12 U.S.C. § 1715m — Repealed. Pub. L. 110–289, div. B, title I,

Page 624 TITLE 12—BANKS AND BANKING § 1715m mines are appropriate to compensate for the value of any benefits the owner had received under this title. ‘‘SEC. 232. REPORT TO CONGRESS. ‘‘Not later than 1 year after the date of the enact- ment of this Act [Feb. 5, 1988], the Secretary shall sub- mit to the Congress a report setting forth the activities carried out under this subtitle. The report shall include a description of the plans of action approved under sub- sections (a) and (b) of section 225 and an analysis of the extent to which the plans retain housing affordable for very low-income families or persons, lower income fam- ilies or persons, and moderate income families or per- sons. The report shall also include a detailed descrip- tion of (1) the actions taken by the Secretary to ensure meaningful participation by affected tenants; and (2) the incentives developed by the Secretary under sec- tion 224 to ensure compliance with this subtitle. ‘‘SEC. 233. DEFINITIONS. ‘‘For purposes of this subtitle: ‘‘(1) The term ‘eligible low income housing’ means any housing financed by a loan or mortgage— ‘‘(A) that is— ‘‘(i) insured or held by the Secretary under sec- tion 221(d)(3) of the National Housing Act [12 U.S.C. 1715l(d)(3)] and assisted under section 101 of the Housing and Urban Development Act of 1965 [12 U.S.C. 1701s] or section 8 of the United States Housing Act of 1937 [42 U.S.C. 1437f]; ‘‘(ii) insured or held by the Secretary and bears interest at a rate determined under the proviso of section 221(d)(5) of the National Housing Act; ‘‘(iii) insured, assisted, or held by the Secretary or a State or State agency under section 236 of the National Housing Act [12 U.S.C. 1715z–1]; or ‘‘(iv) held by the Secretary and formerly in- sured under a program referred to in clause (i), (ii), or (iii); and ‘‘(B) that, under regulation or contract in effect before the date of the enactment of this Act [Feb. 5, 1988], is or will within 1 year become eligible for prepayment without prior approval of the Sec- retary. ‘‘(2) The term ‘low income affordability restric- tions’ means limits imposed by regulation or regu- latory agreement on tenant rents, rent contributions, or income eligibility in eligible low income housing. ‘‘(3) The terms ‘lower income families or persons’ and ‘very low-income families or persons’ mean fami- lies or persons whose incomes do not exceed the re- spective levels established for lower income families and very low-income families under section 3(b)(2) of the United States Housing Act of 1937 [42 U.S.C. 1437a(b)(2)]. ‘‘(4) The term ‘moderate income families or per- sons’ means families or persons whose incomes are between 80 percent and 95 percent of median income for the area, as determined by the Secretary with ad- justments for smaller and larger families. ‘‘(5) The term ‘owner’ means the current or subse- quent owner or owners of eligible low income hous- ing. ‘‘(6) The term ‘Secretary’ means the Secretary of Housing and Urban Development. ‘‘(7) The term ‘termination of low income afford- ability restrictions’ means any elimination or relax- ation of low income affordability restrictions (other than those permitted under an approved plan of ac- tion under section 225(b)). ‘‘SEC. 234. REGULATIONS. ‘‘The Secretary shall issue final regulations to carry out this subtitle not later than 60 days after the date of the enactment of this Act [Feb. 5, 1988]. The Sec- retary shall provide for the regulations to take effect not later than 45 days after the date on which the regu- lations are issued. ‘‘SEC. 235. EFFECTIVE DATE. ‘‘The requirements of this subtitle shall apply to any project that is eligible low income housing on or after November 1, 1987.’’ [Pub. L. 101–494, § 2(b), Oct. 31, 1990, 104 Stat. 1185, pro- vided that: ‘‘If the Cranston-Gonzalez National Afford- able Housing Act [Pub. L. 101–625, which was approved Nov. 28, 1990] is enacted on or after October 31, 1990, this section [amending section 203(a) of Pub. L. 100–242 set out above] shall be deemed to have taken effect on Oc- tober 30, 1990.’’ NEHEMIAH HOUSING OPPORTUNITY GRANTS Pub. L. 100–242, title VI (§§ 601–613), Feb. 5, 1988, 101 Stat. 1951, as amended by Pub. L. 102–139, title II, Oct. 28, 1991, 105 Stat. 759; Pub. L. 102–550, title I, § 183, Oct. 28, 1992, 106 Stat. 3738, established the Nehemiah Hous- ing Opportunity Fund to provide assistance in the form of grants to nonprofit organizations for the construc- tion, rehabilitation, and financing of housing for fami- lies not otherwise able to afford homeownership. Pub. L. 101–625, title II, § 289(a)(3), (b), Nov. 28, 1990, 104 Stat. 4128, which is classified to section 12839(a)(3), (b) of Title 42, The Public Health and Welfare, provided that, except with respect to projects and programs for which binding commitments have been entered into prior to Oct. 1, 1991, no new grants or loans be made after Oct. 1, 1991, under title VI of Pub. L. 100–242, and effective Oct. 1, 1991, title VI of Pub. L. 100–242 is repealed. LIMITATION ON NUMBER OF DWELLING UNITS WITH MORTGAGES NOT PROVIDING FOR COMPLETE AMORTI- ZATION For limitation on the number of dwelling units with mortgages not providing for complete amortization pursuant to authority granted by amendment to sub- sec. (d)(6) by section 446 of Pub. L. 98–181, see section 446(f) of Pub. L. 98–181, set out as a note under section 1713 of this title. AMENDMENTS TO PROVISIONS FOR FAMILY UNIT LIMITS ON RENTAL HOUSING; EQUITABLE APPLICATION OF SUCH AMENDMENTS OR PRE-AMENDMENT PROVISIONS TO PROJECTS SUBMITTED FOR CONSIDERATION PRIOR TO SEPTEMBER 2, 1964 Equitable application of amendment to subsec. (d)(3) (ii), (4)(ii) of this section by section 107(d)(1), (2) of Pub. L. 88–560 or pre-amendment provisions to projects sub- mitted for consideration prior to Sept. 2, 1964, see sec- tion 107(g) of Pub. L. 88–560, set out as a note under sec- tion 1713 of this title. TAXATION OF INTEREST PAID ON OBLIGATIONS SECURED BY INSURED MORTGAGE AND ISSUED BY PUBLIC AGENCY Pub. L. 93–383, title III, § 319(b), Aug. 22, 1974, 88 Stat. 686, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: ‘‘With respect to any obliga- tion secured by a mortgage which is insured under sec- tion 221(d)(3) of the National Housing Acts [subsec. (d)(3) of this section] and issued by a public agency as mortgagor in connection with the financing of a project assisted under section 8 of the United States Housing Act of 1937 [section 1437f of title 42], the interest paid on such obligation shall be included in gross income for purposes of chapter 1 of the Internal Revenue Code of 1986 [chapter 1 of title 26].’’ § 1715m. Repealed. Pub. L. 110–289, div. B, title I, § 2120(a)(5), July 30, 2008, 122 Stat. 2835 Section, act June 27, 1934, ch. 847, title II, § 222, as added Aug. 2, 1954, ch. 649, title I, § 124, 68 Stat. 603; amended Pub. L. 85–104, title I, §§ 103, 112, July 12, 1957, 71 Stat. 296, 297; Pub. L. 86–372, title I, §§ 111, 116(b), Sept. 23, 1959, 73 Stat. 661, 664; Pub. L. 88–560, title I, § 115, Sept. 2, 1964, 78 Stat. 779; Pub. L. 89–117, title II, § 212, title XI, § 1108(j), Aug. 10, 1965, 79 Stat. 470, 505; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17; Pub. L. 90–448, title III, § 301, Aug. 1, 1968, 82 Stat. 505; Pub. L. 91–152, title I, §§ 102(c), 105, 113(f), Dec. 24, 1969, 83 Stat. 380, 381, 384; Pub. L. 91–621, § 7(b), Dec. 31, 1970, 84 Stat. 1865; Pub. L. 93–383, title III, §§ 302(d), 310(c), Aug. 22, 1974, 88 Stat. 676, 682; Pub. L. 95–128, title III, §§ 303(d), Page 625 TITLE 12—BANKS AND BANKING § 1715n 1 See References in Text note below. 304(c), Oct. 12, 1977, 91 Stat. 1132, 1133; Pub. L. 96–153, title III, § 312(c), Dec. 21, 1979, 93 Stat. 1116; Pub. L. 96–399, title III, § 336(c), Oct. 8, 1980, 94 Stat. 1654; Pub. L. 100–242, title IV, § 406(b)(14), Feb. 5, 1988, 101 Stat. 1901; Pub. L. 109–241, title IX, § 902(f), July 11, 2006, 120 Stat. 567, related to mortgage insurance for service- men. § 1715n. Miscellaneous mortgage insurance (a) Projects covered Notwithstanding any of the provisions of this chapter and without regard to limitations upon eligibility contained in any section or sub- chapter of this chapter, other than the limita- tion in section 1709(g) of this title, the Secretary is authorized, upon application by the mort- gagee, to insure or make commitments to insure under any section or subchapter of this chapter any mortgage— (1) executed in connection with the sale by the Government, or any agency or official thereof, of any housing acquired or con- structed under Public Law 849, Seventy-sixth Congress, as amended; Public Law 781, Sev- enty-sixth Congress, as amended; or Public Laws 9, 73, or 353, Seventy-seventh Congress, as amended (including any property acquired, held, or constructed in connection with such housing or to serve the inhabitants thereof); or (2) executed in connection with the sale by the Secretary of Housing and Urban Develop- ment, or by any public housing agency with the approval of the Secretary, of any housing (including any property acquired, held, or con- structed in connection with such housing or to serve the inhabitants thereof) owned or finan- cially assisted pursuant to the provisions of Public Law 671, Seventy-sixth Congress; or (3) executed in connection with the sale by the Government, or any agency or official thereof, of any of the so-called Greenbelt towns, or parts thereof, including projects, or parts thereof, known as Greenhills, Ohio; Greenbelt, Maryland; and Greendale, Wis- consin, developed under the Emergency Relief Appropriation Act of 1935, or of any of the vil- lage properties or employee’s housing under the jurisdiction of Tennessee Valley Author- ity, or of any housing under the jurisdiction of the Department of the Interior located within the town area of Coulee Dam, Washington, ac- quired by the United States for the construc- tion, operation, and maintenance of Grand Coulee Dam and its appurtenant works: Pro- vided, That for the purpose of the application of this subchapter to sales by the Secretary of the Interior pursuant to subsections 3(b)(1) and 3(b)(2) of the Coulee Dam Community Act of 1957, the selling price of the property in- volved shall be deemed to be the appraised value, of any permanent housing under the ju- risdiction of the Department of the Interior constructed under the Boulder Canyon Project Act of December 21, 1928, as amended and sup- plemented [43 U.S.C. 617 et seq.] located within the Boulder City municipal area: Provided, That for purposes of the application of this subchapter to sales by the Secretary of the In- terior pursuant to subsections 3(b)(1) and 3(b)(2) of the Boulder City Act of 1958, the sell- ing price of the property involved shall be deemed to be the appraised value; or (4) executed in connection with the sale by the Government, or any agency or official thereof, of any housing (including any prop- erty acquired, held, or constructed in connec- tion therewith or to serve the inhabitants thereof) pursuant to the Atomic Energy Com- munity Act of 1955, as amended [42 U.S.C. 2301 et seq.]: Provided, That such insurance shall be issued without regard to any preferences or priorities except those prescribed by this chap- ter or the Atomic Energy Community Act of 1955, as amended; or (5) executed in connection with the sale by a State or municipality, or an agency, instru- mentality, or political subdivision of either, of a project consisting of any permanent housing (including any property acquired, held, or con- structed in connection therewith or to serve the inhabitants thereof), constructed by or on behalf of such State, municipality, agency, in- strumentality, or political subdivision, for the occupancy of veterans of World War II, or Ko- rean veterans, their families, and others; or (6) executed in connection with the first re- sale, within two years from the date of its ac- quisition from the Government, of any portion of a project or property of the character de- scribed in paragraphs (1), (2), (3), and (4) above; or (7) given to refinance an existing mortgage insured under this chapter, or an existing mortgage held by the Secretary that is subject to a mortgage restructuring and rental assist- ance sufficiency plan pursuant to the Multi- family Assisted Housing Reform and Afford- ability Act of 1997 (42 U.S.C. 1437f note), pro- vided that— (A) the principal amount of any such refi- nancing mortgage shall not exceed the origi- nal principal amount or the unexpired term of such existing mortgage and shall bear in- terest at such rate as may be agreed upon by the mortgagor and the mortgagee, except that (i) the principal amount of any such re- financing mortgage may equal the out- standing balance of an existing mortgage in- sured pursuant to section 1715z–10 1 of this title, if the amount of the monthly payment due under the refinancing mortgage is less than that due under the existing mortgage for the month in which the refinancing mortgage is executed; (ii) a mortgagee may not require a minimum principal amount to be outstanding on the loan secured by the existing mortgage; (iii) in any case involving the refinancing of a loan in which the Sec- retary determines that the insurance of a mortgage for an additional term will inure to the benefit of the applicable insurance fund, taking into consideration the out- standing insurance liability under the exist- ing insured mortgage, such refinancing mortgage may have a term not more than twelve years in excess of the unexpired term of such existing insured mortgage; and (iv) any multifamily mortgage that is refinanced under this paragraph shall be documented