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12 U.S.C. § 1735f–7a — Supplemental loans for multifamily projects
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization to insure; “supplemental loan” defined** With respect to a multifamily project, hospital, or group practice facility covered by a mortgage insured under any section or subchapter of this chapter or covered by a mortgage held by the Secretary, the Secretary is authorized, upon such terms and conditions as he may prescribe, to make commitments to insure, and to insure, supplemental loans (including advances during construction or improvement) made by financial institutions approved by the Secretary. As used in this section, “supplemental loan” means a loan, advance of credit, or purchase of an obligation representing a loan or advance of credit made for the purpose of financing improvements or additions to such project, hospital, or facility: Provided, That a loan involving a nursing home, hospital, or a group practice facility may also be made for the purpose of financing equipment to be used in the operation of such nursing home, hospital, or facility.
**(b) Eligibility for insurance** To be eligible for insurance under this section, a supplemental loan shall—
(1) be limited to 90 per centum of the amount which the Secretary estimates will be the value of such improvements, additions, and equipment, except that such amount when added to the outstanding balance of the mortgage covering the project or facility, shall not exceed the maximum mortgage amount insurable under the section or subchapter pursuant to which the mortgage covering such project or facility is insured or an amount acceptable to the Secretary;
(2) have a maturity satisfactory to the Secretary;
(3) bear interest at such rate as may be agreed upon by the borrower and the financial institution;
(4) be secured in such manner as the Secretary may require;
(5) be governed by the lab
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1735f–7a
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Stable record: federal_law:legal_authorities:record_usc_29112656568799914122126e
Source file: Laws/federal/codes/united-states-code/title-12/section-1735f7a-supplemental-loans-for-multifamily-projects--b9d825396b.md
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Source location: Title 12, Chapter 13, § 1735f–7a; chapter-013-national-housing.md
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**(a) Authorization to insure; “supplemental loan” defined** With respect to a multifamily project, hospital, or group practice facility covered by a mortgage insured under any section or subchapter of this chapter or covered by a mortgage held by the Secretary, the Secretary is authorized, upon such terms and conditions as he may prescribe, to make commitments to insure, and to insure, supplemental loans (including advances during construction or improvement) made by financial institutions approved by the Secretary. As used in this section, “supplemental loan” means a loan, advance of credit, or purchase of an obligation representing a loan or advance of credit made for the purpose of financing improvements or additions to such project, hospital, or facility: Provided, That a loan involving a nursing home, hospital, or a group practice facility may also be made for the purpose of financing equipment to be used in the operation of such nursing home, hospital, or facility.
**(b) Eligibility for insurance** To be eligible for insurance under this section, a supplemental loan shall—
(1) be limited to 90 per centum of the amount which the Secretary estimates will be the value of such improvements, additions, and equipment, except that such amount when added to the outstanding balance of the mortgage covering the project or facility, shall not exceed the maximum mortgage amount insurable under the section or subchapter pursuant to which the mortgage covering such project or facility is insured or an amount acceptable to the Secretary;
(2) have a maturity satisfactory to the Secretary;
(3) bear interest at such rate as may be agreed upon by the borrower and the financial institution;
(4) be secured in such manner as the Secretary may require;
(5) be governed by the labor standards provisions of [section 1715c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715c&num=0&edition=prelim) that are applicable to the section or subchapter pursuant to which the mortgage covering the project or facility is insured or pursuant to which the original mortgage covering the project or facility was insured; and
(6) contain such other terms, conditions, and restrictions as the Secretary may prescribe.
**(c) Applicability of other provisions of law** The provisions of subsections (d), (e), (g), (h), (i), (j), (k), (l), and (n) of [section 1713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713&num=0&edition=prelim) shall be applicable to loans insured under this section, except that (1) all references to the term “mortgage” shall be construed to refer to the term “loan” as used in this section, (2) loans involving projects covered by a mortgage insured under [section 1715e of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715e&num=0&edition=prelim) that is the obligation of the Cooperative Management Housing Insurance Fund shall be insured under and shall be the obligation of such fund, and (3) loans involving projects covered by a mortgage insured under [section 1715z–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-1&num=0&edition=prelim) shall be insured under and shall be the obligation of the Special Risk Insurance Fund.
**(d) Authorization to insure loans for improvements or additions; terms and conditions; limitation on amount** Notwithstanding the foregoing, the Secretary may insure a loan for improvements or additions to a multifamily housing project, or a group practice or medical practice facility or hospital or other health facility approved by the Secretary, which is not covered by a mortgage insured under this chapter, if he finds that such a loan would assist in preserving, expanding, or improving housing opportunities, or in providing protection against fire or other hazards. Such loans shall have a maturity satisfactory to the Secretary and shall meet such other conditions as the Secretary may prescribe. In no event shall such a loan be insured if it is for an amount in excess of the maximum amount which could be approved if the outstanding indebtedness, if any, covering the property were a mortgage insured under this chapter. At any sale under foreclosure of a mortgage on a project or facility which is not insured under this chapter but which is senior to a loan assigned to the Secretary pursuant to subsection (c), the Secretary is authorized to bid, in addition to amounts authorized under [section 1713(k) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713/k&num=0&edition=prelim), any sum up to but not in excess of the total unpaid indebtedness secured by such senior mortgage, plus taxes, insurance, foreclosure costs, fees, and other expenses. In the event that, pursuant to subsection (c), the Secretary acquires title to, or is assigned, a loan covering a project or facility which is subject to a mortgage which is not insured under this chapter, the Secretary is authorized to make payments from the General Insurance Fund on the debt secured by such mortgage, and to take such other steps as the Secretary may deem appropriate to preserve or protect the Secretary’s interest in the project or facility.
**(e) Loan insurance for energy conserving improvements and solar energy systems**
(1) Notwithstanding any other provision of this section, the Secretary may insure a loan for purchasing and installing energy conserving improvements (as defined in subparagraph (2) of the last paragraph of [section 1703(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1703/a&num=0&edition=prelim)), for purchasing and installing a solar energy system (as defined in subparagraph (3) of the last paragraph of [section 1703(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1703/a&num=0&edition=prelim)), and for purchasing or installing (or both) individual utility meters in a multifamily housing project if such meters are purchased or installed in connection with other energy conserving improvements or with a solar energy system or the project meets minimum standards of energy conservation established by the Secretary, without regard to whether the project is covered by a mortgage under this chapter.
(2) Notwithstanding the provisions of subsection (b), a loan insured under this subsection shall—
(A) not exceed an amount which the Secretary determines is necessary for the purchase and installation of individual utility meters plus an amount which the Secretary deems appropriate taking into account amounts which will be saved in operation costs over the period of repayment of the loan by reducing the energy requirements of the project as a result of the installation of energy conserving improvements or a solar energy system therein;
(B) be insured for 90 percent of any loss incurred by the person holding the note for the loan; except that, for cooperative multifamily projects receiving assistance under [section 1715z–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-1&num=0&edition=prelim) or financed with a below market interest rate mortgage insured under section 1715l(d)(3) of this title, 100 percent of any such loss may be insured;
(C) bear an interest rate not to exceed an amount which the Secretary determines, after consulting with the Secretary of Energy, to be necessary to meet market demands;
(D) have a maturity satisfactory to the Secretary;
(E) be insured pursuant to a premium rate established on a sound actuarial basis to the extent practicable;
(F) be secured in such manner as the Secretary may require;
(G) be an acceptable risk in that energy conservation or solar energy benefits to be derived outweigh the risks of possible loss to the Federal Government; and
(H) contain such other terms, conditions, and restrictions as the Secretary may prescribe.
(3) The provisions of subsection (c) shall apply to loans insured under this subsection.
(4) The Secretary shall provide that any person obligated on the note for any loan insured under this section be regulated or restricted, until the termination of all obligations of the Secretary under the insurance, by the Secretary as to rents or sales, charges, capital structure, rate of return, and methods of operations of the multifamily project to such an extent and in such manner as to provide reasonable rentals to tenants and a reasonable return on the investment.
**(f) Repealed. Pub. L. 104–204, title II, Sept. 26, 1996, 110 Stat. 2885**
**(g) Extension of rental assistance for term of loan**
(1) When underwriting a rehabilitation loan under this section in connection with eligible multifamily housing, the Secretary may assume that any rental assistance provided for purposes of servicing the additional debt will be extended for the term of the rehabilitation loan. The Secretary shall exercise prudent underwriting practices in insuring rehabilitation loans under this section. 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 section 1715l(d)(3) of this title and assisted under [section 1701s of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701s&num=0&edition=prelim) or [section 1437f of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437f&num=0&edition=prelim);
(B) insured or held by the Secretary and bears interest at a rate determined under the proviso of section 1715l(d)(5) of this title; or
(C) insured, assisted or held by the Secretary under [section 1715z–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-1&num=0&edition=prelim).
(2) A mortgagee approved by the Secretary may not withhold consent to a rehabilitation loan insured in connection with eligible multifamily housing on which that mortgagee holds a mortgage.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act Aug. 2, 1954, ch. 649, title VIII, § 815, 68 Stat. 647, required submission of specifications by applicants prior to award of any contract for construction of a project and submission of data with respect to acquisition of land prior to authorization to purchase such land.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1437f
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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) Prepayment and termination** An owner of eligible low-income housing may prepay, and a mortgagee may accept prepayment of, a mortgage on such housing only in accordance with a plan of action approved by the Secretary under this subchapter or in accordance with [section 4114 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4114&num=0&edition=prelim). An insurance contract with respect to eligible low-income housing may be terminated pursuant to [section 1715t of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715t&num=0&edition=prelim) only in accordance with a plan of action approved by the Secretary under this subchapter or in accordance with [section 4114 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4114&num=0&edition=prelim).
**(b) Foreclosure** A mortgagee may foreclose the mortgage on, or acquire by deed in lieu of foreclosure, any eligible low-income housing project only if the mortgagee also conveys title to the project to the Secretary in connection with a claim for insurance benefits.
**(c) Effect of unauthorized prepayment** Any prepayment of a mortgage on eligible low-income housing or termination of the mortgage insurance on such housing not in compliance with the provisions of this subchapter shall be null and void and any low-income affordability restrictions on the housing shall continue to apply to the housing.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4101
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary of Housing and Urban Development shall, as soon as practicable during each calendar year, make a report to the President for submission to the Congress on all operations and programs (including but not limited to the insurance, urban renewal, public housing, and rent supplement programs) under the jurisdiction of the Department of Housing and Urban Development during the previous calendar year. Such report shall contain recommendations for strengthening or improving such programs, or, when necessary to implement more effectively Congressional policies and purposes, for establishing new or alternative programs.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirements; certificate of need for housing and employment status** Notwithstanding any other provisions of this subchapter and in addition to mortgages insured under [section 1748b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1748b&num=0&edition=prelim), the Secretary may insure any mortgage under this section which meets the eligibility requirements set forth in [section 1709(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709/b&num=0&edition=prelim): Provided, That a mortgage insured under this section shall have been executed by a mortgagor who at the time of insurance is the owner of the property and either occupies the property or certifies that his failure to do so is the result of a change in his employment by the Armed Forces or a contractor thereof and to whom the Secretary of Defense or his designee has issued a certificate indicating that such person requires housing and is at the date of the certificate a civilian employee at a research or development installation of one of the military departments of the United States or a contractor thereof and is considered by such military department to be an essential, nontemporary employee at such date. Such certificate shall be conclusive evidence to the Secretary of the employment status of the mortgagor and of the mortgagor’s need for housing.
**(b) Certification of housing need to Secretary; guaranty from loss; authorization of appropriations** No mortgage shall be insured under this section unless the Secretary of Defense or his designee shall have certified to the Secretary that the housing is necessary to provide adequate housing for such civilians employed in connection with such a research or development inst
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701s
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** This section applies, according to the provisions thereof, except to the extent that there is involved—
(1) a military or foreign affairs function of the United States; or
(2) a matter relating to agency management or personnel or to public property, loans, grants, benefits, or contracts.
**(b)** General notice of proposed rule making shall be published in the Federal Register, unless persons subject thereto are named and either personally served or otherwise have actual notice thereof in accordance with law. The notice shall include—
(1) a statement of the time, place, and nature of public rule making proceedings;
(2) reference to the legal authority under which the rule is proposed;
(3) either the terms or substance of the proposed rule or a description of the subjects and issues involved; and
(4) the Internet address of a summary of not more than 100 words in length of the proposed rule, in plain language, that shall be posted on the Internet website under section 206(d) of the E-Government Act of 2002 ([44 U.S.C. 3501](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title44-section3501&num=0&edition=prelim) note) (commonly known as regulations.gov).
Except when notice or hearing is required by statute, this subsection does not apply—
(A) to interpretative rules, general statements of policy, or rules of agency organization, procedure, or practice; or
(B) when the agency for good cause finds (and incorporates the finding and a brief statement of reasons therefor in the rules issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest.
**(c)** After notice required by this section, the agency shall give interested persons an opportunity to participate in the rule making through subm
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 553
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary of Housing and Urban Development is authorized and directed to undertake such programs of research, studies, testing, and demonstration relating to the mission and programs of the Department as he determines to be necessary and appropriate. There is 11 So in original. Probably should be “are”. authorized to be appropriated to carry out this title [[12 U.S.C. 1701z–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z-1&num=0&edition=prelim) et seq.] $35,000,000 for fiscal year 1993 and $36,470,000 for fiscal year 1994.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715w
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Federal law — U.S. Code and appendices · legal_authorities
As soon as practicable following November 30, 1983, the Secretary of Housing and Urban Development, with the cooperation of the Federal Housing Finance Agency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency, shall develop a method of accurately reporting to the Congress on a periodic basis with respect to residential mortgage delinquencies and foreclosures. Each such report shall include information with respect to the number of residential mortgage foreclosures, and the number of sixty- and ninety-day residential mortgage delinquencies, in the Nation and in each State.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715e
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Cooperation with banks and other financial institutions** Wherever practicable the operations of a small business investment company, including the generation of business, may be undertaken in cooperation with banks or other investors or lenders, incorporated or unincorporated, and any servicing or initial investigation required for loans or acquisitions of securities by the company under the provisions of this chapter may be handled through such banks or other investors or lenders on a fee basis. Any small business investment company may receive fees for services rendered to such banks and other investors and lenders.
**(b) Use of advisory services; depository or fiscal agents; investment of funds** Each small business investment company may make use, wherever practicable, of the advisory services of the Federal Reserve System and of the Department of Commerce which are available for and useful to industrial and commercial businesses, and may provide consulting and advisory services on a fee basis and have on its staff persons competent to provide such services. Any Federal Reserve bank is authorized to act as a depository or fiscal agent for any company operating under provisions of this chapter. Any such company that is licensed before October 1, 2004 and has outstanding financings is authorized to invest funds not needed for its operations—
(1) in direct obligations of, or obligations guaranteed as to principal and interest by, the United States;
(2) in certificates of deposit or other accounts of federally insured banks or other federally insured depository institutions, if the certificates or other accounts mature or are otherwise fully available not more than 1 year after the date of the investment; or
(3) in mutual funds, securities, or other instrumen
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 687
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