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12 U.S.C. § 1735h — Shared appreciation mortgages for multifamily housing
Federal law — U.S. Code and appendices · legal_authorities
**(a) Five or more family units; requirements** Notwithstanding any provision of this subchapter that is inconsistent with this section, the Secretary may insure, under any provision of this subchapter providing for insurance of mortgages on properties including 5 or more family units, a mortgage secured by a first lien on the property that (1) provides for the mortgagee to share in a predetermined percentage of the property’s net appreciated value; and (2) meets such other conditions, including limitations on the rate of interest which may be charged, as the Secretary may require by regulation.
**(b) Payment of mortgagee’s share of net appreciated value; term of mortgage; repayment; “net appreciated value” defined** The mortgagee’s share of a property’s net appreciated value shall be payable upon maturity or upon payment in full of the loan or sale or transfer (as defined by the Secretary) of the property, whichever occurs first. The term of the mortgage shall not be less than 15 years, and shall be repayable in equal monthly installments of principal and fixed interest during the mortgage term in an amount which would be sufficient to retire a debt with the same principal and fixed interest rate over a period not exceeding 30 years. In the case of a mortgage which will not be completely amortized during the mortgage term, the principal obligation of the mortgage may not exceed 85 percent of the estimated value of the property or project. For purposes of this section, the term “net appreciated value” means the amount by which the sales price of the property (less the mortgagor’s selling costs) exceeds the actual project cost after completion, as approved by the Secretary. If there has been no sale or transfer at the time the mortgagee’s share of net appreciated value
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Source file: Laws/federal/codes/united-states-code/title-12/section-1735h-shared-appreciation-mortgages-for-multifamily-housing--a56d2b17ab.md
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Source location: Title 12, Chapter 13, § 1735h; chapter-013-national-housing.md
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**(a) Five or more family units; requirements** Notwithstanding any provision of this subchapter that is inconsistent with this section, the Secretary may insure, under any provision of this subchapter providing for insurance of mortgages on properties including 5 or more family units, a mortgage secured by a first lien on the property that (1) provides for the mortgagee to share in a predetermined percentage of the property’s net appreciated value; and (2) meets such other conditions, including limitations on the rate of interest which may be charged, as the Secretary may require by regulation.
**(b) Payment of mortgagee’s share of net appreciated value; term of mortgage; repayment; “net appreciated value” defined** The mortgagee’s share of a property’s net appreciated value shall be payable upon maturity or upon payment in full of the loan or sale or transfer (as defined by the Secretary) of the property, whichever occurs first. The term of the mortgage shall not be less than 15 years, and shall be repayable in equal monthly installments of principal and fixed interest during the mortgage term in an amount which would be sufficient to retire a debt with the same principal and fixed interest rate over a period not exceeding 30 years. In the case of a mortgage which will not be completely amortized during the mortgage term, the principal obligation of the mortgage may not exceed 85 percent of the estimated value of the property or project. For purposes of this section, the term “net appreciated value” means the amount by which the sales price of the property (less the mortgagor’s selling costs) exceeds the actual project cost after completion, as approved by the Secretary. If there has been no sale or transfer at the time the mortgagee’s share of net appreciated value becomes payable, the sales price for purposes of this section shall be determined by means of an appraisal conducted in accordance with procedures approved by the Secretary and provided for in the mortgage.
**(c) Entitlement of mortgagee upon default** In the event of a default, the mortgagee shall be entitled to receive the benefits of insurance in accordance with [section 1713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713&num=0&edition=prelim), but such insurance benefits shall not include the mortgagee’s share of net appreciated value. The term “original principal face amount of the mortgage” as used in [section 1713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713&num=0&edition=prelim) shall not include the mortgagee’s share of net appreciated value.
**(d) Maximum percentage of net appreciated value; disclosure requirements** The Secretary shall establish by regulation the maximum percentage of net appreciated value which may be payable to a mortgagee as the mortgagee’s share. The Secretary shall also establish disclosure requirements applicable to mortgagees making mortgage loans pursuant to this section, to assure that mortgagors are informed of the characteristics of such mortgages.
**(e) Inapplicability of State constitution, statute, etc., limiting or prohibiting increases in outstanding loan balance** Mortgages insured pursuant to this section which contain provisions for sharing appreciation or which otherwise require or permit increases in the outstanding loan balance which are authorized under this section or under applicable regulations shall not be subject to any State constitution, statute, court decree, common law, rule, or public policy limiting or prohibiting increases in the outstanding loan balance after execution of the mortgage.
**(f) Number of dwelling units** The number of dwelling units included in properties covered by mortgages insured pursuant to this section in any fiscal year may not exceed 5,000.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts Apr. 20, 1950, ch. 94, title V, § 504, 64 Stat. 81; Sept. 1, 1951, ch. 378, title VI, § 613(a), 65 Stat. 316; June 30, 1953, ch. 170, § 23, 67 Stat. 127, related to control of charges and fees, imposed by lenders upon builders and purchasers in connection with home loans, by the Federal Housing Commissioner and the Administrator of Veterans’ Affairs.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1710
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Federal law — U.S. Code and appendices · legal_authorities
The right to redeem provided for by [section 2410(c) of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section2410/c&num=0&edition=prelim), shall not arise in any case in which the subordinate lien or interest of the United States derives from the issuance of insurance under the National Housing Act, as amended [[12 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701&num=0&edition=prelim) et seq.].
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1713
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Projects covered** Notwithstanding any of the provisions of this chapter and without regard to limitations upon eligibility contained in any section or subchapter of this chapter, other than the limitation in [section 1709(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709/g&num=0&edition=prelim), the Secretary is authorized, upon application by the mortgagee, to insure or make commitments to insure under any section or subchapter of this chapter any mortgage—
(1) executed in connection with the sale by the Government, or any agency or official thereof, of any housing acquired or constructed under Public Law 849, Seventy-sixth Congress, as amended; Public Law 781, Seventy-sixth Congress, as amended; or Public Laws 9, 73, or 353, Seventy-seventh Congress, as amended (including any property acquired, held, or constructed in connection with such housing or to serve the inhabitants thereof); or
(2) executed in connection with the sale by the Secretary of Housing and Urban Development, or by any public housing agency with the approval of the Secretary, of any housing (including any property acquired, held, or constructed in connection with such housing or to serve the inhabitants thereof) owned or financially assisted pursuant to the provisions of Public Law 671, Seventy-sixth Congress; or
(3) executed in connection with the sale by the Government, or any agency or official thereof, of any of the so-called Greenbelt towns, or parts thereof, including projects, or parts thereof, known as Greenhills, Ohio; Greenbelt, Maryland; and Greendale, Wisconsin, developed under the Emergency Relief Appropriation Act of 1935, or of any of the village properties or employee’s housing under the jurisdiction of Tennessee Valley Author
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1730f to 1730i
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress hereby finds that the welfare of the Nation and of its people is directly dependent upon the sound and orderly development and the effective organization and functioning of our State and local governments.It further finds that it is essential that our State and local governments prepare, keep current, and carry out comprehensive plans and programs for their orderly physical development with a view to meeting efficiently all their economic and social needs. It further finds that our State and local governments are especially handicapped in this task by the complexity and scope of governmental services required, the multiplicity of political jurisdictions and agencies involved, and the inadequacy of the operational and administrative arrangements available for cooperation among them. It further finds that present requirements for areawide planning and programing in connection with various Federal programs have materially assisted in the solution of areawide problems, but that greater coordination of Federal programs and additional participation and cooperation are needed from the States and localities in perfecting and carrying out such efforts.
**(b)** It is the purpose of this subchapter to provide through greater coordination of Federal programs, and through supplementary grants for certain federally assisted development projects, additional encouragement and assistance to States and localities for making comprehensive areawide planning and programing effective.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 3331
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization; conditions precedent**
(1) **Acquisition of property at or near military installations that have been ordered to be closed** — Notwithstanding any other provision of law, the Secretary of Defense is authorized to acquire title to, hold, manage, and dispose of, or, in lieu thereof, to reimburse for certain losses upon private sale of, or foreclosure against, any property improved with a one- or two-family dwelling which is situated at or near a military base or installation which the Department of Defense has, subsequent to November 1, 1964, ordered to be closed in whole or in part, if—
(A) the Secretary determines— — 11 So in original. The second dash probably should not appear.
(i) that the owner of such property is, or has been, a Federal employee employed at or in connection with such base or installation (other than a temporary employee serving under a time limitation), a nonappropriated fund instrumentality employee employed at a nonappropriated fund instrumentality operated in connection with such base or installation, or a member of the Armed Forces of the United States assigned thereto;
(ii) that the closing of such base or installation, in whole or in part, has required or will require the termination of such owner’s employment or service at or in connection with such base or installation or, in the case of a member of the Armed Forces not assigned to that base or installation at the time of public announcement of such closing, will prevent any reassignment of such member to the base or installation; and
(iii) that as the result of the actual or pending closing of such base or installation in whole or in part, or if as the result of such action and other similar action in the same area, there is no present market for the
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 3374
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Federal law — U.S. Code and appendices · legal_authorities
Page 807
TITLE 12—BANKS AND BANKING
§ 1736
a military base or other Federal installation was ter-
minated subsequent to Nov. 1, 1964, as the result of
closing of such base or installation, formerly defined as
an individual who was unemployed, although willing to
work, as the result of the closing of a Federal installa-
tion, and providing in subpar. (B) for dwelling situated
at or near the base or installation and substituting
‘‘payments due under such mortgage’’ for ‘‘payments of
principal and/or interest under such mortgage’’.
Subsec. (b)(1). Pub. L. 89–754 substituted ‘‘payments
due under such mortgage’’ for ‘‘payments of principal
and/or interest under such mortgage’’.
Subsec. (b)(2). Pub. L. 89–754 struck out subpar. (A)
providing for determination that mortgagor is not in
default with respect to any condition or covenant of
the mortgage other than requiring the payment of in-
stallments of principal and/or interest under the mort-
gage and incorporated without subpar. designation pro-
vision for determination that such action is necessary
to avoid foreclosure, formerly providing in subpar. (B)
that such action was the only available means of avoid-
ing foreclosure of such mortgage.
Subsec. (b)(3). Pub. L. 89–754 substituted in introduc-
tory text ‘‘the Federal mortgage agency, the mort-
gagor, and the mortgagee shall enter into a binding
agreement’’ for ‘‘the Federal mortgage agency shall re-
quire such mortgagor to enter into a binding agree-
ment’’, designated existing provisions as subpar. (A),
provided for payment of interest at rate not to exceed
the rate provided in the mortgage, and added subpar.
(B).
Subsec. (b)(4). Pub. L. 89–754 increased the period
from one to two years in subpar. (A), substituted sub-
par. (B) provision for expira
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1735h
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