 |
United States Code (Last Updated: May 24, 2014) |
 |
Title 12. BANKS AND BANKING |
|
Chapter 13. NATIONAL HOUSING |
|
SubChapter II. MORTGAGE INSURANCE |
§ 1715l. Housing for moderate income and displaced families
-
(a) Purpose This section is designed to assist private industry in providing housing for low and moderate income families and displaced families.
(b) Authorization The Secretary is authorized, upon application by the mortgagee, to insure under this section as hereinafter provided any mortgage (including advances during construction on mortgages covering property of the character described in paragraphs (3) and (4) of subsection (d) of this section) which is eligible for insurance as provided herein and, upon such terms and conditions as the Secretary may prescribe, to make commitments for the insurance of such mortgages prior to the date of their execution or disbursement thereon.
(c) Definitions As used in this section, the terms “mortgage”, “first mortgage”, “mortgagee”, “mortgagor”, “maturity date” and “State” shall have the same meaning as in section 1707 of this title.
(d) Eligibility for insurance; conditions; limits To be eligible for insurance under this section, a mortgage shall— (1) have been made to and be held by a mortgagee approved by the Secretary as responsible and able to service the mortgage properly; (2) be secured by property upon which there is located a dwelling conforming to applicable standards prescribed by the Secretary under subsection (f) of this section, and meeting the requirements of all State laws, or local ordinances or regulations, relating to the public health or safety, zoning, or otherwise, which may be applicable thereto, and shall involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in an amount (A) not to exceed (i) $31,000 (or $36,000, if the mortgagor’s family includes five or more persons) in the case of a property upon which there is located a dwelling designed principally for a single-family residence, (ii) $35,000 in the case of a property upon which there is located a dwelling designed principally for a two-family residence, (iii) $48,600 in the case of a property upon which there is located a dwelling designed principally for a three-family residence, or (iv) $59,400 in the case of a property upon which there is located a dwelling designed principally for a four-family residence, except that the Secretary may increase the foregoing amounts to not to exceed $36,000 (or $42,000 if the mortgagor’s family includes five or more persons), $45,000, $57,600, and $68,400, respectively, in any geographical area where he finds that cost levels so require; and (B) not to exceed the appraised value of the property (as of the date the mortgage is accepted for insurance): Provided, That (i)(1) in the case of a displaced family, he shall have paid on account of the property at least $200 in the case of a single-family dwelling, $400 in the case of a two-family dwelling, $600 in the case of a three-family dwelling, and $800 in the case of a four-family dwelling, or (2) in the case of any other family, he shall have paid on account of the property at least 3 per centum of the Secretary’s estimate of its acquisition cost (excluding the mortgage insurance premium paid at the time the mortgage is insured), in cash or its equivalent; which amount in either instance may include amounts to cover settlement costs and initial payments for taxes, hazard insurance, and other prepaid expenses; or (ii) in the case of repair and rehabilitation, the amount of the mortgage shall not exceed the sum of the estimated cost of repair and rehabilitation and the Secretary’s estimate of the value of the property before repair and rehabilitation, except that in no case involving refinancing shall such mortgage exceed such estimated cost of repair and rehabilitation and the amount (as determined by the Secretary) required to refinance existing indebtedness secured by the property: Provided further, That the mortgagor shall to the maximum extent feasible be given the opportunity to contribute the value of his labor as equity in such dwelling; or (3) if executed by a mortgagor which is a public body or agency (and, except with respect to a project assisted or to be assisted pursuant to section 8 of the United States Housing Act of 1937 [42 U.S.C. 1437f], which certifies that it is not receiving financial assistance from the United States exclusively pursuant to such Act [42 U.S.C. 1437 et seq.]) a cooperative (including an investor-sponsor who meets such requirements as the Secretary may impose to assure that the consumer interest is protected), or a limited dividend corporation (as defined by the Secretary), or a private nonprofit corporation or association, or other mortgagor approved by the Secretary, and regulated or supervised under Federal or State laws or by political subdivisions of States, or agencies thereof, or by the Secretary under a regulatory agreement or otherwise, as to rents, charges, and methods of operation, in such form and in such manner as in the opinion of the Secretary will effectuate the purposes of this section— (i) Repealed. Pub. L. 93–383, title III, § 304(e)(1), Aug. 22, 1974 , 88 Stat. 678.(ii) (I) not exceed, for such part of the property or project as may be attributable to dwelling use (excluding exterior land improvements as defined by the Secretary) $42,048 per family unit without a bedroom, $48,481 per family unit with one bedroom, 58,469 in cases where the Secretary determines that such measures are in addition to those required under the minimum property standards and will be cost-effective over the life of the measure. (l) Rental charges; “eligible multifamily housing” defined (1) Notwithstanding any other provision of law, tenants residing in eligible multifamily housing whose incomes exceed 80 percent of area median income shall pay as rent not more than the lower of the following amounts: (A) 30 percent of the family’s adjusted monthly income; or (B) the relevant fair market rental established under section 8(b) of the United States Housing Act of 1937 [42 U.S.C. 1437f(b)] for the jurisdiction in which the housing is located. An owner shall phase in any increase in rents for current tenants resulting from this subsection. (2) For purposes of this subsection, the term “eligible multifamily housing” means any housing financed by a loan or mortgage that is (A) insured or held by the Secretary under subsection (d)(3) of this section and assisted under section 1701s of this title or section 8 of the United States Housing Act of 1937 [42 U.S.C. 1437f]; or (B) insured or held by the Secretary and bears interest at a rate determined under the proviso of subsection (d)(5) of this section.
References In Text
The General Insurance Fund, referred to in text, was established by section 1735c of this title.
Section 1720 of this title, referred to in subsec. (d)(3)(ii)(II), (4)(ii)(II) was repealed by Pub. L. 98–181, title I [title IV, § 483(a)],
The United States Housing Act of 1937, and “such act”, referred to in subsecs. (d)(3), (h)(5)(F), (6)(D), is act Sept. 1, 1937, ch. 896, as revised generally by Pub. L. 93–383, title II, § 201(a),
Section 110 of the Housing Act of 1949 [42 U.S.C. 1460], referred to in subsec. (d)(3)(iii), was omitted from the Code pursuant to section 5316 of Title 42, which terminated authority to make grants or loans under title I of that Act [42 U.S.C. 1450 et seq.] after
This chapter, referred to in subsec. (f), 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 1701q of this title, referred to in subsec. (f), was amended generally by Pub. L. 101–625, title VIII, § 801(a),
The Disaster Relief and Emergency Assistance Act, referred to in subsec. (f), is Pub. L. 93–288,
Section 201 of the Housing and Community Development Amendments of 1978, referred to in subsec. (f), is section 201 of Pub. L. 95–557, title II,
Subsection (h) of section 1710 of this title, referred to in subsec. (g)(1), was redesignated subsec. (i) by Pub. L. 105–276, title VI, § 602(1),
Subsection (k) of section 1710 of this title, referred to in subsec. (g)(1), was repealed by Pub. L. 105–276, title VI, § 601(c),
The Emergency Low Income Housing Preservation Act of 1987, referred to in subsec. (g)(4)(C), is title II of Pub. L. 100–242,
Section 8211 of title 42, referred to in subsec. (k), was omitted from the Code pursuant to section 8229 of Title 42, which terminated authority under that section on
Codification
In subsec. (g)(4)(A), “
Amendments
2007—Subsec. (d)(3)(ii)(II), (4)(ii)(II). 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. (d)(3)(ii)(II), (4)(ii)(II). 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. (d)(3)(ii). Pub. L. 107–326, § 5(b)(4), inserted “(I)” after “(ii)” and substituted “; (II) the Secretary may, by regulation, increase any of the dollar amount limitations in subclause (I) (as such limitations may have been adjusted in accordance with section 1712a of this title)” for “; and except that the Secretary may, by regulation, increase any of the foregoing dollar amount limitations contained in this clause”.
Subsec. (d)(4)(ii). Pub. L. 107–326, § 5(b)(5), inserted “(I)” after “(ii)” and substituted “; (II) the Secretary may, by regulation, increase any of the dollar limitations in subclause (I) (as such limitations may have been adjusted in accordance with section 1712a of this title)” for “; and except that the Secretary may, by regulation, increase any of the foregoing dollar amount limitations contained in this clause”.
2001—Subsec. (d)(3)(ii). Pub. L. 107–73, § 213(d), substituted “$42,048”, “$48,481”, “58,469”, “$74,840”, and “$83,375” for “$33,638”, “$38,785”, “$46,775”, “$59,872”, and “$66,700”, respectively, and “$44,250”, “$50,724”, “$61,680”, “$79,793”, and “$87,588” for “$35,400”, “$40,579”, “$49,344”, “$63,834”, and “$70,070”, respectively.
Subsec. (d)(4)(ii). Pub. L. 107–73, § 213(e), substituted “$37,843”, “$42,954”, “$51,920”, “$65,169”, and “$73,846” for “$30,274”, “$34,363”, “$41,536”, “$52,135”, and “$59,077”, respectively, and “$40,876”, “$46,859”, “$56,979”, “$73,710”, and “$80,913” for “$32,701”, “$37,487”, “$45,583”, “$58,968”, and “$64,730”, respectively.
2000—Subsec. (g)(4)(C)(viii). Pub. L. 106–377 inserted “, except that this subparagraph shall continue to apply if the Secretary receives a mortgagee’s written notice of intent to assign its mortgage to the Secretary on or before such date” after “
1998—Subsec. (g)(4)(C)(viii). Pub. L. 105–276, § 222(1), substituted “
Subsec. (g)(4)(C)(ix). Pub. L. 105–276, § 222(2), added cl. (ix).
1996—Subsec. (g)(4)(C)(viii). Pub. L. 104–134 substituted “1996” for “1995” in first sentence.
1992—Subsec. (d)(3)(ii). Pub. L. 102–550, § 509(d), substituted “$33,638”, “$38,785”, “$46,775”, “$59,872”, “$66,700”, “$35,400”, “$40,579”, “$49,344”, “$63,834”, and “$70,070” for “$28,032”, “$32,321”, “$38,979”, “$49,893”, “$55,583”, “$29,500”, “$33,816”, “$41,120”, “$53,195”, and “$58,392”, respectively.
Subsec. (d)(4)(ii). Pub. L. 102–550, § 509(e), substituted “$30,274”, “$34,363”, “$41,536”, “$52,135”, “$59,077”, “$32,701”, “$37,487”, “$45,583”, “$58,968”, and “$64,730” for “$25,228”, “$28,636”, “$34,613”, “$43,446”, “$49,231”, “$27,251”, “$31,239”, “$37,986”, “$49,140”, and “$53,942”, respectively.
Subsec. (d)(4)(iv). Pub. L. 102–550, § 1012(l), inserted “(including the cost of evaluating and reducing lead-based paint hazards, as such terms are defined in section 4851b of title 42)” after “cost of repair and rehabilitation”.
Subsec. (g)(4)(A). Pub. L. 102–550, § 516(d), which directed substitution of “issue to the mortgagee debentures having a par value” for “, subject to the cash adjustment provided herein, issue to the mortgagee debentures having total face value”, was executed to text which read “having a total face value” instead of “having total face value”, to reflect the probable intent of Congress.
1990—Subsec. (f). Pub. L. 101–625, § 611(b)(2), added fourth undesignated paragraph relating to authority of Secretary in establishing rental charges for project covered by mortgage bearing below market interest rate prescribed in proviso to subsec. (d)(3) of this section to include an amount that would permit return of advances to owner.
Subsec. (g)(4)(C). Pub. L. 101–508 added subpar. (C).
Subsec. (l). Pub. L. 101–625, § 612(b), added subsec. (l).
1988—Subsec. (d)(2). Pub. L. 100–242, § 406(b)(10)(A), substituted “residence, except that the Secretary” for “residence: Provided, That a mortgage secured by property upon which there is located a dwelling designed principally for a two-, three-, or four-family residence shall not be insured under this section except in the case of a dwelling for occupancy by the mortgagor: Provided further, That the Secretary”.
Pub. L. 100–242, § 406(b)(10)(B), which directed that par. (2) be amended by striking out “Provided, That (i)” and all that follows through “(1) in” and inserting “Provided, That (i)(1) in”, was executed by substituting “Provided, That (i)(1) in the case of a displaced family” for “Provided further, That (i) if the mortgagor is the owner and an occupant of the property at the time of insurance, (1) in the case of a displaced family”, to reflect the probable intent of Congress and the fact that the provision being struck out began with “Provided further” rather than “Provided”.
Pub. L. 100–242, § 406(b)(10)(C), struck out “Provided further, That nothing contained herein shall preclude the Secretary from issuing a commitment to insure, and insuring a mortgage pursuant thereto, where the mortgagor is not the owner and an occupant of the property, if the property is to be built or acquired and repaired or rehabilitated for sale, and the insured mortgage financing is required to facilitate the construction, or the repair or rehabilitation, of the dwelling and to provide financing pending the subsequent sale thereof to a qualified owner who is also an occupant thereof, but in such instances the mortgage shall not exceed 85 per centum of the appraised value:”.
Pub. L. 100–242, § 406(b)(10)(D), which directed that par. (2) be amended in last proviso by substituting “That the mortgagor shall” for “That, if the mortgagor is the owner and an occupant of the property such mortgagor shall”, was executed by substituting “That the mortgagor shall” for “That, if the mortgagor is the owner and an occupant of the property, such mortgagor shall”, to reflect the probable intent of Congress and the fact that a comma appears before “such” in provisions being struck out.
Subsec. (d)(3)(ii). Pub. L. 100–242, § 426(d), substituted “$28,032”, “$38,979”, “$49,893”, “$55,583”, “$29,500”, “$33,816”, “$41,120”, “$53,195”, and “$58,392” for “$21,563”, “$29,984”, “$38,379”, “$42,756, “$22,692”, “$26,012”, “$31,631”, “$40,919”, and “$44,917”, respectively.
Pub. L. 100–242, § 426(d), which directed that cl. (ii) be amended by substituting “$32,321” for “$24,862”, was executed by substituting “$32,321” for “$24,662” to reflect the probable intent of Congress.
Pub. L. 100–242, § 426(h), substituted “not to exceed 110 percent in any geographical area where the Secretary finds that cost levels so require and by not to exceed 140 percent where the Secretary determines it necessary on a project-by-project basis, but in no case may any such increase exceed 90 percent where the Secretary determines that a mortgage purchased or to be purchased by the Government National Mortgage Association in implementing its special assistance functions under section 1720 of this title (as such section existed immediately before
Subsec. (d)(4)(ii). Pub. L. 100–242, § 426(e), (h), substituted “$25,228”, “$28,636”, “$34,613”, “$43,446”, “$49,231”, “$27,251”, “$31,239”, “$37,986”, “$49,140”, and “$53,942” for “$19,406”, “$22,028”, “$26,625”, “$33,420”, “$37,870”, “$20,962”, “$24,030”, “$29,220”, “$37,800”, and “$41,494”, respectively, and substituted “not to exceed 110 percent in any geographical area where the Secretary finds that cost levels so require and by not to exceed 140 percent where the Secretary determines it necessary on a project-by-project basis, but in no case may any such increase exceed 90 percent where the Secretary determines that a mortgage purchased or to be purchased by the Government National Mortgage Association in implementing its special assistance functions under section 1720 of this title (as such section existed immediately before
Subsec. (d)(6)(ii). Pub. L. 100–242, § 406(b)(11), struck out “is an owner-occupant of the property and” after “where the mortgagor”.
Subsec. (f). Pub. L. 100–707 substituted “and Emergency Assistance Act” for “Act of 1974”.
Pub. L. 100–242, § 401(a)(2), struck out “No mortgage shall be insured under this section after
Pub. L. 100–200 substituted “
Pub. L. 100–179 substituted “
Pub. L. 100–170 substituted “
Pub. L. 100–154 substituted “
Pub. L. 100–122 substituted “
Subsec. (h)(6). Pub. L. 100–242, § 406(b)(12), struck out “and occupied” after “or row construction that are owned” in introductory provisions.
Subsec. (h)(8). Pub. L. 100–242, § 406(b)(13), struck out “if one of the units is to be occupied by the owner” after “approved by the Secretary”.
1986—Subsec. (f). Pub. L. 99–430 substituted “
Pub. L. 99–345 substituted “
Pub. L. 99–289 substituted “
Pub. L. 99–272 made amendment identical to Pub. L. 99–219. See 1985 Amendment note below.
Pub. L. 99–267 substituted “
1985—Subsec. (f). Pub. L. 99–219 substituted “
Pub. L. 99–156 substituted “
Pub. L. 99–120 substituted “
1984—Subsec. (d)(3)(iii). Pub. L. 98–479 substituted “rehabilitated” for “rehabilited” before “by a local public agency”.
1983—Subsec. (d)(2)(A). Pub. L. 98–181, § 423(b)(3), struck out “: Provided further, 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” before “; and (B)”.
Subsec. (d)(3)(iii). Pub. L. 98–181, § 432(b), struck out proviso that in no case involving refinancing would the mortgage exceed the estimated cost of repair and rehabilitation and the amount, as determined by the Secretary, required to refinance existing indebtedness secured by the property or project, and substituted “Provided, That” for “Provided further, That”.
Subsec. (d)(4)(iv). Pub. L. 98–181, § 432(c), struck out proviso that in no case involving refinancing would the mortgage exceed the estimated cost of repair and rehabilitation and the amount, as determined by the Secretary, required to refinance existing indebtedness secured by the property or project, and substituted “Provided, That” for “Provided further, That”.
Subsec. (d)(5). Pub. L. 98–181, § 404(b)(8), substituted “at such rate as may be agreed upon by the mortgagor and the mortgagee” for “(exclusive of premium charges for insurance and service charge, if any) at not to exceed 5 per centum per annum on the amount of the principal obligation outstanding at any time, or not to exceed such per centum per annum not in excess of 6 per centum as the Secretary finds necessary to meet the mortgage market”.
Subsec. (d)(6). Pub. L. 98–181, § 446(d), inserted “(unless otherwise approved by the Secretary)” after “periodic payments”.
Subsec. (f). Pub. L. 98–181, § 401(c), substituted “
Pub. L. 98–109 substituted “
Pub. L. 98–35 substituted “
Subsec. (g)(4)(A). Pub. L. 98–181, §§ 408, 409, designated existing provision as subpar. (A) and inserted “pursuant to a commitment to insure entered into before
Subsec. (g)(4)(B). Pub. L. 98–181, § 408, added subpar. (B).
1982—Subsec. (d)(2)(A). Pub. L. 97–253, § 201(d)(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. (d)(2)(B)(i)(2). Pub. L. 97–253, § 201(d)(2), (3), inserted “(excluding the mortgage insurance premium paid at the time the mortgage is insured)” after “of its acquisition cost” and struck out “mortgage insurance premium,” after “hazard insurance,”.
Subsec. (d)(3)(ii). Pub. L. 97–377 inserted “(by not to exceed 140 per centum where the Secretary determines that a mortgage other than one purchased or to be purchased under section 1720 of this title by the Government National Mortgage Association in implementing its special assistance functions is involved)” after “90 per centum”.
Subsec. (d)(4)(ii). Pub. L. 97–377 inserted “(by not to exceed 140 per centum where the Secretary determines that a mortgage other than one purchased or to be purchased under section 1720 of this title by the Government National Mortgage Association in implementing its special assistance functions is involved)” after “90 per centum”.
Subsec. (f). Pub. L. 97–289 substituted “
1981—Subsec. (f). Pub. L. 97–35, § 331(c), substituted “1982” for “1981”.
Subsec. (k). Pub. L. 97–35, § 339B(a), inserted “therein” after “installation” and struck out “therein” after “measure”.
1980—Subsec. (d)(6). Pub. L. 96–399, § 333(c), struck out proviso relating to maturity of a mortgage insured under subsection (d)(2) of this section.
Subsec. (f). Pub. L. 96–399, § 301(c), substituted “
Pub. L. 96–372 substituted “
Subsec. (i)(2)(A)(iv). Pub. L. 96–399, § 333(d), struck out applicability to determinations of lesser amount, if so determined, of three-quarters of the Secretary’s estimate of the remaining economic life of the building improvements.
Subsec. (k). Pub. L. 96–399, § 310(d), added subsec. (k).
1979—Subsec. (d)(3)(ii). Pub. L. 96–153, § 314, substituted “75 per centum” for “50 per centum” and inserted exception that the dollar amount limitations may be exceeded not to exceed 90 per centum where the Secretary determines it to be necessary.
Subsec. (d)(4)(ii). Pub. L. 96–153, § 314, substituted “75 per centum” for “50 per centum” and inserted exception that the dollar amount limitations may be exceeded by not to exceed 90 per centum where the Secretary determines it to be necessary.
Subsec. (f). Pub. L. 96–153 substituted “
Pub. L. 96–105 substituted “
Pub. L. 96–71 substituted “
1978—Subsec. (d)(3)(ii). Pub. L. 95–557, § 325(a), substituted “$21,563”, “$24,662”, “$29,984”, “$38,379”, and “$42,756” for “$16,860”, “$18,648”, “$22,356”, “$28,152” and “$31,884”, respectively, and “$22,692”, “$26,012”, “$31,631”, “$40,919”, and “$44,917” for “$19,680”, “$22,356”, “$26,496”, “$33,120”, and “$38,400”, respectively.
Subsec. (d)(4)(ii). Pub. L. 95–557, § 325(b), substituted “$19,406”, “$22,028”, “$26,625”, “$33,420”, and “$37,870” for “$18,450”, “$20,625”, “$24,630”, “$29,640” and “$34,846”, respectively.
Subsec. (f). Pub. L. 95–557, § 301(c), substituted “
Pub. L. 95–406 substituted “
1977—Subsec. (d)(2)(A). Pub. L. 95–128, § 303(c), substituted “$31,000” for “$25,000”, “$36,000” for “$29,000” in two places, “$42,000” for “$33,000”, “$35,000” for “$28,000”, “$48,600” for “$38,880”, “$59,400” for “$47,520”, “$45,000” for “$36,000”, “$57,600” for “$46,080” and “$68,400” for “$54,720”.
Subsec. (d)(4). Pub. L. 95–24 struck out “other than a mortgagor referred to in subsection (d)(3) of this section,” after “if executed by a mortgagor”.
Subsec. (f). Pub. L. 95–128, § 301(c), substituted “
Pub. L. 95–80 substituted “
Pub. L. 95–60 substituted “
1976—Subsec. (d)(2)(A). Pub. L. 94–375, § 3(d), substituted “$25,000” for “$21,600”, “$29,000” for “$25,200” in two places, and “$33,000” for “$28,800”.
Subsec. (d)(3)(ii). Pub. L. 94–375, § 8(b)(4), substituted “50 per centum in any geographical area” for “75 per centum in any geographical area”, “$16,860” for “$11,240”, “$18,648” for “$15,540”, “$22,356” for “$18,630”, “$28,152” for “$23,460”, “$31,884” for “$26,570”, “$19,680” for “$13,120”, “$22,356” for “$18,630”, “$26,496” for “$22,080”, “$33,120” for “$27,600”, and “$38,400” for “$32,000”.
Subsec. (d)(4)(ii). Pub. L. 94–375, § 8(b)(5), substituted “50 per centum in any geographical area” for “75 per centum in any geographical area”, “$18,450” for “$12,300”, “$20,625” for “$17,188”, “$24,630” for “$20,525”, “$29,640” for “$24,700”, “$34,846” for “$29,038”, “$20,962” for “$13,975”, “$24,030” for “$20,025”, “$29,220” for “$24,350”, “$37,800” for “$31,500”, and “$41,494” for “$34,578”.
1975—Subsec. (d)(3)(ii). Pub. L. 94–173, § 3, raised from 45 per centum to 75 per centum the amount by which any dollar limitation may, by regulation, be increased.
Subsec. (d)(4)(ii). Pub. L. 94–173, § 3, raised from 45 per centum to 75 per centum the amount by which any dollar limitation may, by regulation, be increased.
Subsec. (f). Pub. L. 94–173, § 4(a), struck out a provision limiting to 10 per centum the number of dwelling units available to low and moderate income persons under the age of 62 in a project financed with a mortgage issued under subsection (d)(3) of this section.
1974—Subsec. (d)(2)(A). Pub. L. 93–383, § 302(c), substituted “$21,600” for “$18,000”, “$25,200” for “$21,000” wherever appearing, “$28,000” for “$24,000”, “$28,800” for “$24,000”, “$36,000” for “$30,000”, “$38,880” for “$32,400”, “$46,080” for “$38,400”, “$47,520” for “$39,600”, and “$54,720” for “$45,600”.
Subsec. (d)(3). Pub. L. 93–383, § 319(a), inserted exception for certification of projects assisted or to be assisted pursuant to section 8 of the United States Housing Act of 1937.
Subsec. (d)(3)(i). Pub. L. 93–383, § 304(e)(1), struck out cl. (i) which set forth mortgage ceiling of $12,500,000.
Subsec. (d)(3)(ii). Pub. L. 93–383, § 303(d), substituted “$11,240” for “$9,200”, “$13,120” for “$10,925”, “$15,540” for “$12,937.50”, “$16,200” for “$13,500”, “$18,630” for “$15,525”, “$22,080” for “$18,400”, “$23,460” for “$19,550” “$26,570” for “$22,137.50”, “$27,600” for “$23,000”, and “$32,000” for “$26,162.50”.
Subsec. (d)(4)(i). Pub. L. 93–383, § 304(e)(2), struck out cl. (i) which set forth mortgage ceiling of $12,500,000.
Subsec. (d)(4)(ii). Pub. L. 93–383, § 303(e), substituted “$12,300” for “$9,200”, “$13,975” for “$10,525”, “$17,188” for “$12,937.50”, “$20,025” for “$15,525”, “$20,525” for “$15,525”, “$24,350” for “$18,400”, “$24,700” for “$19,550”, “$29,038” for “$22,137.50”, “$31,500” for “$23,000”, and “$34,578” for “$26,162.50”.
Subsec. (f). Pub. L. 93–383, § 316(c), substituted “
Pub. L. 93–288 substituted “the Disaster Relief Act of 1974” for “the Disaster Relief Act of 1970”.
1973—Subsec. (f). Pub. L. 93–117 extended the mortgage insurance authority under this section from
Pub. L. 93–85 extended the mortgage insurance authority under this section from
1972—Subsec. (f). Pub. L. 92–503 extended the mortgage insurance authority under this section from
1970—Subsec. (f). Pub. L. 91–609 in second par., substituted “
Pub. L. 91–606 substituted “the Disaster Relief Act of 1970” for “the Act entitled ‘An Act to authorize Federal assistance to States and local governments in major disasters, and for other purposes’, approved
Pub. L. 91–525 substituted “
Pub. L. 91–473 substituted “
Pub. L. 91–432 substituted “
1969—Subsec. (d)(2). Pub. L. 91–152, § 113(e)(1), (2), substituted “$18,000” for “$15,000”, “$21,000” for “$17,500”, wherever appearing, “$24,000” for “$20,000” wherever appearing, “$30,000” for “$25,000”, “$32,400” for “$27,000”, “$38,400” for “$32,000”, “$39,600” for “$33,000”, and “$45,600” for “$38,000”.
Subsec. (d)(3)(ii). Pub. L. 91–152, § 113(e)(3), (4), substituted “$9,200” for “$8,000”, “$10,925” for “$9,500”, “$12,937.50” for “$11,250”, “$15,525” for “$13,500” wherever appearing, “$18,400” for “$16,000”, “$19,550” for “$17,000”, “$22,137.50” for “$19,250”, “$23,000” for “$20,000”, and “$26,162.50” for “$22,750”.
Subsec. (d)(4)(ii). Pub. L. 91–152, § 113(e)(5), (6), substituted “$9,200” for “$8,000”, “$10,925” for “$9,500”, “$12,937.50” for “$11,250”, “$15,525” for “$13,500” wherever appearing, “$18,400” for “$16,000”, “$19,550” for “$17,000”, “$22,137.50” for “$19,250”, “$23,000” for “$20,000”, and “$26,162.50” for “$22,750”.
Subsec. (f). Pub. L. 91–152, § 101(c), substituted “
Pub. L. 91–78 substituted “
Subsec. (h)(6)(A). Pub. L. 91–152, § 113(e)(7), substituted “$18,000” for “$15,000”.
1968—Subsec. (d)(2)(A). Pub. L. 90–448, §§ 101(b)(1), 305, increased maximum amount of mortgages for single-family residences from $12,500 to $15,000 (or $17,500 if mortgagor’s family includes five or more persons), and in geographical areas where costs levels so require from $15,000 to $17,500 (or $20,000 if the mortgagor’s family includes five or more persons), and § 305(d)(2)(A) substituted “the mortgagor” for “a displaced family” in first proviso.
Subsec. (d)(2)(B). Pub. L. 90–448, § 101(b)(2), inserted “, in cash or its equivalent” in cl. (2), and inserted proviso directing that a mortgagor who is the owner and an occupant of the property be given the opportunity to contribute the value of his labor as equity in such dwelling.
Subsec. (d)(3)(iii). Pub. L. 90–448, § 311(b), inserted proviso to permit the mortgage to involve the financing of the purchase of property which has been rehabilitated by a local public agency with Federal assistance pursuant to section 1460(c)(8) of title 42.
Subsec. (f). Pub. L. 90–448, §§ 105(d), 306, authorized the Secretary to insure mortgages meeting the requirements of subsec. (i) or (j) of this section, struck out “if the mortgagor waives the right to receive dividends on its equity investment in the portion thereof devoted to community and shopping facilities” from first proviso, and inserted proviso making provisions of section 1715k(d)(3)(B)(iv) applicable, in the case of a mortgage which bears interest at the below-market interest rate prescribed in subsec. (d)(5) of this section, only if the mortgagor waives the right to receive dividends on its equity investment in the portion thereof devoted to commercial facilities.
Subsec. (g)(1). Pub. L. 90–448, § 105(b), included mortgages meeting requirements of par. (2) of subsec. (i) of this section.
Subsec. (g)(2). Pub. L. 90–448, § 105(c), included mortgages meeting requirements of par. (2) of subsec. (j) of this section.
Subsec. (h)(2)(A). Pub. L. 90–448, § 316(a), reduced number of one-family dwellings from five or more to four or more, and permitted the mortgage to cover 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.
Subsec. (h)(4). Pub. L. 90–448, § 101(c)(2), increased aggregate principal balance of mortgages insured from $20,000,000 to $50,000,000.
Subsec. (h)(5)(B)(ii). Pub. L. 90–448, § 101(c)(1), permitted mortgage to bear interest at such lower rate, not less than 1 per centum, as the Secretary may prescribe if in his judgment purchaser’s income is sufficiently low to justify the lower rate, and inserted proviso requiring rate of interest to be increased if purchaser’s income subsequently rises.
Subsec. (h)(6). Pub. L. 90–448, § 101(c)(3), added par. (6).
Subsec. (h)(7), (8). Pub. L. 90–448, § 316(b), added pars. (7) and (8).
Subsecs. (i), (j). Pub. L. 90–448, § 105(a), added subsecs. (i) and (j).
1967—Pub. L. 90–19, § 1(a)(3), substituted “Secretary” for “Commissioner” wherever appearing in subsecs. (b), (d)(1) to (3), (d)(3)(ii), (iii), (d)(4), (d)(4)(ii) to (iv), (d)(5), (6), (e)(1), (2), (f), and (g)(3), (4).
Subsec. (d). Pub. L. 90–19, § 1(a)(4), substituted “Secretary’s” for “Commissioner’s” wherever appearing in pars. (2), (3)(iii), (4)(iv), and (6).
1966—Subsec. (a). Pub. L. 89–769, § 4(a), substituted “displaced families” for “families displaced from urban renewal areas or as a result of governmental action”.
Subsec. (d)(2), (6). Pub. L. 89–769, § 4(a), substituted “displaced family” for “family displaced from an urban renewal area or as a result of governmental action” wherever appearing.
Subsec. (d)(2)(A). Pub. L. 89–754, § 307, increased maximum amount of mortgages for single-family and two-family residences from $11,000 and $18,000 to $12,500 and $20,000, respectively.
Subsec. (d)(3)(iii). Pub. L. 89–769, § 4(a), substituted “displaced families” for “families displaced by urban renewal or other governmental action”.
Subsec. (f). Pub. L. 89–769, § 4(a), (b), substituted “displaced families” for “families displaced from urban renewal areas or as a result of governmental action”, and inserted definition of “displaced family” and “displaced families”.
Pub. L. 89–754, §§ 308, 309, 310(c), inserted in first sentence provision for nondwelling facilities in projects in urban renewal areas, inserted provision respecting single occupants in housing under subsec. (d)(3) of this section, and inserted in fourth sentence “or which meet the requirements of subsection (h) of this section”, respectively.
Subsec. (g)(1). Pub. L. 89–754, § 310(b)(1), inserted “or paragraph (5) of subsection (h) of this section”.
Subsec. (g)(2). Pub. L. 89–754, § 310(b)(2), inserted “or paragraph (1) of subsection (h) of this section”.
Subsec. (h). Pub. L. 89–754, § 310(a), added subsec. (h). A prior subsec. (h) was repealed by Pub. L. 89–117, title XI, § 1108(i)(4),
1965—Subsec. (d)(3)(ii). Pub. L. 89–117, § 207(d), substituted “$17,000 per family unit with three bedrooms, and $19,250 per family unit with four or more bedrooms” for “and $17,000 per family unit with three or more bedrooms” and “$20,000 per family unit with three bedrooms, and $22,750 per family unit with four or more bedrooms” for “and $20,000 per family unit with three or more bedrooms”.
Subsec. (d)(4). Pub. L. 89–117, §§ 207(d), 1108(i)(1), substituted “$17,000 per family unit with three bedrooms, and $19,250 per family unit with four or more bedrooms” for “and $17,000 per family unit with three or more bedrooms” and “$20,000 per family unit with three bedrooms, and $22,750 per family unit with four or more bedrooms” for “and $20,000 per family unit with three or more bedrooms” in subpar. (ii) and substituted “General Insurance Fund” for “section 221 Housing Insurance Fund” wherever appearing.
Subsec. (d)(5). Pub. L. 89–117, § 102(b), substituted “not less than the lower of (A) 3 per centum per annum, or (B) the annual rate of interest determined” for “not less than the annual rate of interest determined” in proviso.
Subsec. (f). Pub. L. 89–117, §§ 102(a), 1108(i)(1), substituted “this section after
Subsec. (g)(1). Pub. L. 89–117, § 1108(i)(1), substituted “General Insurance Fund” for “section 221 Housing Insurance Fund”.
Subsec. (g)(2). Pub. L. 89–117, § 1108(i)(2), struck out provision that all references in section 1713 to the Housing Insurance Fund or the Housing Fund shall be construed to refer to the section 221 Housing Insurance Fund.
Subsec. (g)(3). Pub. L. 89–117, § 1108(i)(1), (3), substituted “General Insurance Fund” for “section 221 Housing Insurance Fund” and struck out provision that all references in section 1713 of this title to the Housing Insurance Fund, the Housing Fund, or the Fund shall be construed to refer to the section 221 Housing Insurance Fund.
Subsec. (h). Pub. L. 89–117, § 1108(i)(4), repealed subsec. (h) which created the section 221 Housing Insurance Fund, provided for the transfer of funds thereto, authorized the purchase and cancellation of debentures and the credit and payment of charges and fees.
1964—Subsec. (d)(3). Pub. L. 88–560, § 114(a), inserted “, or other mortgagor approved by the Commissioner, and” after “or association”.
Subsec. (d)(3)(ii), (4)(ii). Pub. L. 88–560, § 107(d)(1), (2), changed limits on mortgages for property or project attributable to dwelling use from “$2,250 per room (or $8,500 per family unit if the number of rooms in such property or project is less than four per family unit)” to “$8,000 per family unit without a bedroom, $11,250 per family unit with one bedroom, $13,500 per family unit with two bedrooms, and $17,000 per family unit with three or more bedrooms”, changed such mortgage limits on project consisting of elevator-type structures from a sum “of $2,250 per room to not to exceed $2,750 per room, and the dollar amount limitation of $8,500 per family unit to not to exceed $9,000 per family unit” to dollar amount limitations “per family unit to not to exceed $9,500 per family unit without a bedroom, $13,500 per family unit with one bedroom, $16,000 per family unit with two bedrooms, and $20,000 per family unit with three or more bedrooms”, and substituted provision authorizing an increase “by not to exceed 45 per centum” of any of such limits because of cost levels for former provision authorizing such an increase “by not to exceed $1,000 per room without regard to the number of rooms being less than four, or four or more”.
Subsec. (d)(3)(iii). Pub. L. 88–560, § 114(c), inserted “Provided further, That in the case of any mortgagor other than a nonprofit corporation or association, cooperative (including an investor-sponsor), or public body, or a mortgagor meeting the special requirements of subsection (e)(1) of this section, the amount of the mortgage shall not exceed 90 per centum of the amount otherwise authorized under this section”.
Subsec. (e). Pub. L. 88–560, § 114(b), added par. (1) and designated existing provisions as par. (2).
Subsec. (f). Pub. L. 88–560, §§ 114(d), 202, 203(b), extended the mortgage insurance authority under subsec. (d)(2) and (4) of this section from
Subsec. (g)(3). Pub. L. 88–560, § 105(c)(2), substituted a period for “; or” and inserted “If the insurance is paid in cash, there shall be added to such payment an amount equivalent to the interest which the debentures would have earned, computed to a date to be established pursuant to regulations issued by the Commissioner.”
1963—Subsec. (f). Pub. L. 88–54 extended mortgage insurance authority under subsec. (d)(2) and (4) of this section from
1961—Pub. L. 87–70, § 101(a)(1), added section catchline.
Subsec. (a). Pub. L. 87–70, § 101(a)(2), redefined the purpose of this section as one to assist private industry in providing housing for low and moderate income families and families displaced from urban renewal areas or as a result of governmental action, and eliminated provisions which required localities, communities or environs of communities to request the mortgage insurance, which limited the number of dwelling units to not more than the aggregate number which the Housing Administrator certified to the Commissioner, and which authorized assistance for relocation of families to be displaced as the result of governmental action in a community to those cases in which a certification by the Housing Administrator pursuant to section 1451(c) of title 42 has been made, or there is being carried out a project covered by a Federal aid contract executed, or prior approval granted, under subchapter II of chapter 8A of title 42, or there is being carried out an urban renewal project assisted under section 1462 of title 42.
Subsec. (b). Pub. L. 87–70, § 101(a)(3), empowered the Commissioner to insure advances during construction on mortgages covering property of the character described in pars. (3) and (4) of subsec. (d) of this section.
Subsec. (d)(2). Pub. L. 87–70, § 101(a)(4), (5), increased the maximum amount of mortgages for single-family residences from $9,000 to $11,000, three-family residences from $25,000 to $27,000 and for four-family residences from $32,000 to $33,000, increased the maximum amount of mortgages that the Commissioner may authorize in cases where he finds the cost levels so require from $12,000 to $15,000 for single-family residences, $20,000 to $25,000 for two-family residences, $27,500 to $32,000 for three-family residences and $35,000 to $38,000 for four-family residences, required families other than those displaced from an urban renewal area or as a result of Government action to pay on account of the property at least 3 per centum of the Commissioner’s estimate of its acquisition cost, prohibited insurance of mortgages for dwellings designed principally for two-, three-, or four-family residences except in the case of dwellings for occupancy by a family displaced from an urban renewal area or as a result of governmental action, and eliminated provisions which required the Commissioner to prescribe procedures relating to priorities in occupancy of the remaining units of two-, three-, and four-family dwellings after occupancy of one unit by the owner.
Subsec. (d)(3). Pub. L. 87–70, § 101(a)(6), included public bodies and agencies which certify that they are not receiving financial assistance exclusively pursuant to the United States Housing Act of 1937 cooperatives, and limited dividend corporations, increased the maximum amount of mortgages from not more than $9,000 per family unit for such part of such property or project as may be attributable to dwelling use to not more than $2,250 per room (or $8,500 per family unit if the number of rooms is less than four per family unit) for such part of such property or project as may be attributable to dwelling use (excluding exterior land improvements), empowered the Commissioner to increase the maximum from $2,250 to $2,750 per room and from $8,500 to $9,000 per family unit to compensate for higher costs incident to the construction of elevator-type structures, and in geographical areas which the cost levels so require from $2,250 to $3,250 per room, increased the maximum amount of the mortgage in the case of repair and rehabilitation from not more than the Commissioner’s estimate of the value of the property when the proposed repair and rehabilitation is completed to not more than the sum of the estimated cost of repair and rehabilitation and the Commissioner’s estimate of the value of the property before repair and rehabilitation, limited, in cases involving refinancing, the amount of the mortgage to not more than the estimated cost of repair and rehabilitation and the amount (as determined by the Commissioner) required to refinance existing indebtedness secured by the property or project, and eliminated provisions which required the property or project to be for use as rental accommodations for ten or more families eligible for occupancy.
Subsec. (d)(4). Pub. L. 87–70, § 101(a)(7)–(10), substituted “other than a mortgagor referred to in subsection (d)(3) of this section” for “which is not a nonprofit organization” in opening provisions, increased the maximum amount of mortgages from not more than $9,000 per family unit for such part of such property or project as may be attributable to dwelling use to not more than $2,250 per room (or $8,500 per family unit if the number of rooms is less than four per family unit) for such part of such property or project as may be attributable to dwelling use (excluding exterior land improvements), empowered the Commissioner to increase the maximum from $2,250 to $2,750 per room and from $8,500 to $9,000 per family unit to compensate for higher costs incident to the construction of elevator-type structures, and in geographical areas which the cost levels so require from $2,250 to $3,250 per room, increased the maximum amount of the mortgage in the case of repair and rehabilitation from not more than 90 per centum of the Commissioner’s estimate of the value of the property or project when the proposed repair and rehabilitation is completed to not more than 90 per centum of the sum of the estimated cost of repair and rehabilitation and the Commissioner’s estimate of the value of the property before repair and rehabilitation, limited, in cases involving refinancing, the amount of the mortgage to not more than the estimated cost of repair and rehabilitation and the amount (as determined by the Commissioner) required to refinance existing indebtedness secured by the property of project, and eliminated provisions which required the property or project to be for use as rental accommodations for ten or more families eligible for occupancy.
Subsec. (d)(5). Pub. L. 87–70, § 101(a)(10), (11), struck out provisions which required the mortgage to provide for complete amortization by periodic payments within such terms as the Commissioner may prescribe, but not to exceed 40 years from the date of insurance of the mortgage or three-quarters of the Commissioner’s estimate of the remaining economic life of the building improvements, whichever is the lesser, and inserted proviso requiring the mortgage to bear interest at not less than the annual rate of interest determined by estimating the average market yield to maturity on all outstanding marketable obligations of the United States, and by adjusting such yield to the nearest one-eighth of 1 per centum.
Subsec. (d)(6). Pub. L. 87–70, § 101(a)(10), added par. (6).
Subsec. (f). Pub. L. 87–70, § 101(a)(12), required a property or project covered by a mortgage insured under subsec. (d)(3) or (d)(4) of this section to include five or more family units, empowered the Commissioner to adopt such procedures and requirements to assure that the dwelling accommodations provided under this section are available to families displaced from urban renewal areas or as a result of governmental action, authorized the Commissioner to insure a mortgage which meets subsec. (d)(3) of this section with no premium charge, with a reduced premium charge, or with a premium charge for such period or periods during the time the insurance is in effect as he may determine, and prohibited insurance of mortgages under subsec. (d)(2) or (d)(4) of this section after
Subsec. (g)(3), (4). Pub. L. 87–70, § 101(a)(13), (14), added par. (3), redesignated former par. (3) as (4), and substituted “this paragraph” for “this paragraph (3)”.
Subsec. (h). Pub. L. 87–70, § 101(a)(15), inserted “cash payments,” after “cash adjustments,” in last sentence.
1959—Subsec. (a). Pub. L. 86–372, § 110(a)(1), (2), inserted provisions in first par. to authorize assistance in relocating families residing in the environs of a community described in cl. (2) which are to be displaced as the result of governmental action, inserted provisions in second par. making mortgage insurance available in environs of communities and substituted “in or near any such community” for “in any such community” in second proviso of second par.
Subsec. (d)(2). Pub. L. 86–372, § 110(b), required a mortgage to be secured by property upon which there is located a dwelling conforming to applicable standards prescribed by the Commissioner under subsec. (f) of this section, and meeting the requirements of all State laws, or local ordinances or regulations, relating to the public health or safety, zoning, or otherwise, which may be applicable thereto, increased the maximum amount of the mortgage on a single-family residence in a high cost area from $10,000 to $12,000, authorized insurance of mortgages for two-, three-, and four-family residences and required the Commissioner to prescribe such procedures as are necessary to secure to families, referred to in subsec. (a) of this section, priorities in occupancy of the remaining units of two-, three-, and four-family dwellings after occupancy of one unit by the owner.
Subsec. (d)(3). Pub. L. 86–372, § 110(c)(1), (2), substituted “$12,000” for “$10,000”, and “not in excess of (1) in the case of new construction, the amount which the Commissioner estimates will be the replacement cost of the property or project when the proposed improvements are completed (the replacement cost may include the land, the proposed physical improvements utilities within the boundaries of the land, architect’s fees, taxes, interest during construction, and other miscellaneous charges incident to construction and approved by the Commissioner), or (2) in the case of repair and rehabilitation, the Commissioner’s estimate of the value of the property when the proposed repair and rehabilitation is completed: Provided, That such property or project, when constructed, or repaired and rehabilitated, shall be for use as rental accommodations for ten or more families eligible for occupancy as provided in this section; or” for “not in excess of the Commissioner’s estimate of the value of the property or project when constructed, or repaired and rehabilitated, for use as rental accommodations for ten or more families eligible for occupancy as provided in this section; and”.
Subsec. (d)(4), (5). Pub. L. 86–372, § 110(c)(3), added par. (4) and redesignated former par. (4) as (5).
Subsec. (f). Pub. L. 86–372, § 110(d), authorized the property or project to include such commercial and community facilities as the Commissioner deems adequate to serve the occupants.
Subsec. (g)(1). Pub. L. 86–372, § 116(b), inserted reference to subsec. (k) of section 1710 of this title.
Subsec. (g)(2). Pub. L. 86–372, § 110(e), substituted “paragraph (3) or (4)” for “paragraph (3)”.
1957—Subsec. (g)(1). Pub. L. 85–104 substituted “(h), and (j) of section 1710 of this title” for “and (h) of section 1710 of this title”.
1956—Subsec. (a). Act
Subsec. (d). Act
1955—Subsec. (a). Act
Subsec. (d)(3). Act
Effective Date Of Amendment
Amendment by section 406(b)(10)–(13) of Pub. L. 100–242 applicable only with respect to mortgages insured pursuant to conditional commitment issued on or after
For effective date of amendment by section 423(b)(3) of Pub. L. 98–181, see section 423(c) of Pub. L. 98–181, set out as a note under section 1709 of this title.
Amendment by Pub. L. 97–35 effective
Amendment by Pub. L. 93–288 effective
Amendment by Pub. L. 91–606 effective
Miscellaneous
Amendment by Pub. L. 97–253 to be implemented only if Secretary determines that program of advance payment of insurance premiums, considering the effect of said amendment, is actuarially sound, see section 201(g) of Pub. L. 97–253, set out as a note under section 1709 of this title.
Secretary of Housing and Urban Development to implement system of mortgage insurance for mortgages insured under this section that delegates processing functions to selected approved mortgagees, with Secretary to retain authority to approve rents, expenses, property appraisals, and mortgage amounts and to execute firm commitments, see section 328 of Pub. L. 101–625, set out as a note under section 1713 of this title.
Pub. L. 101–494, § 1,
The Emergency Low Income Housing Preservation Act of 1987, consisting of title II of Pub. L. 100–242, “This title [amending sections 1715z–6 and 1715z–15 of this title and sections 1437f, 1472, 1485, and 1487 of Title 42, The Public Health and Welfare] may be cited as the ‘Emergency Low Income Housing Preservation Act of 1987’. “An owner of eligible low income housing seeking to initiate prepayment or other changes in the status or terms of the mortgage or regulatory agreement (including a request to terminate the insurance contract pursuant to section 229 of the National Housing Act [12 U.S.C. 1715t]) shall file with the Secretary a notice of the intent of the owner in such form and manner as the Secretary shall prescribe. The owner shall simultaneously file the notice of intent with any appropriate State or local government agency for the jurisdiction within which the housing is located. “The Secretary shall confer with any appropriate State or local government agency to confirm any State or local assistance that is available to achieve the purposes of this title and shall give consideration to the views of any such agency when making determinations under section 225. The Secretary shall also confer with appropriate interested parties that the Secretary believes could assist in the development of a plan of action that best achieves the purposes of this title. “Any agreement to extend low income affordability restrictions under section 225(b) shall, for 4 years from the date of the enactment of this Act [ “Not later than 1 year after the date of the enactment of this Act [ “The Secretary shall issue final regulations to carry out this subtitle not later than 60 days after the date of the enactment of this Act [ “The requirements of this subtitle shall apply to any project that is eligible low income housing on or after
[Pub. L. 101–494, § 2(b),
Pub. L. 100–242, title VI (§§ 601–613),
For limitation on the number of dwelling units with mortgages not providing for complete amortization pursuant to authority granted by amendment to subsec. (d)(6) by section 446 of Pub. L. 98–181, see section 446(f) of Pub. L. 98–181, set out as a note under section 1713 of this title.
Equitable application of amendment to subsec. (d)(3) (ii), (4)(ii) of this section by section 107(d)(1), (2) of Pub. L. 88–560 or pre-amendment provisions to projects submitted for consideration prior to
Pub. L. 93–383, title III, § 319(b),