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12 U.S.C. § 1709 — Transfer of New Communities Fund assets and liabilities
Federal law — U.S. Code and appendices · legal_authorities
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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Stable record: federal_law:legal_authorities:record_usc_aa7b9f7cca3d6d9e0ff84c59
Source file: Laws/federal/codes/united-states-code/title-12/section-1709-transfer-of-new-communities-fund-assets-and-liabilities--31deb57c7b.md
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Source location: Title 12, Chapter 13, § 1709; chapter-013-national-housing.md
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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
**(a) In general** The Secretary of Housing and Urban Development shall collect and maintain information regarding early defaults on mortgages as provided under this section. The Secretary shall make such information available for public inspection upon request. Information shall be collected quarterly with respect to each applicable collection period (as such term is defined in subsection (c)) and shall be available for inspection not more than 30 days after the conclusion of the calendar quarter relating to each such period. Information shall first be made available under this section for the applicable collection period relating to the first calendar quarter ending more than 180 days after November 28, 1990.
**(b) Contents**
(1) **Mortgage lender analysis** — Information collected under this section shall include, for each lender originating mortgages during the applicable collection period that are insured pursuant to [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) and secured by property in a designated census tract, the following information with respect to such mortgages:
(A) The name of the lender and the number of each designated census tract in which the lender originated 1 or more such mortgages during the applicable collection period.
(B) The total number of such mortgages originated by such lender during the applicable collection period in each designated census tract and the number of mortgages originated each year in each designated census tract.
(C) The total number of defaults and foreclosures on such mortgages during the applicable collection period in each designated census tract and the number of defaults and foreclosures in each designated census tract in
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirements; certificate of need for housing and employment status** Notwithstanding any other provisions of this subchapter and in addition to mortgages insured under [section 1748b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1748b&num=0&edition=prelim), the Secretary may insure any mortgage under this section which meets the eligibility requirements set forth in [section 1709(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709/b&num=0&edition=prelim): Provided, That a mortgage insured under this section shall have been executed by a mortgagor who at the time of insurance is the owner of the property and either occupies the property or certifies that his failure to do so is the result of a change in his employment by the Armed Forces or a contractor thereof and to whom the Secretary of Defense or his designee has issued a certificate indicating that such person requires housing and is at the date of the certificate a civilian employee at a research or development installation of one of the military departments of the United States or a contractor thereof and is considered by such military department to be an essential, nontemporary employee at such date. Such certificate shall be conclusive evidence to the Secretary of the employment status of the mortgagor and of the mortgagor’s need for housing.
**(b) Certification of housing need to Secretary; guaranty from loss; authorization of appropriations** No mortgage shall be insured under this section unless the Secretary of Defense or his designee shall have certified to the Secretary that the housing is necessary to provide adequate housing for such civilians employed in connection with such a research or development inst
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701s
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Federal law — U.S. Code and appendices · legal_authorities
**(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 pe
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701t
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Limitations; termination of certain commitments; requirements; discrimination against children** This subchapter is designed to supplement systems of mortgage insurance under other provisions of this chapter in order to assist in providing adequate housing in areas which the President, pursuant to [section 1591 of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1591&num=0&edition=prelim), shall have determined to be critical defense housing areas. The Secretary is authorized, upon application by the mortgagee, to insure under this section or [section 1750g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750g&num=0&edition=prelim) 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 property covered by the mortgage is in an area which the President, pursuant to [section 1591 of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1591&num=0&edition=prelim), shall have determined to be a critical defense housing area, and that the total number of dwelling units in properties covered by mortgages insured under this subchapter in any such area does not exceed the number authorized by the Secretary of Housing and Urban Development from time to time as needed in such area for defense purposes and to be insured pursuant to this subchapter: Provided further, That in the event the Secretary has issued a commitment to insure a mortgage under this section, which commitment was in force and effect on June 1, 1953, and the Secretary determin
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701z–11
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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 to provide information, advice, and technical assistance; scope of assistance; authorization of appropriations**
(1) The Secretary is authorized to provide, or contract with public or private organizations to provide, information, advice, and technical assistance, including but not limited to—
(i) the assembly, correlation, publication, and dissemination of information with respect to the construction, rehabilitation, and operation of low- and moderate-income housing;
(ii) the provision of advice and technical assistance to public bodies or to nonprofit or cooperative organizations with respect to the construction, rehabilitation, and operation of low- and moderate-income housing, including assistance with respect to self-help and mutual self-help programs;
(iii) counseling and advice to tenants and homeowners with respect to property maintenance, financial management, and such other matters as may be appropriate to assist them in improving their housing conditions and in meeting the responsibilities of tenancy or homeownership; and
(iv) the provision of technical assistance to communities, particularly smaller communities, to assist such communities in planning, developing, and administering Community Development Programs pursuant to title I of the Housing and Community Development Act of 1974 [[42 U.S.C. 5301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5301&num=0&edition=prelim) et seq.].
(2) The Secretary (A) shall provide the services described in clause (iii) of paragraph (1) for homeowners assisted under section 235 of the National Housing Act [[12 U.S.C. 1715z](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z&num=0&edition=prelim)]; (B) shall, in consultation with
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715r
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Supplemental system; limitation on amount; termination of authority** To assist in providing adequate housing for families of low and moderate income, particularly in suburban and outlying areas, this section is designed to supplement systems of mortgage insurance under other provisions of this chapter by making feasible the insurance of mortgages covering properties in areas where it is not practicable to obtain conformity with many of the requirements essential to the insurance of mortgages on housing in built-up urban areas. The Secretary is authorized, upon application by the mortgagee, to insure, as hereinafter provided, any mortgage (as defined in [section 1707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim)) 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: Provided, That the aggregate amount of principal obligations of all mortgages insured under this section and outstanding at any one time shall not exceed $100,000,000, except that with the approval of the President such aggregate amount may be increased at any time or times by additional amounts aggregating not more than $150,000,000 upon a determination by the President, taking into account the general effect of any such increase upon conditions in the building industry and upon the national economy, that such increase is in the public interest: And provided further, That no mortgage shall be insured under this section after August 2, 1954, except pursuant to a commitment to insure issued on or before such date.
**(b) Eligibility conditions** To
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715z–16
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Federal law — U.S. Code and appendices · legal_authorities
As used in [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim)—
**(a)** The term “mortgage” means (A) a first mortgage on real estate, in fee simple, (B) a first mortgage on a leasehold on real estate (i) under a lease for not less than ninety-nine years which is renewable, or (ii) under a lease having a period of not less than ten years to run beyond the maturity date of the mortgage, or (C) a first mortgage given to secure the unpaid 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 detached, and an undivided interest in the common areas and facilities which serve the project; and the term “first mortgage” means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State, in which the real estate is located, together with the credit instruments, if any, secured thereby.
**(b)** The term “mortgagee” includes the original lender under a mortgage, and his successors and assigns approved by the Secretary; and the term “mortgagor” includes the original borrower under a mortgage and his successors and assigns.
**(c)** The term “maturity date” means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage.
**(d)** The term “State” includes the several States, and Puerto Rico, the District of Columbia, Guam, the Commonwealth of the Northern Mariana Islands, American Samoa, and the Virgin Islands.
**(e)** The term “family
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715z–20
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Mutual Mortgage Insurance Fund**
(1) **Establishment** — Subject to the provisions of the Federal Credit Reform Act of 1990 [[2 U.S.C. 661](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661&num=0&edition=prelim) et seq.], there is hereby created a Mutual Mortgage Insurance Fund (in this subchapter referred to as the “Fund”), which shall be used by the Secretary to carry out the provisions of this subchapter with respect 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). The Secretary may enter into commitments to guarantee, and may guarantee, such insured mortgages.
(2) **Limit on loan guarantees** — The authority of the Secretary to enter into commitments to guarantee such insured mortgages shall be effective for any fiscal year only to the extent that the aggregate original principal loan amount under such mortgages, any part of which is guaranteed, does not exceed the amount specified in appropriations Acts for such fiscal year.
(3) **Fiduciary responsibility** — The Secretary has a responsibility to ensure that the Mutual Mortgage Insurance Fund remains financially sound.
(4) **Annual independent actuarial study** — The Secretary shall provide for an independent actuarial study of the Fund to be conducted annually, which shall analyze the financial position of the Fund. The Secretary shall submit a report annually to the Congress describing the results of such study and assessing the financial status of the Fund. The report shall recommend adjustments to underwriting standards, program participation, or premiums, if necessary, to ensure that the Fund remains financially sound. The report shall also include an evaluation
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715z–21
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Authorized claims procedures** — The Secretary may, in accordance with this subsection and terms and conditions prescribed by the Secretary, pay insurance benefits to a mortgagee for any mortgage insured under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) through any of the following methods:
(A) *Assignment of mortgage* — The Secretary may pay insurance benefits whenever a mortgage has been in a monetary default for not less than 3 full monthly installments or whenever the mortgagee is entitled to foreclosure for a nonmonetary default. Insurance benefits shall be paid pursuant to this subparagraph only upon the assignment, transfer, and delivery to the Secretary of—
(i) all rights and interests arising under the mortgage;
(ii) all claims of the mortgagee against the mortgagor or others arising out of the mortgage transaction;
(iii) title evidence satisfactory to the Secretary; and
(iv) such records relating to the mortgage transaction as the Secretary may require.
(B) *Conveyance of title to property* — The Secretary may pay insurance benefits if the mortgagee has acquired title to the mortgaged property through foreclosure or has otherwise acquired such property from the mortgagor after a default upon—
(i) the prompt conveyance to the Secretary of title to the property which meets the standards of the Secretary in force at the time the mortgage was insured and which is evidenced in the manner provided by such standards; and
(ii) the assignment to the Secretary of all claims of the mortgagee against the mortgagor or others, arising out of mortgage transaction or foreclosure proceedings, except such claims as may have been r
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1716–1, 1716a
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