12 U.S.C. § 1748g — Cost certification

Page 831 TITLE 12—BANKS AND BANKING § 1748g stituted the requirement that the mortgagor shall enter into the agreement required by section 1715r of this title for former provisions relating to certification of builders’ costs, the certifications now being pre- scribed into section 1715r. Subsec. (f). Act Aug. 2, 1954, § 112(c), in second sen- tence, substituted a twenty-year period for ten-year pe- riod, with respect to the maturity of debentures. 1953—Subsec. (a). Act June 30, 1953, § 10(a), in second proviso substituted ‘‘July 1, 1954’’ for ‘‘July 1, 1953’’. Subsec. (b). Act June 30, 1953, § 10(b), (c), inserted par. commencing ‘‘The mortgagor shall agree’’; and, in first sentence of par. commencing ‘‘The mortgage shall pro- vide’’, substituted ‘‘41⁄2 per centum’’ for ‘‘4 per cen- tum’’. 1951—Subsec. (a). Act Sept. 1, 1951, § 601(a), sub- stituted ‘‘July 1, 1953’’ for ‘‘July 1, 1951’’ in second pro- viso. Subsec. (b)(3)(C). Act Sept. 1, 1951, § 601(b), inserted proviso. Subsec. (d). Act Sept. 1, 1951, § 601(c), inserted ref- erence to the Atomic Energy Commission in last sen- tence. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1954 AMENDMENT Amendment by section 112(c) of act Aug. 2, 1954, as not applicable in any case where the mortgage involved was insured or the commitment for such insurance was issued prior to Aug. 2, 1954, see section 112(e) of that act, set out as a note under section 1710 of this title. EFFECTIVE DATE OF 1951 AMENDMENT Act Sept. 1, 1951, ch. 378, § 601(a), 65 Stat. 312, provided that the amendment made by that section is effective July 1, 1951. § 1748c. Repealed. Pub. L. 89–117, title XI, § 1108(aa), Aug. 10, 1965, 79 Stat. 507 Section, act June 27, 1934, ch. 847, title VIII, § 804, as added Aug. 8, 1949, ch. 403, § 1, 63 Stat. 575; amended Aug. 11, 1955, ch. 783, title IV, § 401, 69 Stat. 650, provided for disposition and use of excess moneys in Armed Services Housing Mortgage Insurance Fund, issue and cancellation of debentures, and receipt and payment of credits and charges. § 1748d. Lease of property; terms and conditions Whenever the Secretary of the Army, Navy, or Air Force determines that it is necessary to lease any land held by the United States on or near a military installation to effectuate the purposes of this subchapter, he may lease such land upon such terms and conditions as will, in his opinion, best serve the national interest. The authority conferred by this section shall be in addition to and not in derogation of any other power or authority of the Secretary of the Army, Navy, or Air Force. (June 27, 1934, ch. 847, title VIII, § 805, as added Aug. 8, 1949, ch. 403, § 1, 63 Stat. 576; amended Aug. 11, 1955, ch. 783, title IV, § 401, 69 Stat. 651.) Editorial Notes AMENDMENTS 1955—Act Aug. 11, 1955, struck out specific references to sections authorizing leases of property, and struck out the power to sell, transfer, and convey real prop- erty. § 1748e. Mortgages on property in Alaska The second sentence of section 1715d of this title, as amended, relating to housing in the State of Alaska, shall not apply to mortgages insured under this subchapter on property in said State. (June 27, 1934, ch. 847, title VIII, § 806, as added Aug. 8, 1949, ch. 403, § 1, 63 Stat. 576; amended Aug. 11, 1955, ch. 783, title IV, § 401, 69 Stat. 651; Pub. L. 86–70, § 10(d), June 25, 1959, 73 Stat. 143.) Editorial Notes REFERENCES IN TEXT Section 1715d of this title, referred to in text, was in the original ‘‘section 214 of the National Housing Act, as amended’’. Section 214 of that Act was classified originally to section 1715d of this title and to section 484d of Title 48, Territories and Insular Possessions. Section 484d of Title 48 has been omitted from the Code. AMENDMENTS 1959—Pub. L. 86–70 substituted ‘‘State’’ for ‘‘Terri- tory’’ in two places. 1955—Act Aug. 11, 1955, reenacted section without change. § 1748f. Rules and regulations The Secretary is authorized and directed to make such rules and regulations as may be nec- essary to carry out the provisions of this sub- chapter. (June 27, 1934, ch. 847, title VIII, § 807, as added Aug. 8, 1949, ch. 403, § 1, 63 Stat. 576; amended Aug. 11, 1955, ch. 783, title IV, § 401, 69 Stat. 651; Pub. L. 90–19, § 1(a)(3), (q), May 25, 1967, 81 Stat. 17, 19.) Editorial Notes AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’ and struck out authorization for appoint- ment by the Commissioner of a Special Assistant for Armed Services Housing for Mortgage Insurance with an adequate staff to expedite operations and eliminate administrative obstacles to this subchapter, respec- tively. 1955—Act Aug. 11, 1955, amended section generally, striking out provisions which stated that nothing should be construed as exempting property from tax- ation, and inserting provisions authorizing the Com- missioner to make rules and regulations and to appoint a Special Assistant. § 1748g. Cost certification Except in the case of mortgages on multi- family rental housing projects insured under section 1748h–2 of this title, the cost certifi- cation required under section 1715r of this title shall not be required with respect to mortgages insured under the provisions of this subchapter. (June 27, 1934, ch. 847, title VIII, § 808, as added Aug. 8, 1949, ch. 403, § 1, 63 Stat. 576; amended Aug. 11, 1955, ch. 783, title IV, § 401, 69 Stat. 651; Pub. L. 86–372, title VII, § 704(b), Sept. 23, 1959, 73 Stat. 686.) Editorial Notes AMENDMENTS 1959—Pub. L. 86–372 substituted ‘‘Except in the case of mortgages on multifamily rental housing projects in- sured under section 1748h–2 of this title, the’’ for ‘‘The’’. Page 832 TITLE 12—BANKS AND BANKING §§ 1748g–1, 1748h 1 See References in Text note below. 1955—Act Aug. 11, 1955, struck out provisions requir- ing cost certifications. §§ 1748g–1, 1748h. Omitted Editorial Notes CODIFICATION Section 1748g–1, act June 27, 1934, ch. 847, title VIII, § 810, as added Sept. 1, 1951, ch. 378, title VI, § 601(d), 65 Stat. 313, which related to mortgages on housing con- structed for personnel of the Atomic Energy Commis- sion, was omitted from the amendments to title VIII of act June 27, 1934, this subchapter, by act Aug. 11, 1955, ch. 783, title IV, § 401, 69 Stat. 646. Section 1748h, act June 27, 1934, ch. 847, title VIII, § 809, as added May 2, 1950, ch. 151, 64 Stat. 97, which re- lated to the procurement of services of architects and engineers by the Secretaries of the Army, Navy and Air Force to effectuate the purposes of this subchapter, was omitted from the amendment to title VIII of act June 27, 1934, this subchapter, by act Aug. 11, 1955, ch. 783, title IV, § 401, 69 Stat. 646. § 1748h–1. Civilian employees of Armed Forces (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, the Secretary may insure any mortgage under this section which meets the eligibility requirements set forth in section 1709(b) of this title: 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 em- ployee 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 cer- tificate shall be conclusive evidence to the Sec- retary of the employment status of the mort- gagor and of the mortgagor’s need for housing. (b) Certification of housing need to Secretary; guaranty from loss; authorization of appro- priations No mortgage shall be insured under this sec- tion unless the Secretary of Defense or his des- ignee shall have certified to the Secretary that the housing is necessary to provide adequate housing for such civilians employed in connec- tion with such a research or development instal- lation and that there is no present intention to substantially curtail the number of such civilian personnel assigned or to be assigned to such in- stallation. Such certification shall be conclusive evidence to the Secretary of the need for such housing but if the Secretary determines that in- surance of mortgages on such housing is not an acceptable risk, he may require the Secretary of Defense to guarantee the General Insurance Fund from loss with respect to mortgages in- sured pursuant to this section: Provided, That the Secretary shall relieve the Secretary of De- fense from any obligation to guarantee the Gen- eral Insurance Fund from loss with respect to a mortgage assumed by a person ineligible to re- ceive a certificate under subsection (a), if the original mortgagor is issued another certificate with respect to a mortgage insured under this section on property which the Secretary deter- mines is not an acceptable risk. There are au- thorized to be appropriated such sums as may be necessary to provide for payment to meet losses arising from such guaranty. (c) Economic soundness of property 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 project or property be eco- nomically sound or an acceptable risk. (d) Insurance benefits to which mortgagee enti- tled Any mortgagee under a mortgage insured under this section is entitled to the benefits of insurance as provided in section 1710(a) of this title with respect to mortgages insured under section 1709 of this title. (e) Payment of insurance; meaning of terms The provisions of subsections (b), (c), (d), (e), (f), (g), (h),1 (j), and (k) 1 of section 1710 of this title shall apply to mortgages insured under this section except that as applicable to those mort- gages: (1) all references to the ‘‘Fund’’ or ‘‘Mu- tual Mortgage Insurance Fund’’ shall refer to the ‘‘General Insurance Fund’’ and (2) all ref- erences to section 1709 of this title shall refer to this section. (f) Provisions of subchapter applicable; termi- nation date The provisions of sections 1748, 1748a,1 1748b(c), 1748b(i), 1748b(j), 1748c(a),1 1748c(b),1 and 1748f of this title and the provisions of section 1748b(a) of this title relating to the aggregate amount of all mortgages insured under this subchapter, shall be applicable to mortgages insured under this section. (g) Housing for persons employed by National Aeronautics and Space Administration or Atomic Energy Commission; guaranty from loss; definitions (1) A mortgage secured by property which is intended to provide housing for a person (i) em- ployed or assigned to duty at or in connection with any research or development installation of the National Aeronautics and Space Adminis- tration and which is located at or near such in- stallation, or (ii) employed at any research or development installation of the Atomic Energy Commission and which is located at or near such installation, may (if the mortgage otherwise meets the requirements of this section) be in- sured by the Secretary under the provisions of this section. The Administrator of the National Aeronautics and Space Administration (or his designee), in the case of any mortgage secured by property intended to provide housing for any person employed or assigned to duty at any such installation of the National Aeronautics and Space Administration, or the Chairman of the