12 U.S.C. § 1715i — Repealed. Pub. L. 86–372, title I, § 108,

Page 593 TITLE 12—BANKS AND BANKING § 1715i this title and subchapter II, VI, VIII, or X of this chapter, even though the permanent mortgage financing may not be insured under this chapter, and in the event the mortgage is not so insured the Secretary is authorized to charge an addi- tional application fee determined by him to be reasonable. The Secretary is authorized to make such rules and regulations as may be necessary to carry out the provisions of this section. (June 27, 1934, ch. 847, title II, § 215, as added Apr. 20, 1950, ch. 94, title I, § 115, 64 Stat. 56; amended Sept. 1, 1951, ch. 378, title II, § 204, 65 Stat. 303; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables. AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’ wherever appearing. 1951—Act Sept. 1, 1951, inserted a reference to sub- chapter X of this chapter. § 1715g. Insurance of mortgage where mortgagor is not occupant of property The Secretary is hereby authorized to insure any mortgage otherwise eligible for insurance under any of the provisions of this chapter with- out regard to any requirement with respect to the occupancy of the mortgagor of the property at the time of insurance, where the Secretary is satisfied that the inability of the mortgagor to meet such requirement is by reason of his entry on active duty in a uniformed service subse- quent to the filing of an application for insur- ance and the mortgagor expresses an intent to meet such requirement upon his release from ac- tive duty. (June 27, 1934, ch. 847, title II, § 216, as added Sept. 1, 1951, ch. 378, title VI, § 607, 65 Stat. 315; amended Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17; Pub. L. 91–621, § 7(a), Dec. 31, 1970, 84 Stat. 1865; Pub. L. 100–242, title IV, § 406(b)(8), Feb. 5, 1988, 101 Stat. 1901.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables. AMENDMENTS 1988—Pub. L. 100–242 substituted ‘‘with respect to the occupancy of the mortgagor’’ for ‘‘that the mortgagor be the occupant’’ and ‘‘meet such requirement’’ for ‘‘oc- cupy the property’’ wherever appearing. 1970—Pub. L. 91–621 substituted ‘‘on active duty in a uniformed service’’ and ‘‘release from active duty’’ for ‘‘into military service’’ and ‘‘discharge from military service’’. 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’ wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–242 applicable only with respect to mortgages insured pursuant to conditional commitment issued on or after Feb. 5, 1988, or in ac- cordance with direct endorsement program (24 CFR 200.163), if approved underwriter of mortgagee signs ap- praisal report for property on or after Feb. 5, 1988, see section 406(d) of Pub. L. 100–242, set out as a note under section 1709 of this title. § 1715h. Repealed. Pub. L. 100–242, title IV, § 401(a)(1), Feb. 5, 1988, 101 Stat. 1898 Section, act June 27, 1934, ch. 847, title II, § 217, as added Sept. 1, 1951, ch. 378, title VI, § 607, 65 Stat. 315; amended July 14, 1952, ch. 723, § 2, 66 Stat. 601; June 30, 1953, ch. 170, § 7, 67 Stat. 123; Aug. 2, 1954, ch. 649, title I, § 121, 68 Stat. 596; Mar. 11, 1955, ch. 10, 69 Stat. 11; Aug. 11, 1955, ch. 783, title I, § 102(f), 69 Stat. 636; Aug. 7, 1956, ch. 1029, title I, § 106, 70 Stat. 1094; June 4, 1958, Pub. L. 85–442, 72 Stat. 176; Sept. 23, 1959, Pub. L. 86–372, title I, § 107, 73 Stat. 657; May 25, 1961, Pub. L. 87–38, 75 Stat. 85; June 30, 1961, Pub. L. 87–70, title VI, § 604(c), 75 Stat. 177; Aug. 10, 1965, Pub. L. 89–117, title II, § 202(b), 79 Stat. 465; Sept. 30, 1969, Pub. L. 91–78, § 2(b), 83 Stat. 125; Dec. 24, 1969, Pub. L. 91–152, title I, § 101(b), 83 Stat. 379; Oct. 2, 1970, Pub. L. 91–432, § 1(b), 84 Stat. 887; Oct. 21, 1970, Pub. L. 91–473, § 1(b), 84 Stat. 1064; Dec. 1, 1970, Pub. L. 91–525, § 1(b), 84 Stat. 1384; Dec. 31, 1970, Pub. L. 91–609, title I, § 101(b), 84 Stat. 1770; Oct. 18, 1972, Pub. L. 92–503, § 1(b), 86 Stat. 906; Aug. 10, 1973, Pub. L. 93–85, § 1(b), 87 Stat. 220; Oct. 2, 1973, Pub. L. 93–117, § 1(b), 87 Stat. 421; Aug. 22, 1974, Pub. L. 93–383, title III, § 316(b), 88 Stat. 685; June 30, 1977, Pub. L. 95–60, § 1(b), 91 Stat. 257; July 31, 1977, Pub. L. 95–80, § 1(b), 91 Stat. 339; Oct. 12, 1977, Pub. L. 95–128, title III, § 301(b), 91 Stat. 1131; Sept. 30, 1978, Pub. L. 95–406, § 1(b), 92 Stat. 879; Oct. 31, 1978, Pub. L. 95–557, title III, § 301(b), 92 Stat. 2096; Sept. 28, 1979, Pub. L. 96–71, § 1(b), 93 Stat. 501; Nov. 8, 1979, Pub. L. 96–105, § 1(b), 93 Stat. 794; Dec. 21, 1979, Pub. L. 96–153, title III, § 301(b), 93 Stat. 1111; Oct. 3, 1980, Pub. L. 96–372, § 1(b), 94 Stat. 1363; Oct. 8, 1980, Pub. L. 96–399, title III, § 301(b), 94 Stat. 1638; Aug. 13, 1981, Pub. L. 97–35, title III, § 331(b), 95 Stat. 412; Oct. 6, 1982, Pub. L. 97–289, § 1(b), 96 Stat. 1230; May 26, 1983, Pub. L. 98–35, § 1(b), 97 Stat. 197; Oct. 1, 1983, Pub. L. 98–109, § 1(b), 97 Stat. 745; Nov. 30, 1983, Pub. L. 98–181, title I [title IV, § 401(b)], 97 Stat. 1207; Oct. 17, 1984, Pub. L. 98–479, title II, § 204(a)(5), 98 Stat. 2232; Oct. 8, 1985, Pub. L. 99–120, § 1(b), 99 Stat. 502; Nov. 15, 1985, Pub. L. 99–156, § 1(b), 99 Stat. 815; Dec. 26, 1985, Pub. L. 99–219, § 1(b), 99 Stat. 1730; Mar. 27, 1986, Pub. L. 99–267, § 1(b), 100 Stat. 73; Apr. 7, 1986, Pub. L. 99–272, title III, § 3007(b), 100 Stat. 104; May 2, 1986, Pub. L. 99–289, § 1(b), 100 Stat. 412; June 24, 1986, Pub. L. 99–345, § 1, 100 Stat. 673; Sept. 30, 1986, Pub. L. 99–430, 100 Stat. 986; Sept. 30, 1987, Pub. L. 100–122, § 1, 101 Stat. 793; Nov. 5, 1987, Pub. L. 100–154, 101 Stat. 890; Nov. 17, 1987, Pub. L. 100–170, 101 Stat. 914; Dec. 3, 1987, Pub. L. 100–179, 101 Stat. 1018; Dec. 21, 1987, Pub. L. 100–200, 101 Stat. 1327, prohibited (except with respect to insurance of a loan or mortgage pursuant to section 1703, 1715l, 1715z, 1715z–1, 1715z–9, or 1715z–10 of this title or subchapter VIII, IX–A, or IX–B of this chapter (sub- ject to any limitations thereunder on the time of such insurance)) the insurance of any loan or mortgage under this chapter after Mar. 15, 1988, except pursuant to a commitment to insure before such date. § 1715i. Repealed. Pub. L. 86–372, title I, § 108, Sept. 23, 1959, 73 Stat. 657 Section, act June 27, 1934, ch. 847, title II, § 218, as added July 14, 1952, ch. 723, § 8, 66 Stat. 603, authorized a credit for application fees paid in cases where an ap- plication for mortgage insurance under section 1743 of this title was received on or before March 1, 1950, and the mortgagee applied for insurance of a mortgage under section 1713 of this title with respect to the same property or project. 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 such dwelling accommodations are located in an area referred to in paragraph (1) of subsection (d) of this sec- tion. (b) Authorization The Secretary is authorized, upon application by the mortgagee, to insure, as hereinafter pro- vided, any mortgage (including advances during construction on mortgages covering property of the character described in paragraph (3)(B) of subsection (d) of this section) which is eligible for insurance as hereinafter provided, and, upon such terms and conditions as he may prescribe, to make commitments for the insurance of such mortgages prior to the date of their execution or disbursement thereon. (c) Definitions As used in this section, the terms ‘‘mortgage’’, ‘‘first mortgage’’, ‘‘mortgagee’’, ‘‘mortgagor’’, ‘‘maturity date’’, and ‘‘State’’ shall have the same meaning as in section 1707 of this title. (d) Eligibility for insurance; conditions; limits To be eligible for insurance under this section a mortgage shall meet the following conditions: (1) The mortgaged property shall— (A) be located in (i) the area of a slum clearance and urban redevelopment project covered by a Federal-aid contract executed or a prior approval granted, pursuant to title I of the Housing Act of 1949 [42 U.S.C. 1450 et seq.] before August 2, 1954, or (ii) an urban renewal area (as defined in title I of the Housing Act of 1949, as amended), or (iii) the area of an urban renewal project assisted under section 111 of the Housing Act of 1949 [42 U.S.C. 1462], or (iv) an area in which a program of concentrated code enforcement activities is being carried out pursuant to section 117 of the Housing Act of 1949 [42 U.S.C. 1468], or (v) an area, designated by the Secretary, where concentrated housing, physical development, and public service ac- tivities are being or will be carried out in a coordinated manner, pursuant to a locally developed strategy for neighborhood im- provement, conservation, or preservation: Provided, That, in the case of an area within the purview of clause (i) or (ii) of this sub- paragraph, a redevelopment plan or an urban renewal plan (as defined in title I of the Housing Act of 1949, as amended), as the case may be, has been approved for such area by the governing body of the locality involved and by the Secretary of Housing and Urban Development, and the Secretary has deter- mined that such plan conforms to a general plan for the locality as a whole and that there exist the necessary authority and fi- nancial capacity to assure the completion of such redevelopment or urban renewal plan: And provided further, That, in the case of an area within the purview of clause (iii) of this subparagraph, an urban renewal plan (as re- quired for projects assisted under such sec- tion 111 [42 U.S.C. 1462]) has been approved for such area by such governing body and by the Secretary, and the Secretary has deter- mined that such plan conforms to definite local objectives respecting appropriate land uses, improved traffic, public transpor- tation, public utilities, recreational and community facilities, and other public im- provements, and that there exist the nec- essary authority and financial capacity to assure the completion of such urban renewal plan, and (B) meet such standards and conditions as the Secretary shall prescribe to establish the acceptability of such property for mort- gage insurance under this section. (2) The mortgaged property shall be held by— (A) a mortgagor approved by the Sec- retary, and the Secretary may in his discre- tion require such mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return and meth- ods of operation, and for such purpose the Secretary may make such contracts with and acquire for not to exceed $100 stock or interest in any such mortgagor as the Sec- retary may deem necessary to render effec- tive such restriction or regulations. Such stock or interest shall be paid for out of the General Insurance Fund and shall be re- deemed by the mortgagor at par upon the termination of all obligations of the Sec- retary under the insurance; or (B) by Federal or State instrumentalities, municipal corporate instrumentalities of one or more States, or limited dividend or redevelopment or housing corporations or other legal entities restricted by or under Federal or State laws or regulations of State banking or insurance departments as to