12 U.S.C. § 1706a — Repealed. June 3, 1939, ch. 175, § 3, 53

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 Repealed.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 Repealed.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-