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12 U.S.C. § 1715k — Congressional findings respecting housing for senior citizens
Federal law — U.S. Code and appendices · legal_authorities
The Congress finds that there is a large and growing need for suitable housing for older people both in urban and rural areas. Our older citizens face special problems in meeting their housing needs because of the prevalence of modest and limited incomes among the elderly, their difficulty in obtaining liberal long-term home mortgage credit, and their need for housing planned and designed to include features necessary to the safety and convenience of the occupants in a suitable neighborhood environment. The Congress further finds that the present programs for housing the elderly under the Department of Housing and Urban Development have proven the value of Federal credit assistance in this field and at the same time demonstrated the urgent need for an expanded and more comprehensive effort to meet our responsibilities to our senior citizens.
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Stable record: federal_law:legal_authorities:record_usc_88390c6c44600f2656ccd243
Source file: Laws/federal/codes/united-states-code/title-12/section-1715k-congressional-findings-respecting-housing-for-senior-citizens--c8efd1d64c.md
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Passage SHA-256: e8aa9143851c308c4ff7ae5ac656e2554605ef75ded27a682e0026d1a6739755
Source location: Title 12, Chapter 13, § 1715k; chapter-013-national-housing.md
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The Congress finds that there is a large and growing need for suitable housing for older people both in urban and rural areas. Our older citizens face special problems in meeting their housing needs because of the prevalence of modest and limited incomes among the elderly, their difficulty in obtaining liberal long-term home mortgage credit, and their need for housing planned and designed to include features necessary to the safety and convenience of the occupants in a suitable neighborhood environment. The Congress further finds that the present programs for housing the elderly under the Department of Housing and Urban Development have proven the value of Federal credit assistance in this field and at the same time demonstrated the urgent need for an expanded and more comprehensive effort to meet our responsibilities to our senior citizens.
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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)** The Secretary shall not insure under section 1713 or [section 1715a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715a&num=0&edition=prelim) or under [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) pursuant to any application for insurance filed subsequent to the effective date of this section, or under [section 1715e of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715e&num=0&edition=prelim), or under subchapter VII pursuant to any application filed subsequent to sixty days after April 20, 1950, or under section 1748b or 1748h–2 of this title, or under [section 1750g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750g&num=0&edition=prelim), a mortgage or investment which covers property on which there is or is to be located a dwelling or dwellings, or a housing project, the construction of which was or is to be commenced subsequent to such date, unless the principal contractor files a certificate or certificates (at such times, in course of construction or otherwise, as the Secretary may prescribe) certifying that the laborers and mechanics employed in the construction of the dwelling or dwellings or the housing project involved have been paid not less than the wages prevailing in the locality in which the work was performed for the corresponding classes of laborers and mechanics employed on construction of a similar character, as determined by the Secretary of Labor, in accordance with sections 3141–3144, 3146, and 3147 of title 40, prior to the beginning of construction and after the date of the filing of the application for insurance. The provi
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1723
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirement** Except as provided in subsection (b) and notwithstanding any other provision of this chapter, no mortgage covering new or rehabilitated multifamily housing or a property or project described in subchapter IX–B shall be insured under this chapter unless the mortgagor has agreed (A) to certify, upon completion of the physical improvements on the mortgaged property or project and prior to final endorsement of the mortgage, either (i) that the approved percentage of actual cost (as those terms are herein defined) equaled or exceeded the proceeds of the mortgage loan or (ii) the amount by which the proceeds of the mortgage loan exceeded such approved percentage of actual cost, as the case may be, and (B) to pay forthwith to the mortgagee, for application to the reduction of the principal obligation of such mortgage, the amount, if any, certified to be in excess of such approved percentage of actual cost. Upon the Secretary’s approval of the mortgagor’s certification as required hereunder, such certification shall be final and incontestable, except for fraud or material misrepresentation on the part of the mortgagor.
**(b) Exemption for certain projects assisted with low-income housing tax credit** In the case of any mortgage insured under any provision of this subchapter that is executed in connection with the construction, rehabilitation, purchase, or refinancing of a multifamily housing project for which equity 11 So in original. Probably should be followed by “is”. provided through any low-income housing tax credit pursuant to [section 42 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section42&num=0&edition=prelim), if the Secretary determines at the time of issuance of the firm commitment for insurance that the rat
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1732
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; succession; principal and other offices**
(1) There is created a body corporate to be known as the “Federal National Mortgage Association”, which shall be in the Department of Housing and Urban Development. The Association shall have succession until dissolved by Act of Congress. It shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Agencies or offices may be established by the Association in such other place or places as it may deem necessary or appropriate in the conduct of its business.
(2) On September 1, 1968, the body corporate described in the foregoing paragraph shall cease to exist in that form and is hereby partitioned into two separate and distinct bodies corporate, each of which shall have continuity and corporate succession as a separated portion of the previously existing body corporate, as follows:
(A) One of such separated portions shall be a body corporate without capital stock to be known as Government National Mortgage Association (hereinafter referred to as the “Association”), which shall be in the Department of Housing and Urban Development and which shall retain the assets and liabilities acquired and incurred under sections 1720 11 See References in Text note below. and 1721 of this title prior to such date, including any and all liabilities incurred pursuant to subsection (c). The Association shall have succession until dissolved by Act of Congress. It shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Agencies or offices may be established by the Association in such other place or places as it may deem necessary or appropriate i
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1746a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Intent of Congress** The Congress declares that it has been its intent since the enactment of this chapter that housing built with the aid of mortgages insured under this chapter is to be used principally for residential use; and that this intent excludes the use of such housing for transient or hotel purposes while such insurance on the mortgage remains outstanding.
**(b) Exceptions to prohibition** Notwithstanding any other provisions of this chapter, no new, existing, or rehabilitated multifamily housing with respect to which a mortgage is insured under this chapter shall be operated for transient or hotel purposes unless (1) on or before May 28, 1954, the Secretary has agreed in writing to the rental of all or a portion of the accommodations in the project for transient or hotel purposes (in which case no accommodations in excess of the number so agreed to by the Secretary shall be rented on such basis), or (2) the project covered by the insured mortgage is located in an area which the Secretary determines to be a resort area, and the Secretary finds that prior to May 28, 1954, a portion of the accommodations in the project had been made available for rent for transient or hotel purposes (in which case no accommodations in excess of the number which had been made available for such use shall be rented on such basis).
**(c) Certification as to use as requisite for insurance; exceptions to prohibition against insuring** Notwithstanding any other provisions of this chapter, no mortgage with respect to multifamily housing shall be insured under this chapter (except pursuant to a commitment to insure issued prior to August 2, 1954), and (except as to housing coming within the provisions of clause (1) or clause (2) of subsection (b)) no mortgage with respect to mu
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1748g
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Federal law — U.S. Code and appendices · legal_authorities
Page 594
TITLE 12—BANKS AND BANKING
§ 1715j
§ 1715j.
Repealed.
Pub.
L.
89–117,
title
XI,
§ 1108(aa), Aug. 10, 1965, 79 Stat. 507
Section, act June 27, 1934, ch. 847, title II, § 219, as
added June 30, 1953, ch. 170, § 8, 67 Stat. 123; amended
Aug. 2, 1954, ch. 649, title I, § 122, 68 Stat. 596; July 12,
1957, Pub. L. 85–104, title I, § 113, 71 Stat. 298; June 30,
1961, Pub. L. 87–70, title VI, § 612(f), 75 Stat. 181, author-
ized the Commissioner to transfer funds from one or
more to one or more of the following funds and ac-
counts as he deems necessary to carry out programs for
which such funds and accounts were established: Title
I Insurance Account, Title I Housing Insurance Fund,
Section 203 Home Improvement Account, Housing In-
surance Fund, War Housing Insurance Fund, Housing
Investment Insurance Fund, Armed Services Housing
Mortgage Insurance Fund, National Defense Housing
Insurance Fund, Section 220 Housing Insurance Fund,
Section 220 Home Improvement Account, Section 221
Housing Insurance Fund, Experimental Housing Insur-
ance Fund, Apartment Unit Insurance Fund, and the
Servicemen’s Mortgage Insurance Fund.
For establishment of the General Insurance Fund, see
section 1735c of this title.
§ 1715k. Rehabilitation and neighborhood con-
servation housing insurance
(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 resi-
dential property by supplementing the insur-
ance of mortgages under sections 1709 and 1713 of
this title with a system of loan and mortgage in-
surance designed to assist the financing required
for the rehabilitation of existing dwelling ac-
commodations and the construction of new
dwelling accommodations where
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1715k
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