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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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Source file: Laws/federal/codes/united-states-code/title-12/section-1703-short-title-of-amendment-of-1942--32e67c4ec5.md
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Source location: Title 12, Chapter 13, § 1703; chapter-013-national-housing.md
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reporting requirements** Not later than 120 days after May 20, 2009, and quarterly thereafter, the Comptroller of the Currency and the Director of the Office of Thrift Supervision,11 So in original. The comma probably should not appear. shall jointly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate,22 So in original. The word “and” probably should appear instead of the comma. the Committee on Financial Services of the House of Representatives on the volume of mortgage modifications reported to the Office of the Comptroller of the Currency and the Office of Thrift Supervision, under the mortgage metrics program of each such Office, during the previous quarter, including the following: (1) A copy of the data collection instrument currently used by the Office of the Comptroller of the Currency and the Office of Thrift Supervision to collect data on loan modifications. (2) The total number of mortgage modifications in each State that result in each of the following: (A) Additions of delinquent payments and fees to loan balances. (B) Interest rate reductions and freezes. (C) Term extensions. (D) Reductions of principal. (E) Deferrals of principal. (F) Combinations of modifications described in subparagraph (A), (B), (C), (D), or (E). (3) The total number of mortgage modifications in each State for which the total monthly principal and interest payment resulted in the following: (A) An increase. (B) Remained the same. (C) Decreased less than 10 percent. (D) Decreased between 10 percent and 20 percent. (E) Decreased 20 percent or more. (4) The total number of loans in each State that have been modified and then entered into default, where the loan modification resulted in— (A) higher monthly pay
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1743
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Whoever, as an owner, agent, or manager, or who is otherwise in custody, control, or possession of a multifamily project or a 1- to 4-family residence that is security for a mortgage note that is described in subsection (b), willfully uses or authorizes the use of any part of the rents, assets, proceeds, income, or other funds derived from property covered by that mortgage note for any purpose other than to meet reasonable and necessary expenses that include expenses approved by the Secretary if such approval is required, in a period during which the mortgage note is in default or the project is in a nonsurplus cash position, as defined by the regulatory agreement covering the property, or the mortgagor has failed to comply with the provisions of such other form of regulatory control imposed by the Secretary, shall be fined not more than $500,000, imprisoned not more than 5 years, or both. **(b) Mortgage notes described** For purposes of subsection (a), a mortgage note is described in this subsection if it— (1) is insured, acquired, or held by the Secretary pursuant to this chapter; (2) is made pursuant to [section 1701q of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701q&num=0&edition=prelim) (including property still subject to section 1701q program requirements that existed before November 28, 1990); or (3) is insured or held pursuant to [section 1715z–22 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-22&num=0&edition=prelim), but is not reinsured under [section 1715z–22 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-22&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1736
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Relief of housing shortage; eligibility; limitations on time and amount** In order to assist in relieving the acute shortage of housing which now exists and to increase the supply of housing accommodations available to veterans of World War II at prices within their reasonable ability to pay, the Secretary is authorized, upon application by the mortgagee, to insure as hereinafter provided any mortgage which is eligible for insurance as hereinafter provided, and, upon such terms as the Secretary may prescribe, to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon: Provided, That the aggregate amount of principal obligations of all mortgages insured under this subchapter shall not exceed $6,150,000,000 except that with the approval of the President such aggregate amount may be increased to not to exceed $6,650,000,000: Provided further, That no mortgage shall be insured under this section after April 30, 1948, except (A) pursuant to a commitment to insure issued on or before April 30, 1948, or (B) a mortgage given to refinance an existing mortgage insured under this section and which does not exceed the original principal amount and unexpired term of such existing mortgage, and no mortgage shall be insured under [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) after March 1, 1950, except (i) pursuant to a commitment to insure issued on or before March 1, 1950, or (ii) a mortgage given to refinance an existing mortgage insured under [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) and which does not exceed the original principal amount and une
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701d–3
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “National Housing Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1702
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes Section, act June 27, 1934, ch. 847, title I, § 6, as added act Apr. 17, 1936, ch. 234, § 3, 49 Stat. 1233; amended act Apr. 22, 1937, ch. 121, § 1, 50 Stat. 70, related to insurance of financial institutions financing rehabilitation of property damaged by fires, floods, storms, etc. #### Effective Date of Repeal Repeal effective July 1, 1939, see section 4 of act June 3, 1939, set out as an Effective Date of 1939 Amendment note under [section 1703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1703&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715z–14
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization** The Secretary is authorized, upon application by the mortgagee, to insure as hereinafter provided any mortgage offered to him which is eligible for insurance as hereinafter provided, and, upon such terms as the Secretary may prescribe, to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon. **(b) Eligibility for insurance; mortgage limits** To be eligible for insurance under this section a mortgage shall comply with the following: (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) 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 the lesser of— (i) in the case of a 1-family residence, 115 percent of the median 1-family house price in the area, as determined by the Secretary; and in the case of a 2-, 3-, or 4-family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation determined under the sixth sentence of [section 1454(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1454/a/2&num=0&edition=prelim) for a 2-, 3-, or 4-family residence, respectively, bears to the dollar amount limitation determined under such section for a 1-family residence; or (ii) 150 percent of the dollar amount limitation determined under the sixth sentence of such section 1454(a)(2) for a residence of applicable size; except that the dollar amount limitation in effect under this subparagraph for any size residence for any area may not be less than the greater of: (I) the d
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715z–22
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose of section** The purpose of this section is to aid in the elimination of slums and blighted conditions and the prevention of the deterioration of residential property by supplementing the insurance of mortgages under sections 1709 and 1713 of this title with a system of loan and mortgage insurance designed to assist the financing required for the rehabilitation of existing dwelling accommodations and the construction of new dwelling accommodations where such dwelling accommodations are located in an area referred to in paragraph (1) of subsection (d) of this section. **(b) Authorization** The Secretary is authorized, upon application by the mortgagee, to insure, as hereinafter provided, any mortgage (including advances during construction on mortgages covering property of the character described in paragraph (3)(B) of subsection (d) of this section) which is eligible for insurance as hereinafter provided, and, upon such terms and conditions as he 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim). **(d) Eligibility for insurance; conditions; limits** To be eligible for insurance under this section a mortgage shall meet the following conditions: (1) The mortgaged property shall— (A) be located in (i) the area of a slum clearance and urban redevelopment project covered by a Federal-aid contract executed or a prior approval granted, pursuant to title I of the Housing Act
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1723i
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Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding any other provision of this chapter and with respect to any loan or mortgage heretofore or hereafter insured under this chapter, except under [section 1703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1703&num=0&edition=prelim) and except as specified under [section 1715z–15 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-15&num=0&edition=prelim) and subtitle B of the Emergency Low Income Housing Preservation Act of 1987,,11 So in original. the Secretary is authorized to terminate any insurance contract upon request by the borrower or mortgagor and the financial institution or mortgagee and upon payment of such termination charge as the Secretary determines to be equitable, taking into consideration the necessity of protecting the various insurance Funds. Upon such termination, borrowers and mortgagors and financial institutions and mortgagees shall be entitled to the rights, if any, to which they would be entitled under this chapter if the insurance contract were terminated by payment in full of the insured loan or mortgage.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1734
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of this section is to assist in the provision of facilities for any of the following purposes or for a combination of such purposes: (1) The development of nursing homes for the care and treatment of convalescents and other persons who are not acutely ill and do not need hospital care but who require skilled nursing care and related medical services, including additional facilities for the nonresident care of elderly individuals and others who are able to live independently but who require care during the day. (2) The development of intermediate care facilities and board and care homes for the care of persons who, while not in need of nursing home care and treatment, nevertheless are unable to live fully independently and who are in need of minimum but continuous care provided by licensed or trained personnel, including additional facilities for the nonresident care of elderly individuals and others who are able to live independently but who require care during the day. (3) The development of assisted living facilities for the care of frail elderly persons. **(b) Definitions** For the purposes of this section— (1) the term “nursing home” means a public facility, proprietary facility or facility of a private nonprofit corporation or association, licensed or regulated by the State (or, if there is no State law providing for such licensing and regulation by the State, by the municipality or other political subdivision in which the facility is located), for the accommodation of convalescents or other persons who are not acutely ill and not in need of hospital care but who require skilled nursing care and related medical services, in which such nursing care and medical services are prescribed by, or are performed under the general direction o
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1735b
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization for periodic assistance payments to mortgagees; assistance to manufactured home buyers** (1) For the purpose of assisting lower income families in acquiring homeownership or in acquiring membership in a cooperative association operating a housing project, the Secretary is authorized to make, and to contract to make, periodic assistance payments on behalf of such homeowners and cooperative members. The assistance shall be accomplished through payments to mortgagees holding mortgages meeting the special requirements specified in this section or which mortgages are assisted under a State or local program providing assistance through loans, loan insurance or tax abatement. In making such assistance available, the Secretary shall give preference to low-income families who, without such assistance, would be likely to be involuntarily displaced (including those who would be likely to be displaced from rental units which are to be converted into a condominium project or a cooperative project). Such assistance may include the acquisition of a condominium or a membership in a cooperative association. (2) (A) Notwithstanding any other provision of this section, the Secretary is authorized to make periodic assistance payments under this section on behalf of families whose incomes do not exceed the maximum income limits prescribed pursuant to subsection (h)(2) of this section for the purpose of assisting such families in acquiring ownership of a manufactured home consisting of two or more modules and a lot on which such manufactured home is or will be situated, except that periodic assistance payments pursuant to this paragraph shall not be made with respect to more than 20 per centum of the total number of units with respect to which assistance is approved
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1735e
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