30, 1979” for “October 31, 1978”.
1977—Subsec. (b)(2). Pub. L. 95–128, §§ 205, 303(f)(1), inserted reference to section 1715l(d)(3) of this title and substituted in last proviso “$32,000” for “$25,000”, “$38,000” for “$29,000” in two places, and “$44,000” for “$33,000”.
Subsec. (i)(3)(B) to (E). Pub. L. 95–128, § 303(f)(2)–(4), substituted in subpar. (B) “$32,000” for “$25,000”, “$38,000” for “$29,000” in two places, and “$44,000” for “$33,000”, added subpars. (C) and (D), and redesignated former subpar. (C) as (E).
Subsec. (m). Pub. L. 95–128, § 301(d), substituted “September 30, 1978” for “September 30, 1977”.
Subsec. (n). Pub. L. 95–128, § 303(f)(5), added subsec. (n).
1976—Subsec. (a). Pub. L. 94–375, § 3(f)(1), designated existing provisions as par. (1) and added par. (2).
Subsec. (b)(2). Pub. L. 94–375, § 3(b), substituted “$25,000” for “$21,600”, “$29,000” for “$25,200” in two places, and “$33,000” for “$28,800”.
Subsec. (e). Pub. L. 94–375, § 3(f)(2), inserted “(a)(2)(B),” after “computed under subsection”.
Subsec. (h)(2). Pub. L. 94–375, § 3(e), substituted “95 per centum” for “80 per centum” wherever appearing.
Subsec. (i)(3)(B). Pub. L. 94–375, § 3(c), substituted “$25,000” for “$21,600”, “$29,000” for “$25,200” in two places, and “$33,000” for “$28,800”.
Subsec. (m). Pub. L. 94–375 § 3(a), substituted “September 30, 1977” for “June 30, 1976”.
1974—Subsec. (a). Pub. L. 93–383, § 211(b), inserted provisions relating to mortgages assisted under a State or local program providing assistance through loans, etc.
Subsec. (b)(2). Pub. L. 93–383, § 211(c)(1), substituted “$21,600” for “$18,000”, “$25,200” for “$21,000” in two places, and “$28,800” for “$24,000”.
Subsec. (h)(1). Pub. L. 93–383, § 211(a)(1), (2), inserted provisions relating to increases by such sums as may be approved in appropriations Acts after June 30, 1974, and prior to July 1, 1976, and provisions prohibiting new contracts for assistance payments upon the expiration of one year following Aug. 22, 1974.
Subsec. (h)(2). Pub. L. 93–383, § 211(a)(3), substituted provisions setting forth requirements for assistance payments for families for provisions setting forth maximum income limits of families receiving assistance payments under contracts and provisions relating to annual report to Congressional Committees with respect to income levels of families.
Subsec. (h)(3)(B). Pub. L. 93–383, § 211(a)(4), substituted “on or after July 1, 1969” for “prior to July 1, 1972”.
Subsec. (i)(1). Pub. L. 93–383, § 211(a)(5), inserted provisions authorizing insurance of advances for property construction or rehabilitation pursuant to self-help programs.
Subsec. (i)(3)(B). Pub. L. 93–383, § 211(c)(2), substituted “$21,600” for “$18,000”, “$25,200” for “$21,000” in two places, and “$28,800” for “$24,000”.
Subsec. (i)(3)(C). Pub. L. 93–383, § 211(a)(6), struck out provisions relating to execution by a mortgagor in the case of a family whose income is not in excess of 135 per centum of the maximum income limits established in the area pursuant to specified limitations or any other family.
Subsec. (m). Pub. L. 93–383, § 211(a)(7), substituted “June 30, 1976” for “October 1, 1974”.
1973—Subsec. (m). Pub. L. 93–117 substituted “October 1, 1974” for “October 1, 1973”.
1972—Subsec. (m). Pub. L. 92–503 substituted “June 30, 1973” for “October 1, 1972”.
1970—Subsec. (b)(2). Pub. L. 91–609, § 107, designated existing provisions as cl. (A) and added cl. (B).
Subsec. (h)(1). Pub. L. 91–609, § 102(a), in second sentence, inserted “outstanding” before “contracts” where first appearing and substituted “$150,000,000 on July 1, 1970” and “$200,000,000 on July 1, 1971” for “$125,000,000 on July 1, 1970” and “$170,000,000 on July 1, 1971”.
Subsec. (h)(3)(B). Pub. L. 91–609, § 105(1), substituted “July 1, 1972” for “July 1, 1971”.
Subsec. (h)(4). Pub. L. 91–609, § 105(2), added par. (4).
Subsec. (i)(3)(A). Pub. L. 91–609, § 106, substituted “and which is approved by the Secretary” for “if the dwelling is purchased with the assistance of a nonprofit organization and is approved by the Secretary”.
Subsec. (m). Pub. L. 91–609, § 101(d), substituted “October 1, 1972” for “October 1, 1971”.
1969—Subsec. (b)(2). Pub. L. 91–152, §§ 106(b), 113(i), substituted provisions qualifying for assistance payments the transferee of any cooperative member who has received assistance payments, provided that such transferee undertakes the obligation to pay occupancy charges, for provisions qualifying for assistance payments the transferee of the initial cooperative member receiving assistance payments, and substituted “$18,000” for “$15,000”, “$21,000” for “$17,500” wherever appearing, and “$24,000” for “$20,000”.
Subsec. (c). Pub. L. 91–152, §§ 106(a), 418(a), inserted reference to subsection (i) of this section, and inserted the further proviso authorizing the Secretary to continue making assistance payments.
Subsec. (h)(1). Pub. L. 91–152, § 107(a), substituted “$125,000,000 on July 1, 1969, by “$125,000,000 on July 1, 1970, and by $170,000,000 on July 1, 1971” for “$100,000,000 on July 1, 1969, and by $125,000,000 on July 1, 1970”.
Subsec. (h)(2). Pub. L. 91–152, § 412(b), required the Secretary to report semiannually instead of annually to the respective Committees on Banking and Currency of the Senate and House of Representatives.
Subsec. (h)(3)(A). Pub. L. 91–152, § 109(1), inserted “and” after “July 1, 1969”.
Subsec. (h)(3)(B). Pub. L. 91–152, § 109(2), substituted “30 per centum” for “15 per centum” and “July 1, 1971,” for “July 1, 1970, and”.
Subsec. (h)(3)(C). Pub. L. 91–152, § 109(2), struck out subsec. (h)(3)(C) which limited the amount available for home-ownership assistance payments to 10 per centum of the total additional amount of contracts for assistance payments authorized by appropriation Acts made prior to July 1, 1971.
Subsec. (i)(3)(B). Pub. L. 91–152, § 113(i), substituted “$18,000” for “$15,000”, “$21,000” for “$17,500” wherever appearing, and “$24,000” for “$20,000”.
Subsec. (m). Pub. L. 91–152, § 101(d), added subsec. (m).
Pub. L. 96–399, title II, § 206(b)(2), Oct. 8, 1980, 94 Stat. 1631, provided: “The amendment made by paragraph (1) [amending this section] does not apply to any assistance contract under section 235 of the National Housing Act [this section] entered into pursuant to a commitment issued within 6 months following the date of enactment of this Act [Oct. 8, 1980].”
Pub. L. 101–235, title I, § 125(d), Dec. 15, 1989, 103 Stat. 2024, provided that: “Notwithstanding the termination of the program under section 235 [this section] pursuant to section 401(d) of the Housing and Community Development Act of 1987 [Pub. L. 100–242, set out below], the Secretary of Housing and Urban Development shall have authority to insure mortgages under section 235(r), to make assistance payments with respect to such insured mortgages, and to make any other payment or take any other action related to the refinancing of mortgages insured under section 235.”
Pub. L. 100–242, title IV, § 401(d), Feb. 5, 1988, 101 Stat. 1899, provided that:
Effective on October 1, 1989, the program under section 235 of the National Housing Act [this section] shall terminate.
“(2)Savings provision.—The provisions of paragraph (1) shall not affect—
any mortgage insurance commitment issued; or
any assistance pursuant to a reservation of funds made;
Pub. L. 96–399, title II, § 206(c), Oct. 8, 1980, 94 Stat. 1631, directed Secretary of Housing and Urban Development to conduct a study of effects which application of subsec. (n) of this section has had or is likely to have on program established by subsec. (a). If program established by subsec. (q) was implemented, Secretary was to include in study an analysis of effects on subsec. (q) program of application of subsec. (n) to such program. Secretary to transmit to Congress, not later than Jan. 1, 1982, a report containing findings and conclusions of study.
Pub. L. 90–448, title I, § 101(c)(4), Aug. 1, 1968, 82 Stat. 484, provided that: “The purchase of any individual dwelling, sold by a nonprofit organization pursuant to the provisions of section 221(h)(5) of the National Housing Act [12 U.S.C. 1715
l(h)(5)] after the date of enactment of this section [Aug. 1, 1968], may be financed with a mortgage insured under the provisions of section 235(j)(4) of such Act [12 U.S.C. 1715z(j)(4)], but such mortgage shall bear interest at the rate provided in section 235(j)(2)(C) of such Act.”
Pub. L. 90–608, ch. IV, § 401, Oct. 21, 1968, 82 Stat. 1193, provided in part that the total payments that may be required in any fiscal year by all contracts entered into under section 235 of the National Housing Act [this section] shall not exceed $25,000,000.
Pub. L. 91–47, title II, § 201, July 22, 1969, 83 Stat. 53, increased by $45,000,000 the limitation on total payments that may be required in any fiscal year by all contracts entered into under section 235 of the National Housing Act, as amended (82 Stat. 477) [this section].