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12 U.S.C. § 1708 — Revolving fund in connection with liquidating programs
Federal law — U.S. Code and appendices · legal_authorities
There is established as of June 30, 1954, a revolving fund, and the Secretary of Housing and Urban Development is authorized to credit said fund with all moneys hereafter obtained or now held by him or by any constituent agency of the Department of Housing and Urban Development or any other official thereof, and to account under said fund for all assets and liabilities, in connection with (1) community facilities provided or assisted under title II of the Lanham Act, as amended [[42 U.S.C. 1531](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1531&num=0&edition=prelim) et seq.], or under title III of the Defense Housing and Community Facilities and Services Act of 1951, as amended [[42 U.S.C. 1592](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1592&num=0&edition=prelim) et seq.]; (2) loans or advances made pursuant to title V of the War Mobilization and Reconversion Act of 1944 (58 Stat. 791), or the Act of October 13, 1949; (3) functions transferred under Reorganization Plan No. 23 of 1950, or authorized under sections 102, 102a, 102b, and 102c of the Housing Act of 1948, as amended [[12 U.S.C. 1701g](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701g&num=0&edition=prelim) to 1701g–3]; (4) notes or other obligations purchased pursuant to the Alaska Housing Act, as amended ([48 U.S.C. 484(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section484/a&num=0&edition=prelim)); (5) subsistence homesteads and greentowns (Acts of June 29, 1936, 49 Stat. 2035, and May 19, 1949, 63 Stat. 68); (6) public war housing under title I of the Lanham Act, as amended [[42 U.S.C. 1521](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1521&num=0&editio
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Source file: Laws/federal/codes/united-states-code/title-12/section-1708-revolving-fund-in-connection-with-liquidating-programs--ccf93eeb31.md
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Source location: Title 12, Chapter 13, § 1708; chapter-013-national-housing.md
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There is established as of June 30, 1954, a revolving fund, and the Secretary of Housing and Urban Development is authorized to credit said fund with all moneys hereafter obtained or now held by him or by any constituent agency of the Department of Housing and Urban Development or any other official thereof, and to account under said fund for all assets and liabilities, in connection with (1) community facilities provided or assisted under title II of the Lanham Act, as amended [[42 U.S.C. 1531](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1531&num=0&edition=prelim) et seq.], or under title III of the Defense Housing and Community Facilities and Services Act of 1951, as amended [[42 U.S.C. 1592](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1592&num=0&edition=prelim) et seq.]; (2) loans or advances made pursuant to title V of the War Mobilization and Reconversion Act of 1944 (58 Stat. 791), or the Act of October 13, 1949; (3) functions transferred under Reorganization Plan No. 23 of 1950, or authorized under sections 102, 102a, 102b, and 102c of the Housing Act of 1948, as amended [[12 U.S.C. 1701g](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701g&num=0&edition=prelim) to 1701g–3]; (4) notes or other obligations purchased pursuant to the Alaska Housing Act, as amended ([48 U.S.C. 484(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section484/a&num=0&edition=prelim)); (5) subsistence homesteads and greentowns (Acts of June 29, 1936, 49 Stat. 2035, and May 19, 1949, 63 Stat. 68); (6) public war housing under title I of the Lanham Act, as amended [[42 U.S.C. 1521](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1521&num=0&edition=prelim) et seq.], and defense housing under title III of the Defense Housing and Community Facilities and Services Act of 1951, as amended [[42 U.S.C. 1592](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1592&num=0&edition=prelim) et seq.]; and (7) veterans’ re-use housing under title V of the Lanham Act, as amended [[42 U.S.C. 1571](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1571&num=0&edition=prelim) et seq.]: Provided, That said fund shall be available for all necessary expenses (including administrative expenses) in connection with the liquidation of the programs carried out pursuant to the foregoing provisions of law, including operation, maintenance, improvement, or disposition of facilities, and for disbursements pursuant to outstanding commitments against moneys herein authorized to be credited to said fund, repayment of obligations to the Treasury, and refinancing and refunding operations on existing loans: Provided further, That any amount in said fund which is determined to be in excess of requirements for the purposes hereof shall be declared and paid as liquidating dividends to the Treasury not less often than annually: Provided further, That after June 24, 1954, no additional notes or obligations shall be purchased from funds appropriated pursuant to the Alaska Housing Act, as amended ([48 U.S.C. 484(d)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section484/d&num=0&edition=prelim)), except for the furtherance or refinancing of an existing loan: Provided further, That except for extensions, or refinancing, of existing obligations the authority to issue obligations to the Secretary of the Treasury under section 1(4) of Reorganization Plan No. 23 of 1950, shall terminate on June 30, 1954.
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Federal law — U.S. Code and appendices · legal_authorities
In connection with the national defense program, the Departments of the Navy, Army, and Air Force and the Secretary of Housing and Urban Development are authorized to cooperate in making necessary housing available for persons engaged in national defense activities, as provided in this subchapter. “Persons engaged in national defense activities” (as that term is used in this subchapter) shall include (i) enlisted men with families, who are in the naval and military service and officers of the Army, Air Force, and Marine Corps not above the grade of captain, and officers of the Navy and Coast Guard, not above the grade of lieutenant and employees of the Departments of the Navy, Army, and Air Force who are assigned to duty at naval or military reservations, posts, or bases, and (ii) workers with families, who are engaged or to be engaged in industries connected with and essential to the national defense program. No project shall be developed or assisted for the purposes of this subchapter except with the approval of the President and upon a determination by him that there is an acute shortage of housing in the locality involved which impedes the national defense program.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1501
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, acts Oct. 14, 1940, ch. 862, title I, § 1, 54 Stat. 1125; Apr. 29, 1941, ch. 80, § 1, 55 Stat. 147; June 28, 1941, ch. 260, § 2, 55 Stat. 361; Jan. 21, 1942, ch. 14, §§ 1, 11, 56 Stat. 11, 13; Ex. Ord. No. 9070, § 1, eff. Feb. 24, 1942, 7 F.R. 1529; Apr. 20, 1950, ch. 94, title II, § 204, 64 Stat. 73, which related to the powers of the Housing and Home Administrator respecting defense housing, was omitted pursuant to act July 3, 1952, ch. 570, § 1(a)(12), 66 Stat. 332, as amended by act Mar. 31, 1953, ch. 13, § 1, 67 Stat. 18, which provided that this section continue in force until six months after the termination of the national emergency proclaimed by the President on Dec. 16, 1950 by Proc. No. 2914, 15 F.R. 9029, 64 Stat. A. 454, set out as a note preceding [section 1 of Title 50](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1&num=0&edition=prelim), War and National Defense, or on such earlier date or dates as provided by Congress, but in no event beyond July 1, 1953.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1521
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Federal law — U.S. Code and appendices · legal_authorities
The annual report made by the Secretary of Housing and Urban Development to the President for submission to the Congress on all operations provided for by section 1701o of this title shall contain pertinent information with respect to all projects for which any loan, contribution, or grant has been made by the Department of Housing and Urban Development, including the amount of loans, contributions and grants contracted for.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715d
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Federal law — U.S. Code and appendices · legal_authorities
As used in subchapters II to VII of this chapter, (a) the term “persons engaged in national-defense activities” shall include (1) enlisted men in the naval or military services of the United States; (2) employees of the United States in the Departments of the Navy, Army, and Air Force assigned to duty at naval or military reservations, posts, or bases; (3) workers engaged or to be engaged in industries connected with and essential to the national defense; (4) officers of the Army, Air Force, and Marine Corps not above the grade of captain, and officers of the Navy and Coast Guard, not above the grade of lieutenant, senior grade, assigned to duty at naval or military reservations, posts, or bases, or to duty at defense industries: Provided, That any proceedings for the recovery of possession of any property or project developed or constructed under this subchapter shall be brought by the Secretary of Housing and Urban Development in the courts of the States having jurisdiction of such causes and the laws of the States shall be applicable thereto; (b) the term “Federal agency” means any executive department or office (including the President), independent establishment, commission, board, bureau, division, or office in the executive branch of the United States Government, or other agency of the United States, including corporations in which the United States owns all or a majority of the stock, directly or indirectly.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1522
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Federal law — U.S. Code and appendices · legal_authorities
Subject to the provisions and limitations of this subchapter and subchapter VIII of this chapter, the Secretary of Housing and Urban Development (hereinafter referred to as the “Secretary”) is authorized to provide housing in any areas (subject to the provisions of [section 1591 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1591&num=0&edition=prelim)) needed for defense workers or military personnel or to extend assistance for the provision of, or to provide, community facilities or services required in connection with national defense activities in any area which the President, pursuant to the authority contained in said section, has determined to be a critical defense housing area.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1592
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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
**(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) Grants** The Secretary is authorized to make implementation grants to applicants for the purpose of carrying out homeownership programs approved under this part.
**(b) Eligible activities** Implementation grants may be used for activities to carry out homeownership programs (including programs for cooperative ownership), including the following activities:
(1) Architectural and engineering work.
(2) Acquisition of the eligible property for the purpose of transferring ownership to eligible families in accordance with a homeownership program that meets the requirements under this part.
(3) Rehabilitation of any property covered by the homeownership program, in accordance with standards established by the Secretary.
(4) Abatement of lead-based paint hazards, as required by [section 4822(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4822/a&num=0&edition=prelim).
(5) Administrative costs of the applicant, which may not exceed 15 percent of the amount of the assistance provided under this section.
(6) Development of resident management corporations and resident management councils, but only if the applicant has not received assistance under section 12872 11 See References in Text note below. of this title for such activities.
(7) Counseling and training of homebuyers and homeowners under the homeownership program.
(8) Relocation of tenants who elect to move.
(9) Any necessary temporary relocation of tenants during rehabilitation.
(10) Planning for establishment of for- or not-for-profit small businesses by or on behalf of residents, job training, and other activities that promote economic self-sufficiency of homebuyers and homeowners of the property covered by the homeownership program and economic development o
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 12874
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Federal law — U.S. Code and appendices · legal_authorities
Page 433
TITLE 12—BANKS AND BANKING
§ 1701g–5
tive studies with industry, labor, etc.; and exercise of
powers by Secretary. See sections 1701z–1 to 1701z–4 of
this title.
§ 1701f–1. Repealed. Pub. L. 90–19, § 5(c), May 25,
1967, 81 Stat. 21
Section, act Aug. 10, 1948, ch. 832, title III, § 304, as
added July 15, 1949, ch. 338, title IV, § 401, 63 Stat. 431,
provided for appointment, powers, and compensation of
a Director. Section was previously repealed by Pub. L.
89–534, § 8(a), Sept. 6, 1966, 80 Stat. 655.
§§ 1701g to 1701g–3. Omitted
Editorial Notes
CODIFICATION
Sections 1701g to 1701g–3 were from sections 102 to
102c of the Housing Act of 1948, and provided for loans
to aid production and distribution of prefabricated
housing; provided for loans to assure maintenance of
industrial capacity for production of such homes for
national defense; provided for the powers of the Hous-
ing and Home Finance Administrator; and included mo-
bile or portable houses within the term ‘‘prefabricated
houses’’. Authority for issuance of section 1701g obliga-
tions under section 1(4) of Reorg. Plan No. 23 of 1950 as
terminating June 30, 1954, see section 1701g–5 of this
title. Authority to make or purchase section 1701g–1
loans or obligations as terminating July 31, 1954, see
section 1591c of Title 42, The Public Health and Welfare.
Section 1701g, act Aug. 10, 1948, ch. 832, title I, § 102,
62 Stat. 1275, amended Sept. 1, 1951, ch. 378, title V, § 501,
65 Stat. 311.
Section 1701g–1, act Aug. 10, 1948, ch. 832, title I,
§ 102a, added Sept. 1, 1951, ch. 378, title V, § 502, 65 Stat.
312.
Section 1701g–2, act Aug. 10, 1948, ch. 832, title I,
§ 102b, added Sept. 1, 1951, ch. 378, title V, § 502, 65 Stat.
312; amended July 14, 1952, ch. 723, § 10(e), 66 Stat. 6
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1701g
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 1701g. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 533
TITLE 12—BANKS AND BANKING
§ 1708
serted ‘‘, or (C) a first mortgage given to secure the un-
paid purchase price of a fee interest in, or long-term
leasehold interest in, real estate consisting of a one-
family unit in a multifamily project, including a
project in which the dwelling units are attached, or are
manufactured housing units, semi-detached, or de-
tached, and an undivided interest in the common areas
and facilities which serve the project’’ before semi-
colon.
Subsec. (d). Pub. L. 110–289, § 2120(c), substituted ‘‘the
Commonwealth of the Northern Mariana Islands’’ for
‘‘the Trust Territory of the Pacific Islands’’.
Subsec. (g). Pub. L. 110–289, § 2117(c), added subsec. (g).
1996—Subsecs. (e), (f). Pub. L. 104–204 added subsecs.
(e) and (f).
1983—Subsec. (d). Pub. L. 98–181 inserted ‘‘American
Samoa,’’ after ‘‘Pacific Islands,’’.
1980—Subsec. (a). Pub. L. 96–399 substituted ‘‘ten
years to run beyond the maturity date of the mort-
gage’’ for ‘‘fifty years to run from the date the mort-
gage was executed’’.
1969—Subsec. (d). Pub. L. 91–152 inserted ‘‘the Trust
Territory of the Pacific Islands’’ after ‘‘Guam’’.
1967—Subsec. (b). Pub. L. 90–19 substituted ‘‘Sec-
retary’’ for ‘‘Commissioner’’.
1960—Subsec. (d). Pub. L. 86–624 struck out ‘‘Hawaii,’’
before ‘‘Puerto Rico’’.
1959—Subsec. (d). Pub. L. 86–70 struck out ‘‘Alaska,’’
before ‘‘Hawaii’’.
1952—Subsec. (d). Act July 14, 1952, inserted ‘‘Guam,’’
after ‘‘District of Columbia’’.
1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’
for ‘‘Administrator’’.
1941—Subsec. (a). Act Mar. 28, 1941, § 4(a)(1), struck
out ‘‘district, or Territory’’.
Subsec. (d). Act Mar. 28, 1941, § 4(a)(2), added subsec.
(d).
1938—Subsec. (a)(2). Act Feb. 3, 1938, struck out ‘‘upon
which there is loc
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1708
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.