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12 U.S.C. § 1715y — Experimental housing allowance payment program

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

12 U.S.C. § 1715y — Experimental housing allowance payment program

**(a) Purpose of payments** The Secretary is authorized to undertake on an experimental basis programs to demonstrate the feasibility of providing housing allowance payments to assist families in meeting rental or homeownership expenses. **(b) Termination date of payments; termination date for contracts; contracts for performance of administrative functions** (1) No housing allowance payments shall be made after July 1, 1985. After January 1, 1975, the Secretary shall not enter into contracts under the United States Housing Act of 1937 [[42 U.S.C. 1437](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437&num=0&edition=prelim) et seq.] to carry out the purposes of this section. The Secretary may contract with public or private agencies for the performance of administrative functions in connection with the programs authorized by this section. (2) Notwithstanding the provisions of paragraph (1), the Secretary shall, to the extent approved in appropriation Acts, extend the annual contributions contracts for the experimental housing allowance supply program through September 30, 1989, on the same terms and conditions as the original contracts, for the sole purpose of providing assistance for homeowners participating in such program on June 1, 1983. In extending such contracts, the Secretary may, to the extent approved in appropriation Acts, use authority available under section 5(c) of the United States Housing Act of 1937 [[42 U.S.C. 1437c(c)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437c/c&num=0&edition=prelim)]. **(c) Report to Congress** The Secretary shall report to the Congress on his findings pursuant to this section not later than eighteen months after August 22, 1974.

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Source file: Laws/federal/codes/united-states-code/title-12/section-1715y-experimental-housing-allowance-payment-program--4a69d43e53.md
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Source location: Title 12, Chapter 13, § 1715y; chapter-013-national-housing.md

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

42 U.S.C. § 1437 — Omitted

### Statutory Notes #### Codification Sections 1401 to 1404 were omitted in the general revision of the United States Housing Act of 1937 by Pub. L. 93–383, title II, § 201(a), Aug. 22, 1974, 88 Stat. 653. Section 1401, acts Sept. 1, 1937, ch. 896, § 1, 50 Stat. 888; July 15, 1949, 338, title III, § 307(a), 63 Stat. 429; Sept. 23, 1959, Pub. L. 86–372, title V, § 501, 73 Stat. 679; Aug. 1, 1968, Pub. L. 90–448, title II, § 206(a), 82 Stat. 504; Dec. 31, 1970, Pub. L. 91–609, title II, § 211, 84 Stat. 1779, set out declaration of policy. See [section 1437 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437&num=0&edition=prelim). Section 1402, acts, Sept. 1, 1937, ch. 896, § 2, 50 Stat. 888; July 15, 1949, ch. 338, title III, §§ 302(b), 304(c), (i), 306, 307(b), 63 Stat. 424, 425, 429; Oct. 26, 1951, ch. 577, § 1, 65 Stat. 647; June 30, 1953, 170, § 24(c), 67 Stat. 128; Aug. 7, 1956, ch. 1029, title IV, § 404(a), 70 Stat. 1104; July 12, 1957, Pub. L. 85–104, title III, § 307, title IV, § 401(a), 71 Stat. 301; Sept. 23, 1959, Pub. L. 86–372, title V, §§ 502, 503(a), 504, 73 Stat. 680; June 30, 1961, Pub. L. 87–70, title II, § 202, 75 Stat. 163; Sept. 2, 1964, Pub. L. 88–560, title II, § 203(d), title IV, § 401(a), 78 Stat. 784, 794; Aug. 10, 1965, Pub. L. 89–117, title I, §§ 103(b), 104, 79 Stat. 457; Aug. 1, 1968, Pub. L. 90–448, title II, § 209(a), 82 Stat. 505; Dec. 24, 1969, Pub. L. 91–152, title II, § 213(a), title IV, § 403(a), 83 Stat. 389, 395; Dec. 31, 1970, Pub. L. 91–609, title II, § 208(a), title IX, § 903(c), 84 Stat. 1778, 1808; Dec. 22, 1971, Pub. L. 92–213, § 9, 85 Stat. 776, defined applicable terms. See [section 1437a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1

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

12 U.S.C. § 1715z–22 — Insurance of mortgages

**(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

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

12 U.S.C. § 1718 — Rental housing insurance

**(a) Definitions** As used in this section— (1) The term “mortgage” means a first mortgage on real estate in fee simple, or on the interest of either the lessor or lessee thereof (A) under a lease for not less than ninety-nine years which is renewable or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which there is located or upon which there is to be constructed a building or buildings designed principally for residential use, or upon which there is located or to be constructed facilities for manufactured homes, and the term “first mortgage” means such classes of first liens as are commonly given to secure advances (including but not being limited to advances during construction) 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 instrument or instruments, if any, secured thereby, and may be in the form of trust mortgages or mortgage indentures or deeds of trust securing notes, bonds, or other credit instruments. (2) The term “mortgagee” means the original lender under a mortgage, and its successors and assigns, and includes the holders of credit instruments issued under a trust mortgage or deed of trust pursuant to which such holders act by and through a trustee therein named. (3) The term “mortgagor” means the original borrower under a mortgage and its successors and assigns. (4) The term “maturity date” means the date on which the mortgage indebtedness would be extinguished if paid in accordance with the periodic payments provided for in the mortgage. (5) The term “slum or blighted area” means any area where dwellings predominate which, by reason of dilapidation, overcrowding, faulty arrangement or design

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

12 U.S.C. § 1715y — Mortgage insurance for condominiums

Page 650 TITLE 12—BANKS AND BANKING § 1715y terest which the debentures would have earned, com- puted to a date to be established pursuant to regula- tions issued by the Commissioner’’, deleted former pro- visions of subsec. (f) which related to entitlement to in- surance benefits provided in section 1713(g) of this title, now covered by subsec. (e) of this section, and redesig- nated former subsec. (g) as (f), substituting in first sen- tence ‘‘subsection (e)’’ for ‘‘subsections (e) and (f)’’, re- spectively. Subsecs. (g), (h). Pub. L. 88–560, § 118(d), redesignated subsec. (h) as (g). Former subsec. (g) redesignated (f). § 1715y. Mortgage insurance for condominiums (a) Purpose The purpose of this section is to provide an ad- ditional means of increasing the supply of pri- vately owned dwelling units where, under the laws of the State in which the property is lo- cated, real property title and ownership are es- tablished with respect to a one-family unit which is part of a multifamily project. (b) Definitions The terms ‘‘mortgage’’, ‘‘mortgagee’’, ‘‘mort- gagor’’, ‘‘maturity date’’, and ‘‘State’’ shall have the meanings respectively set forth in sec- tion 1707 of this title, except that the term ‘‘mortgage’’ for the purposes of subsection (c) may include a first mortgage given to secure the unpaid purchase price of a fee interest in, or a long-term leasehold interest in, a one-family unit in a multifamily project, including a project in which the dwelling units are attached, semi-attached, or detached, and an undivided in- terest in the common areas and facilities which serve the project where the mortgage is deter- mined by the Secretary to be eligible for insur- ance under this section. The term ‘‘common areas and facilities’’ as used in this sec

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

42 U.S.C. § 1437 — Declaration of policy and public housing

Page 4526 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 1436d rulemaking pursuant to subchapter II of chapter 5 of title 5, which will become effective not later than one year from October 28, 1991. On and after October 28, 1991, in establishing standards for approval of such nonprofit insur- ance entities, the Secretary shall be assured that such entities have sufficient surplus capital to meet reasonably expected losses, reliable ac- counting systems, sound actuarial projections, and employees experienced in the insurance in- dustry. The Secretary shall not place restric- tions on the investment of funds of any such en- tity that is regulated by the insurance depart- ment of any State that describes the types of in- vestments insurance companies licensed in such State may make. With regard to such entities that are not so regulated, the Secretary shall es- tablish investment guidelines that are com- parable to State law regulating the investments of insurance companies. On and after October 28, 1991, the Secretary shall not approve additional nonprofit insurance entities until such standards have become final, nor shall the Secretary revoke the approval of any nonprofit insurance entity previously ap- proved by the Department unless for cause and after a due process hearing. On and after October 28, 1991, until the Depart- ment of Housing and Urban Development has adopted regulations specifying the nature and quality of insurance covering the potential per- sonal injury liability exposure of public housing authorities and Indian housing authorities (and their contractors, including architectural and engineering services) as a result of testing and abatement of lead-based paint in federally sub- sidized public and Indian housing units, said au- thori

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

42 U.S.C. § 1437c — Expenses of uncompensated advisers serving United States Housing Authority away from home

On and after May 10, 1939, the funds made available for administrative expenses of the United States Housing Authority shall be available for the payment, when specifically authorized by the Administrator, of actual transportation expenses and not to exceed $10 per diem in lieu of subsistence and other expenses to persons serving, while away from their homes, without other compensation from the United States, in an advisory capacity to the Authority.

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

42 U.S.C. § 1437c — Contributions for low-income housing

Page 4547 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 1437c tions and shall be subject to such terms and con- ditions as may be prescribed by the Secretary with the approval of the Secretary of the Treas- ury. The notes or other obligations issued under this subsection shall have such maturities and bear such rate or rates of interest as shall be de- termined by the Secretary of the Treasury. The Secretary of the Treasury is authorized and di- rected to purchase any notes or other obliga- tions of the Secretary issued hereunder and for such purpose is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under such chapter are extended to in- clude any purchases of such obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this section. All redemptions, pur- chases, and sales by the Secretary of the Treas- ury of such notes or other obligations shall be treated as public debt transactions of the United States. (c) Public and Indian housing financing reforms (1) At such times as the Secretary may deter- mine, and in accordance with such accounting and other procedures as the Secretary may pre- scribe, each loan made by the Secretary under subsection (a) that has any principal amount outstanding or any interest amount outstanding or accrued shall be forgiven; and the terms and conditions of any contract, or any amendment to a contract, for such loan with respect to any promise to repay such principal and interest shall be canceled. Such cancellation shall not affect any other terms and conditions of such contract, which shall remain in effect as if the c

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