12 U.S.C. § 1705 — Allocation of funds

Page 528 TITLE 12—BANKS AND BANKING § 1704 act (see 1954 Amendments note above), the words ‘‘ef- fective date of the Housing Act of 1954 [Act Aug. 2, 1954]’’ mean the first day after the first full calendar month following the date of approval of such act (Aug. 2, 1954). EFFECTIVE DATE OF 1950 AMENDMENT Act Apr. 20, 1950, ch. 94, title I, § 101(b), 64 Stat. 48, provided that ‘‘This section [amending this section] shall take effect as of March 1, 1950.’’ EFFECTIVE DATE OF 1949 AMENDMENT Act July 15, 1949, ch. 338, title II, § 202, 63 Stat. 421, provided that: ‘‘This title [amending this section and sections 1709 and 1738 of this title] shall take effect as of June 30, 1949.’’ EFFECTIVE DATE OF 1939 AMENDMENT Act June 3, 1939, ch. 175, § 4, 53 Stat. 805, provided that: ‘‘The provisions of sections 1, 2, and 3 of this Act [amending this section and repealing section 1706a of this title] shall take effect on July 1, 1939.’’ EFFECTIVE DATE OF 1936 AMENDMENT Act Apr. 3, 1936, ch. 165, § 1, 49 Stat. 1187, provided that the amendment made by that section is effective Apr. 1, 1936. INCONSISTENT LAWS Act Aug. 2, 1954, ch. 649, title VIII, § 818, 68 Stat. 648, provided that: ‘‘Insofar as the provisions of any other law are inconsistent with the provisions of this Act [see 1954 Short Title note set out under section 1701 of this title], the provisions of this Act shall be controlling.’’ POWERS AND AUTHORITIES OF ACT AUGUST 2, 1954 AS CUMULATIVE; SEPARABILITY Act Aug. 2, 1954, ch. 649, title VIII, § 819, 68 Stat. 648, provided that: ‘‘Except as may be otherwise expressly provided in this Act [see Short Title of 1954 Amend- ments note set out under section 1701 of this title], all powers and authorities conferred by this Act shall be cumulative and additional to and not in derogation of any powers and authorities otherwise existing. Not- withstanding any other evidences of the intention of Congress, it is hereby declared to be the controlling in- tent of Congress that if any provisions of this Act, or the application thereof to any persons or cir- cumstances, shall be adjudged by any court of com- petent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act or its application to other persons and cir- cumstances.’’ PURPOSES Pub. L. 110–289, div. B, title I, § 2142, July 30, 2008, 122 Stat. 2844, provided that: ‘‘The purposes of this subtitle [subtitle B (§§ 2141–2150) of title I of div. B of Pub. L. 110–289, see Short Title of 2008 Amendment note set out under section 1701 of this title] are— ‘‘(1) to provide adequate funding for FHA-insured manufactured housing loans for low- and moderate- income homebuyers during all economic cycles in the manufactured housing industry; ‘‘(2) to modernize the FHA title I insurance pro- gram for manufactured housing loans to enhance par- ticipation by Ginnie Mae and the private lending markets; and ‘‘(3) to adjust the low loan limits for title I manu- factured home loan insurance to reflect the increase in costs since such limits were last increased in 1992 and to index the limits to inflation.’’ TIMING Pub. L. 110–289, div. B, title I, § 2148(b), July 30, 2008, 122 Stat. 2847, provided that: ‘‘Not later than the expi- ration of the 6-month period beginning on the date of the enactment of this title [July 30, 2008], the Secretary of Housing and Urban Development shall revise the ex- isting underwriting criteria for the program referred to in paragraph (10) of section 2(b) of the National Housing Act [12 U.S.C. 1703(b)(10)] (as added by subsection (a) of this section) in accordance with the requirements of such paragraph.’’ ‘‘MOBILE HOME’’ AND ‘‘MANUFACTURED HOME’’ TO IN- CLUDE ‘‘MOBILE HOMES’’ AND ‘‘MANUFACTURED HOMES’’ Pub. L. 97–35, title III, § 339B(c), Aug. 13, 1981, 95 Stat. 417, provided that: ‘‘For purposes of paragraphs (1) and (4) of section 308(c) of the Housing and Community De- velopment Act of 1980 [amending sections 1703 and 1713 of this title, and section 5401 et seq. of Title 42, The Public Health and Welfare], the term ‘mobile home’ and the term ‘manufactured home’ shall be deemed to include the term ‘mobile homes’ and the term ‘manu- factured homes’, respectively.’’ DATA COLLECTION AND REPORTING PROCEDURES RE- SPECTING MEAN AND MEDIAN SALES PRICES ON MAN- UFACTURED HOMES AND LOTS; DEVELOPMENT, CON- TENTS, ETC. Pub. L. 96–399, title III, § 308(e), Oct. 8, 1980, 94 Stat. 1641, provided that: ‘‘Not later than January 1, 1982, the Secretary of Housing and Urban Development shall de- velop a procedure for collecting and regularly reporting data on the mean and median sales price for new manu- factured homes, and, where available, data on the mean and median sales price for manufactured home lots and combination new manufactured home and lot packages. Such reports shall contain, to the maximum extent fea- sible, sales price information for the Nation, each cen- sus region, each State on an annual basis, and selected standard metropolitan statistical areas having suffi- cient activity on an annual basis.’’ REPORT RESPECTING OWNERSHIP OF MOBILE HOME SITES Pub. L. 96–153, title III, § 321, Dec. 21, 1979, 93 Stat. 1119, required the Secretary of Housing and Urban De- velopment to submit a report to Congress by Mar. 31, 1980, containing recommendations for programs and policies which encourage individual ownership of mo- bile home lots through several methods. REPAYMENT TO TREASURY ON CAPITAL ACCOUNT OF SUBCHAPTER I INSURANCE FUND Act Mar. 10, 1953, ch. 5, § 2, 67 Stat. 5, directed the Federal Housing Commissioner to pay out of the cap- ital account of the Title I Insurance Fund to the Sec- retary of the Treasury, prior to June 30, 1954, the sum of $8,333,313.65 either in one lump sum or in install- ments, except that the first payment was to be made on July 1, 1953. § 1704. Repealed. Apr. 3, 1936, ch. 165, § 2, 49 Stat. 1188 Section, act June 27, 1934, ch. 847, title I, § 3, 48 Stat. 1247, related to loans to financial institutions. § 1705. Allocation of funds For the purposes of carrying out the provi- sions of this subchapter and subchapters II and III, the President, in his discretion, is author- ized to provide such funds or any portion thereof by allotment to the Secretary from any funds that are available, or may hereafter be made available, to the President for emergency pur- poses. (June 27, 1934, ch. 847, title I, § 4, 48 Stat. 1247; June 30, 1947, ch. 166, title II, § 206(l), 61 Stat. 208; Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17; Pub. Page 529 TITLE 12—BANKS AND BANKING § 1706c L. 98–479, title II, § 204(a)(1), Oct. 17, 1984, 98 Stat. 2231.) Editorial Notes AMENDMENTS 1984—Pub. L. 98–479 substituted ‘‘such’’ for ‘‘suuch’’. 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’. 1950—Act Apr. 20, 1950, § 122, substituted ‘‘Commis- sioner’’ for ‘‘Administrator’’. 1947—Act June 30, 1947, struck out references to Re- construction Finance Corporation. § 1706. Repealed. Aug. 2, 1954, ch. 649, title VIII, § 802(b), 68 Stat. 642 Section, acts June 27, 1934, ch. 847, title I, § 5, 48 Stat. 1247; Mar. 28, 1941, ch. 31, § 3, 55 Stat. 61; Aug. 10, 1948, ch. 832, title IV, § 402 (part), 62 Stat. 1283; Aug. 8, 1949, ch. 403, § 2 (part), 63 Stat. 576; Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Sept. 1, 1951, ch. 378, title II, § 202 (part), 65 Stat. 303, related to reports to Congress. See section 1701o of this title. § 1706a. Repealed. June 3, 1939, ch. 175, § 3, 53 Stat. 805 Section, act June 27, 1934, ch. 847, title I, § 6, as added act Apr. 17, 1936, ch. 234, § 3, 49 Stat. 1233; amended act Apr. 22, 1937, ch. 121, § 1, 50 Stat. 70, related to insurance of financial institutions financing rehabilitation of property damaged by fires, floods, storms, etc. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective July 1, 1939, see section 4 of act June 3, 1939, set out as an Effective Date of 1939 Amendment note under section 1703 of this title. § 1706b. Taxation of real property held by Sec- retary Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary in connection with the pay- ment of insurance heretofore or hereafter grant- ed under this subchapter from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed. (June 27, 1934, ch. 847, title I, § 7, as added June 28, 1941, ch. 261, § 7, 55 Stat. 365; amended Apr. 20, 1950, ch. 94 title I, § 122, 64 Stat. 59; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.) Editorial Notes AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’. 1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’ for ‘‘Administrator’’. § 1706c. Insurance of mortgages (a) Supplemental system; limitation on amount; termination of authority To assist in providing adequate housing for families of low and moderate income, particu- larly in suburban and outlying areas, this sec- tion is designed to supplement systems of mort- gage 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 insur- ance of mortgages on housing in built-up urban areas. The Secretary is authorized, upon appli- cation by the mortgagee, to insure, as herein- after provided, any mortgage (as defined in sec- tion 1707 of this title) offered to him which is el- igible 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 aggre- gate amount of principal obligations of all mort- gages insured under this section and out- standing at any one time shall not exceed $100,000,000, except that with the approval of the President such aggregate amount may be in- creased 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 in- crease upon conditions in the building industry and upon the national economy, that such in- crease is in the public interest: And provided fur- ther, 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 be eligible for insurance under this section, a mortgage shall— (1) have been made to, and be held by, a mortgagee approved by the Secretary as re- sponsible and able to service the mortgage properly; (2) involve a principal obligation (including such initial service charges, appraisal, inspec- tion, and other fees as the Secretary shall ap- prove) in an amount not to exceed $5,700, and not to exceed 95 per centum of the appraised value, as of the date the mortgage is accepted for insurance, of a property upon which there is located a dwelling designed principally for a single-family residence, and which is approved for mortgage insurance prior to the beginning of construction: Provided, That the mortgagor shall be the owner and occupant of the prop- erty at the time of insurance and shall have paid on account of the property at least 5 per centum of the Secretary’s estimate of the cost of acquisition in cash or its equivalent, or shall be the builder constructing the dwelling, in which case the principal obligation shall not exceed 85 per centum of the appraised value of the property or $5,100: Provided fur- ther, That the Secretary finds that the project with respect to which the mortgage is exe- cuted is an acceptable risk, giving consider- ation to the need for providing adequate hous- ing for families of low and moderate income particularly in suburban and outlying areas: And provided further, That, where the mort- gagor is the owner and occupant of the prop- erty and establishes (to the satisfaction of the Secretary) that his home, which he occupied as an owner or as a tenant, was destroyed or damaged to such an extent that reconstruc- tion is required as a result of a flood, fire, hur- ricane, earthquake, storm or other catas- trophe, which the President, pursuant to sec-