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42 U.S.C. § 1490f — Loans and insurance of loans for condominium housing in rural areas

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

42 U.S.C. § 1490f — Loans and insurance of loans for condominium housing in rural areas

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Source file: Laws/federal/codes/united-states-code/title-42/section-1490f-loans-and-insurance-of-loans-for-condominium-housing-in-rural-areas--46ae73e3e6.md
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Source location: Title 42, Chapter 8A, § 1490f; chapter-8a-slum-clearance-urban-renewal-and-farm-housing.md

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**(a) Individual loans and insurance of loans to low or moderate income persons or families for purchase of units; terms and conditions** The Secretary is authorized, upon such terms and conditions (substantially identical insofar as may be feasible with those specified in [section 1472 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1472&num=0&edition=prelim)) as he may prescribe, to make loans to persons and families of low or moderate income, and to insure and make commitments to insure loans made to persons and families of low or moderate income, to assist them in purchasing dwelling units in condominiums located in rural areas. **(b) Scope of individual loans and insurance of loans; condominium requirements** Any loan made or insured under subsection (a) shall cover a one-family dwelling unit in a condominium, and shall be subject to such provisions as the Secretary determines to be necessary for the maintenance of the common areas and facilities of the condominium project and to such additional requirements as the Secretary deems appropriate for the protection of the consumer. **(c) Blanket loans and insurance of loans; terms and conditions; certification by borrower of future ownership of multifamily project; maximum amount of principal obligation** In addition to individual loans made or insured under subsection (a) the Secretary is authorized, upon such terms and conditions (substantially identical insofar as may be feasible with those specified in [section 1485 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1485&num=0&edition=prelim)) as he may prescribe, to make or insure blanket loans to a borrower who shall certify to the Secretary, as a condition of obtaining such loan or insurance, that upon completion of the multifamily project the ownership of the project will be committed to a plan of family unit ownership under which (1) each family unit will be eligible for a loan or insurance under subsection (a), and (2) the individual dwelling units in the project will be sold only on a condominium basis and only to purchasers eligible for a loan or insurance under subsection (a). The principal obligation of any blanket loan made or insured under this subsection shall in no case exceed the sum of the individual amounts of the loans which could be made or insured with respect to the individual dwelling units in the project under subsection (a). **(d) “Condominium” defined** As used in this section, the term “condominium” means a multi-unit housing project which is subject to a plan of family unit ownership acceptable to the Secretary under which each dwelling unit is individually owned and each such owner holds an undivided interest in the common areas and facilities which serve the project.

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

42 U.S.C. § 1485 — Housing and related facilities for elderly persons and families or other persons and families of low income

**(a) Direct loans; authorization; terms and conditions; revolving fund; appropriation** The Secretary is authorized to make loans to private nonprofit corporations and consumer cooperatives and Indian tribes to provide rental or cooperative housing and related facilities for elderly or handicapped persons or families of low or moderate income or other persons and families of low income in rural areas, in accordance with terms and conditions substantially identical with those specified in [section 1472 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1472&num=0&edition=prelim); except that— (1) no such loan shall exceed the development cost or the value of the security, whichever is less; (2) such a loan may be made for a period of up to 30 years from the making of the loan; and (3) such a loan, when made to a consumer cooperative for cooperative housing purposes, may, notwithstanding any other provision of law, be made upon the condition that any person who is admitted as an eligible member and tenant of the cooperative may not subsequently be deprived of his membership or tenancy by reason of his no longer meeting the income eligibility requirements established by the Secretary. There is authorized to be appropriated not to exceed $50,000,000, which shall constitute a revolving fund to be used by the Secretary in carrying out this subsection. **(b) Insurance of loans; authorization; terms and conditions; utilization of Agricultural Credit Insurance Fund** The Secretary is authorized to insure and make commitments to insure loans made to any individual, corporation, association, trust, Indian tribe, or partnership to provide rental or cooperative housing and related facilities for elderly or handicapped persons or families

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1485

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

42 U.S.C. § 1472 — Loans for housing and buildings on adequate farms

**(a) Terms of loan** (1) If the Secretary determines that an applicant is eligible for assistance as provided in [section 1471 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1471&num=0&edition=prelim) and that the applicant has the ability to repay in full the sum to be loaned, with interest, giving due consideration to the income and earning capacity of the applicant and his family from the farm and other sources, and the maintenance of a reasonable standard of living for the owner and the occupants of said farm, a loan may be made by the Secretary to said applicant for a period of not to exceed thirty-three years from the making of the loan with interest. The Secretary may accept the personal liability of any person with adequate repayment ability who will cosign the applicant’s note to compensate for any deficiency in the applicant’s repayment ability. At the borrower’s option, the borrower may prepay to the Secretary as escrow agent, on terms and conditions prescribed by him, such taxes, insurance, and other expenses as the Secretary may require in accordance with [section 1471(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1471/e&num=0&edition=prelim). (2) The Secretary may extend the period of any loan made under this section if the Secretary determines that such extension is necessary to permit the making of such loan to any person whose income does not exceed 60 per centum of the median income for the area and who would otherwise be denied such loan because the payments required under a shorter period would exceed the financial capacity of such person. The aggregate period for which any loan may be extended under this paragraph may not exceed 5 years. (3) (A) Notwit

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1472

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

42 U.S.C. § 1487 — Rural Housing Insurance Fund

**(a) Authority to make and insure loans for housing and buildings on adequate farms; amounts** The Secretary may insure loans meeting the requirements of [section 1472 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1472&num=0&edition=prelim), and may make loans in accordance with the requirements of such section to be sold and insured. The amount of such a loan to a low income person or family shall not exceed the amount necessary to provide adequate housing which is modest in size, design, and cost (as determined by the Secretary). **(b) Authority to make and insure loans for housing and related facilities for domestic farm labor and elderly persons; transfer of notes, contracts, and mortgages from Agricultural Credit Insurance Fund; compensation** The Secretary may insure loans in accordance with the requirements of [section 1484 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1484&num=0&edition=prelim) (exclusive of subsections (a)(3), (a)(5), and (b) thereof), 1485 of this title (exclusive of subsections (a) and (b)(3) thereof), 1490d, and 1490f of this title, and may make loans meeting such requirements to be sold and insured. Upon the expiration of ninety days after the original capitalization of the Rural Housing Insurance Fund, created by subsection (e) of this section, no new loans shall be made or insured under section 1484 or 1485(b) of this title, except in conformity with this section. The notes held in the Agricultural Credit Insurance Fund ([section 1929 of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1929&num=0&edition=prelim)) which evidence loans made or insured by the Secretary under section 1484 or 1485(b) of this title, the

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1487

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

42 U.S.C. § 1490a — Loans to provide occupant owned, rental, and cooperative housing for low and moderate income, elderly or handicapped persons or families

**(a) Interest rates; additional assistance; payments to owners; rent limitations** (1) (A) Notwithstanding the provisions of sections 1472, 1487(a) and 1485 of this title, loans to persons of low or moderate income under section 1472 or 1487(a)(1) 11 See References in Text note below. of this title, loans under [section 1485 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1485&num=0&edition=prelim) to provide rental or cooperative housing and related facilities for persons and families of low or moderate income or elderly or handicapped persons or families and loans under [section 1490f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1490f&num=0&edition=prelim) to provide condominium housing for persons and families of low or moderate income, shall bear interest at a rate prescribed by the Secretary at not less than a rate determined by the Secretary of the Treasury upon the request of the Secretary taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest one-eighth of 1 per centum. Any loan guaranteed under this subchapter shall bear interest at such rate as may be agreed upon by the borrower and the lender. (B) From the interest rate so determined, the Secretary may provide the borrower with assistance in the form of credits so as to reduce the effective interest rate to a rate not less than 1 per centum per annum for such periods of time as the Secretary may determine for applicants described in subparagraph (A) if without such assistance such applicants could not afford the dwelling or make payments on th

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1490a

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

42 U.S.C. § 1490f — Loans and insurance of loans for condo-

Page 4802 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 1490f and other associations approved by him for the necessary expenses, prior to construction, of planning, and obtaining financing for, the reha- bilitation or construction of housing for low-in- come individuals or families under any Federal, State, or local housing program which is or could be used in rural areas. Such loans shall be made without interest and shall be for the rea- sonable costs expected to be incurred in plan- ning, and in obtaining financing for, such hous- ing prior to the availability of financing, includ- ing but not limited to preliminary surveys and analyses of market needs, preliminary site engi- neering and architectural fees, and construction loan fees and discounts. The Secretary shall re- quire repayment of loans made under this sub- section, under such terms and conditions as he may require, upon completion of the housing or sooner. (c) Repealed. Pub. L. 98–181, title I [title V, § 518(b)], Nov. 30, 1983, 97 Stat. 1249 (d) Deposit of appropriated funds into low-in- come sponsor fund; availability; administra- tion of fund as revolving fund; deposit of re- payments All funds appropriated for the purpose of sub- section (b) shall be deposited in a fund which shall be known as the low-income sponsor fund, and which shall be available without fiscal year limitation and be administered by the Secretary as a revolving fund for carrying out the purposes of that subsection. Sums received in repayment of loans made under subsection (b) shall be de- posited in such fund. (July 15, 1949, ch. 338, title V, § 525, as added Pub. L. 93–383, title V, § 515, Aug. 22, 1974, 88 Stat. 697; amended Pub. L. 95–557, title V, § 501(i), Oct. 31, 1978, 92 Stat. 2111; Pub. L. 96–399, title V

Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 1490f

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