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12 U.S.C. § 1701t — Insurance of mortgages for defense housing for impacted areas

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1701t — Insurance of mortgages for defense housing for impacted areas

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Source file: Laws/federal/codes/united-states-code/title-12/section-1701t-insurance-of-mortgages-for-defense-housing-for-impacted-areas--b5e39fbd41.md
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Source location: Title 12, Chapter 13, § 1701t; chapter-013-national-housing.md

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**(a) Authorization** Notwithstanding any other provision of this subchapter, the Secretary may insure and make commitments to insure any mortgage under this section which meets the eligibility requirements hereinafter set forth. **(b) Eligibility requirements** No mortgage shall be insured under this section unless (1) the housing which is covered by the insured mortgage is necessary in the interest of national security in order to provide adequate housing for (A) military personnel and essential civilian personnel serving or employed in connection with any installation of one of the armed services of the United States, or (B) essential personnel employed or assigned to duty at or in connection with any research or development installation of the National Aeronautics and Space Administration or of the Atomic Energy Commission, (2) there is no present intention to curtail substantially the number of such personnel assigned or to be assigned to the installation, (3) adequate housing is not available for such personnel at reasonable rentals within reasonable commuting distances of such installation, and (4) the mortgaged property will not so far as can be reasonably foreseen substantially curtail occupancy in any existing housing in the vicinity of the installation which is covered by mortgages insured under this chapter. **(c) Economical soundness of property or project** The Secretary may accept any mortgage for insurance under this section without regard to any requirement in any other section of this chapter that the property or project be economically sound. **(d) Rental conditions; preferences and priorities in the sale or rental of dwellings** The Secretary shall require each project covered by a mortgage insured under this section to be held for rental for a period of not less than five years after the project or dwelling is made available for initial occupancy or until he finds that the housing may be released from such rental condition. The Secretary shall prescribe such procedures as in his judgment are necessary to secure reasonable preference or priority in the sale or rental of dwellings covered by a mortgage insured under this section for military personnel and essential civilian employees of the armed services, employees of contractors for the armed services, and persons described in clause (1)(B) of subsection (b) of this section. **(e) Property held by mortgagor approved by Secretary; acquisition of stock or interest; redemption** For the purpose of providing multifamily rental housing projects or housing projects consisting of individual single-family dwellings for sale, the Secretary is authorized to insure mortgages (including advances on such mortgages during construction) which cover property held by a mortgagor approved by the Secretary. Any such mortgagor shall possess powers necessary therefor and incidental thereto and shall until the termination of all obligations of the Secretary under such insurance be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation to such extent and in such manner as to provide reasonable rentals to tenants and a reasonable return on the investment. The Secretary may make such contracts with, and acquire for not to exceed $100 such stock or interest in, any such mortgagor as he may deem necessary to render effective such restriction or regulation. Such stock or interest shall be paid for out of the General Insurance Fund, and shall be redeemed by the mortgagor at par upon the termination of all obligations of the Secretary under the insurance. **(f) Mortgage limitations for multifamily rental property or project** To be eligible for insurance under this section, a mortgage on any multifamily rental property or project shall involve a principal obligation in an amount not to exceed, for such part of such property or project as may be attributable to dwelling use, $9,000 per family unit without a bedroom, $12,500 per family unit with one bedroom, $15,000 per family unit with two bedrooms, and $18,500 per family unit with three or more bedrooms, and not to exceed 90 per centum of the estimated value of the property or project when the proposed physical improvements are completed. The Secretary may, by regulation, increase any of the foregoing dollar amount limitations contained in this paragraph by not to exceed 45 per centum in any geographical area where he finds that cost levels so require. **(g) Mortgage limitation for property or project constructed for eventual sale of single-family dwellings** To be eligible for insurance under this section a mortgage on any property or project constructed for eventual sale of single-family dwellings shall involve a principal obligation in an amount not to exceed a sum computed on the basis of a separate mortgage for each single-family dwelling (irrespective of whether such dwelling has a party wall or is otherwise physically connected with another dwelling or dwellings) comprising the property or project equal to the total of each of the maximum principal obligations of such mortgages which would meet the requirements of [section 1709(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709/b/2&num=0&edition=prelim) if the mortgagor were the owner and occupant who had made the required payment on account of the property prescribed in such paragraph. **(h) Amortization; interest; release of part of mortgaged property from lien; replacement of certain mortgages by individual mortgages; commercial and community facilities** Any mortgage insured under this section shall provide for complete amortization by periodic payments within such terms as the Secretary may prescribe but not to exceed the maximum term applicable to mortgages under [section 1713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713&num=0&edition=prelim) and shall bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee, except that individual mortgages of the character described in subsection (g) covering the individual dwellings in the project may have a term not in excess of the maximum term applicable to mortgages insured under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) or the unexpired term of the project mortgage at the time of the release of the mortgaged property from such project mortgage, whichever is the greater, and shall bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee. The Secretary may consent to the release of a part or parts of the mortgaged property from the lien of the mortgage upon such terms and conditions as he may prescribe and the mortgage may provide for such release, and a mortgage of the character described in subsection (g) of this section may provide that, at any time after the release of the project from the rental period prescribed by subsection (d), such mortgage may be replaced, in whole or in part, by individual mortgages covering each individual dwelling in the project in amounts not to exceed the unpaid balance of the blanket mortgage allocable to the individual property. Each such individual mortgage may be insured under this section. Property covered by a mortgage insured under this section may include eight or more family units and may include such commercial and community facilities as the Secretary deems adequate to serve the occupants. **(i) Limitation on aggregate number of dwelling units** The aggregate number of dwelling units (including all units in multifamily projects or individual dwellings) covered by outstanding commitments to insure and mortgages insured under this section shall at no time exceed five thousand dwelling units. **(j) Applicability of other laws** 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 mortgages insured under this section except individual mortgages of the character described in subsection (g) of this section covering the individual dwellings in the project, and as to such individual mortgages the provisions of subsections (a), (c), (d), (e), (f), (g), (h),11 See References in Text note below. (j), and (k) 1 of [section 1710 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1710&num=0&edition=prelim) shall be applicable: Provided, That wherever the words “Fund” or “Mutual Mortgage Insurance Fund” appear in [section 1710 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1710&num=0&edition=prelim), such reference shall refer to the General Insurance Fund with respect to mortgages insured under this section. **(k) Aggregate amount of mortgages insured; termination date** The provisions of sections 1748, 1748a,1 1748b(c), 1748b(i), 1748b(j), 1748c(a), 1748c(b),1 and 1748f of this title and the provisions of [section 1748b(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1748b/a&num=0&edition=prelim) relating to the aggregate amount of all mortgages insured under this subchapter shall be applicable to mortgages insured under this section.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1710 — Repealed. Aug. 2, 1954, ch. 649, title VIII, § 813, 68 Stat. 647

### Statutory Notes Section, acts Apr. 20, 1950, ch. 94, title V, § 504, 64 Stat. 81; Sept. 1, 1951, ch. 378, title VI, § 613(a), 65 Stat. 316; June 30, 1953, ch. 170, § 23, 67 Stat. 127, related to control of charges and fees, imposed by lenders upon builders and purchasers in connection with home loans, by the Federal Housing Commissioner and the Administrator of Veterans’ Affairs.

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1710

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1713 — Right to redeem property on which United States has lien

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.].

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3701 — Findings and purpose

**(a)** The Congress finds that— (1) disparate State laws under which the Secretary of Housing and Urban Development forecloses multifamily mortgages burden the programs administered by the Secretary pursuant to these authorities, and cause detriment to the residents of the affected projects and the community generally; (2) long periods to complete the foreclosure of these mortgages under certain State laws lead to deterioration in the condition of the properties involved; necessitate substantial Federal management and holding expenditures; increase the risk of vandalism, fire loss, depreciation, damage, and waste with respect to the properties; and adversely affect the residents of the projects and the neighborhoods in which the properties are located; (3) these conditions seriously impair the Secretary’s ability to protect the Federal financial interest in the affected properties and frustrate attainment of the objectives of the underlying Federal program authorities, as well as the national housing goal of “a decent home and a suitable living environment for every American family”; (4) application of State redemption periods to these mortgages following their foreclosure would impair the salability of the properties involved and discourage their rehabilitation and improvement, thereby compounding the problems referred to in clause (3); (5) the availability of a uniform and more expeditious procedure for the foreclosure of these mortgages by the Secretary and continuation of the practice of not applying postsale redemption periods to such mortgages will tend to ameliorate these conditions; and (6) providing the Secretary with a nonjudicial foreclosure procedure will reduce unnecessary litigation by removing many foreclosures from the courts where they contribute

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1709 — Transfer of New Communities Fund assets and liabilities

The Secretary shall transfer all assets and liabilities of the fund established pursuant to section 717 of the Housing and Urban Development Act of 1970, as amended ([42 U.S.C. 4518](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4518&num=0&edition=prelim)), to the Revolving fund (liquidating programs) established pursuant to title II of the Independent Offices Appropriation Act, 1955, as amended ([12 U.S.C. 1701g–5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701g-5&num=0&edition=prelim)).

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1735c — Experimental housing insurance

**(a) Purpose; authorization** (1) In order to assist in lowering housing costs and improving housing standards, quality, livability, or durability or neighborhood design through the utilization of advanced housing technology, or experimental property standards, the Secretary is authorized to insure and to make commitments to insure, under this section, mortgages (including home improvement loans, and including advances on mortgages during construction) secured by properties including dwellings involving the utilization and testing of advanced technology in housing design, materials, or construction, or experimental property standards for neighborhood design if the Secretary determines that (A) the property is an acceptable risk, giving consideration to the need for testing advanced housing technology or experimental property standards, (B) the utilization and testing of the advanced technology or experimental property standards involved will provide data or experience which the Secretary deems to be significant in reducing housing costs or improving housing standards, quality, livability, or durability, or improving neighborhood design, and (C) the mortgages are eligible for insurance under the provisions of this section and under any further terms and conditions which may be prescribed by the Secretary to establish the acceptability of the mortgages for insurance. (2) The Secretary is further authorized to insure and to make commitments to insure, under this section, mortgages (including advances on mortgages during construction) secured by properties in projects to be carried out in accordance with plans approved by the Secretary under [section 1701z of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z&num=0&edition=preli

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1735c

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1701t — Congressional affirmation of national

Page 471 TITLE 12—BANKS AND BANKING § 1701t Subsec. (e)(1)(B). Pub. L. 96–153, § 203(a)(3), substituted ‘‘occupying substandard housing or was involuntarily displaced at the time it was seeking assistance under this section’’ for ‘‘displaced by governmental action, is elderly, is physically handicapped, or is (or was) occu- pying substandard housing or housing extensively dam- aged or destroyed as the result of a natural disaster’’. Subsecs. (k), (l). Pub. L. 96–153, § 203(a)(4), added sub- secs. (k) and (l). 1970—Subsec. (a). Pub. L. 91–609, § 103, increased max- imum amount of payments by $40,000,000 on July 1, 1971. Subsec. (b). Pub. L. 91–609, §§ 114[115](c), 118(b), au- thorized payments to housing owners with respect to projects with dwelling units without kitchen facilities and provided for percentage limitation on payments to housing owner, and substituted ‘‘which may involve ei- ther new or existing construction and which’’ for ‘‘which prior to completion of construction or rehabili- tation’’ before ‘‘is approved’’, respectively. Subsec. (c)(2)(F). Pub. L. 91–609, § 120(a), added par. (F). Subsec. (e)(1)(B). Pub. L. 91–609, § 120(b), provided for issuance of certificates with respect to whether the in- dividual or family is a member of the Armed Forces of the United States serving on active duty. 1969—Subsec. (j)(1)(D). Pub. L. 91–152 inserted excep- tion which authorized the Secretary to increase pay- ments to 40 per centum of the dwelling units under the specified conditions. 1968—Subsec. (a). Pub. L. 90–448, § 202(a), increased maximum amount of payments by $40,000,000 on July 1, 1969, and by $100,000,000 on July 1, 1970. Subsec. (b). Pub. L. 90–448, § 202(b), included within definition of ‘‘housing owner’’ a private nonprofit cor- po

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1701t

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