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12 U.S.C. § 1735f–7 — Purchase of fee simple title from lessors
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization to insure loans for purpose of financing purchases** The Secretary is authorized, upon such terms and conditions as he may prescribe, to make commitments to insure and to insure loans made by financial institutions for the purpose of financing purchases by homeowners of the fee simple title to property on which their homes are located.
**(b) Definitions** As used in this section—
(1) the term “financial institution” means a lender approved by the Secretary as eligible for insurance under [section 1703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1703&num=0&edition=prelim) or a mortgagee approved under [section 1709(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709/b/1&num=0&edition=prelim); and
(2) the term “homeowner” means a lessee under a long-term ground lease.
**(c) Eligibility for insurance** To be eligible for insurance under this section, a loan shall—
(1) relate to property on which there is located a dwelling designed principally for a one-, two-, three-, or four-family residence;
(2) not exceed the cost of purchasing the fee simple title, or $10,000 ($30,000, if the property is located in Hawaii) per family unit, whichever is the lesser;
(3) be limited to an amount which when added to any outstanding indebtedness related to the property (as determined by the Secretary) creates a total outstanding indebtedness which does not exceed the applicable mortgage limit prescribed in [section 1709(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709/b&num=0&edition=prelim);
(4) bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee;
(5) have a maturity satisfactory to th
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1735f–7
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Stable record: federal_law:legal_authorities:record_usc_15156d60af33f4e3612b4e95
Source file: Laws/federal/codes/united-states-code/title-12/section-1735f7-purchase-of-fee-simple-title-from-lessors--2bb7f67745.md
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Source location: Title 12, Chapter 13, § 1735f–7; chapter-013-national-housing.md
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**(a) Authorization to insure loans for purpose of financing purchases** The Secretary is authorized, upon such terms and conditions as he may prescribe, to make commitments to insure and to insure loans made by financial institutions for the purpose of financing purchases by homeowners of the fee simple title to property on which their homes are located.
**(b) Definitions** As used in this section—
(1) the term “financial institution” means a lender approved by the Secretary as eligible for insurance under [section 1703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1703&num=0&edition=prelim) or a mortgagee approved under [section 1709(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709/b/1&num=0&edition=prelim); and
(2) the term “homeowner” means a lessee under a long-term ground lease.
**(c) Eligibility for insurance** To be eligible for insurance under this section, a loan shall—
(1) relate to property on which there is located a dwelling designed principally for a one-, two-, three-, or four-family residence;
(2) not exceed the cost of purchasing the fee simple title, or $10,000 ($30,000, if the property is located in Hawaii) per family unit, whichever is the lesser;
(3) be limited to an amount which when added to any outstanding indebtedness related to the property (as determined by the Secretary) creates a total outstanding indebtedness which does not exceed the applicable mortgage limit prescribed in [section 1709(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709/b&num=0&edition=prelim);
(4) bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee;
(5) have a maturity satisfactory to the Secretary, but not to exceed twenty years from the beginning of amortization of the loan; and
(6) comply with such other terms, conditions, and restrictions as the Secretary may prescribe.
**(d) Applicability of other provisions of law** The provisions of paragraphs (3), (5), (6), (7), (8), and (10) of [section 1715k(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715k/h&num=0&edition=prelim) shall be applicable to loans insured under this section and, as applied to loans insured under this section, references in those paragraphs to “home improvement loans” and “this subsection” shall be construed to refer to loans under this section.
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Federal law — U.S. Code and appendices · legal_authorities
The Act of May 26, 1942, ch. 319, 56 Stat. 301, may be cited as the “National Housing Act Amendments of 1942”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1703
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Critical social, economic, and environmental problems facing Nation’s urban communities** The Congress finds and declares that the Nation’s cities, towns, and smaller urban communities face critical social, economic, and environmental problems arising in significant measure from—
(1) the growth of population in metropolitan and other urban areas, and the concentration of persons of lower income in central cities;
(2) inadequate public and private investment and reinvestment in housing and other physical facilities, and related public and social services, resulting in the growth and persistence of urban slums and blight and the marked deterioration of the quality of the urban environment; and
(3) increasing energy costs which have seriously undermined the quality and overall effectiveness of local community and housing development activities.
**(b) Establishment and maintenance of viable urban communities; systematic and sustained action by Federal, State, and local governments; expansion of and continuity in Federal assistance; increased private investment; streamlining programs and improvement of functioning of agencies; action to address consequences of scarce fuel supplies** The Congress further finds and declares that the future welfare of the Nation and the well-being of its citizens depend on the establishment and maintenance of viable urban communities as social, economic, and political entities, and require—
(1) systematic and sustained action by Federal, State, and local governments to eliminate blight, to conserve and renew older urban areas, to improve the living environment of low- and moderate-income families, and to develop new centers of population growth and economic activity;
(2) substantial expansion of and greater continuity in the scope a
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 5301
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