12 U.S.C. § 1713

Editorial Notes

References in Text

Section 1715a of this titleact June 3, 1939, ch. 175, § 1353 Stat. 807, referred to in subsec. (c), which related to additional housing insurance, was repealed by , .

Section 1720 of this titlePub. L. 98–181, title INov. 30, 198397 Stat. 1240, referred to in subsec. (c)(3)(B), was repealed by [title IV, § 483(a)], , .

Section 8211 of title 42section 8229 of Title 42June 30, 1989, referred to in subsec. (c)(3)(B), was omitted from the Code pursuant to , The Public Health and Welfare, which terminated authority under that section on .

act June 27, 1934, ch. 84748 Stat. 1246This chapter, referred to in subsecs. (d), (g) and (r), was in the original “this Act”, meaning , , which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables.

oact Feb. 3, 1938, ch. 1342 Stat. 8section 1701a of this titleThe National Housing Act Amendments of 1938, referred to in subsec. (), is , , section 3 of which amended this section generally. For complete classification of this Act to the Code, see and Tables.

Codification

lsection 6101 of title 41Pub. L. 111–350, § 6(c)Jan. 4, 2011124 Stat. 3854In subsec. (), “” substituted for “section 3709 of the Revised Statutes” on authority of , , , which Act enacted Title 41, Public Contracts.

Amendments

Pub. L. 110–1612007—Subsec. (c)(3)(B). substituted “170 percent” for “140 percent” after “not to exceed” in two places and “215 percent in high cost areas” for “170 percent in high cost areas”.

Pub. L. 108–186, § 302(c)(1)2003—Subsec. (c)(3)(A). , substituted “$17,460” for “$11,250”.

Pub. L. 108–186, § 302(b)Subsec. (c)(3)(B). , substituted “140 percent in” for “110 percent in” and inserted “, or 170 percent in high cost areas,” after “and by not to exceed 140 percent”.

Pub. L. 107–326, § 5(b)(1)(B)section 1712a of this title2002—Subsec. (c)(3). , which directed substitution of “(B) the Secretary may, by regulation, increase any of the dollar amount limitations in subparagraph (A) (as such limitations may have been adjusted in accordance with )” for “and accept that the Secretary” through “in this paragraph”, was executed by making the substitution for “and except that the Secretary may, by regulation, increase any of the foregoing dollar amount limitations contained in this paragraph”, to reflect the probable intent of Congress.

Pub. L. 107–326, § 5(b)(1)(A), inserted subpar. (A) designation after “(3)”.

Pub. L. 107–732001—Subsec. (c)(3). substituted “$38,025”, “$42,120”, “$50,310”, “$62,010”, and “$70,200” for “$30,420”, “$33,696”, “$40,248”, “$49,608”, and “$56,160”, respectively, “$11,250” for “$9,000”, and “$43,875”, “$49,140”, “$60,255”, “$75,465”, and “$85,328” for “$35,100”, “$39,312”, “$48,204”, “$60,372”, and “$68,262”, respectively.

Pub. L. 103–2331994—Subsec. (c)(3). substituted “$56,160” for “$59,160”.

Pub. L. 102–550, § 509(a)1992—Subsec. (c)(3). , substituted “$30,420”, “$33,696”, “$40,248”, “$49,608”, and “$59,160” for “$25,350”, “$28,080”, “$33,540”, “$41,340”, and “$46,800”, respectively, and “$35,100”, “$39,312”, “$48,204”, “$60,372”, and “$68,262” for “$29,250”, “$32,760”, “$40,170”, “$50,310”, and “$56,885”, respectively.

Pub. L. 102–550, § 516(b)(1)Subsec. (g). , in second sentence, substituted “issue to the mortgagee a certificate of claim as provided in subsection (h), and debentures having a par value” for “, subject to the cash adjustment provided for in subsection (j), issue to the mortgagee a certificate of claim as provided in subsection (h), and debentures having a total face value”.

Pub. L. 102–550, § 516(b)(2)Subsec. (i). , (3), in first sentence, substituted “shall be negotiable, and, if in book entry form, transferable, in the manner described by the Secretary in regulations” for “shall be signed by the Secretary, by either his written or engraved signature, shall be negotiable”, and in fourth sentence substituted “and, in the case of debentures issued in certificated registered form, such guaranty” for “and such guaranty”.

Pub. L. 102–550, § 516(b)(4)Subsec. (j). , added subsec. (j) and struck out former subsec. (j) which read as follows: “Debentures issued under this section shall be in such form and denominations in multiples of $50, shall be subject to such terms and conditions, and shall include such provision for redemption, if any, as may be prescribed by the Secretary with the approval of the Secretary of the Treasury, and may be in coupon or registered form. Any difference between the amount of debentures to which the mortgagee is entitled under this section, and the aggregate face value of the debentures issued, not to exceed $50, shall be adjusted by the payment of cash by the Secretary to the mortgagee from the General Insurance Fund.”

Pub. L. 100–242, § 426(a)section 1720 of this titleNovember 30, 1983section 1720 of this title1988—Subsec. (c)(3). , (h), substituted “$25,350”, “$28,080”, “$33,540”, “$41,340”, and “$46,800” for “$19,500”, “$21,600”, “$25,800”, “$31,800”, and “$36,000”, respectively, and “$29,250”, “$32,760”, “$40,170”, “$50,310”, and “$56,885” for “$22,500”, “$25,200”, “$30,900”, “$38,700”, and “$43,758”, respectively, and substituted “not to exceed 110 percent in any geographical area where the Secretary finds that cost levels so require and by not to exceed 140 percent where the Secretary determines it necessary on a project-by-project basis, but in no case may any such increase exceed 90 percent where the Secretary determines that a mortgage purchased or to be purchased by the Government National Mortgage Association in implementing its special assistance functions under (as such section existed immediately before ) is involved” for “not to exceed 75 per centum in any geographical area where he finds that cost levels so require, except that, where the Secretary determines it necessary on a project by project basis, the foregoing dollar amount limitations contained in this paragraph may be exceeded by not to exceed 90 per centum (by not to exceed 140 per centum where the Secretary determines that a mortgage other than one purchased or to be purchased under by the Government National Mortgage Association in implementing its special assistance functions is involved) in such an area.”

Pub. L. 100–242, § 182section 1701z–11(a)(1) of this titleSubsec. (k). , inserted provisions after second sentence directing the Secretary to act consistently with the goal established in in determining the amount to be bid.

Pub. L. 98–479lsection 1715x of this titlelsection 1715x of this title1984—Subsec. (i). substituted “section 1715k(f), section 1715(g), and ” for “section 1715k(f), 1715(g), and ”.

Pub. L. 98–181, § 407(c)1983—Subsec. (a)(7). , inserted “American Samoa,” after “Pacific Islands,”.

Pub. L. 98–181, § 431(a)(3)Subsec. (b). , in first undesignated par. following par. (2) struck out “and directed” after “therefore, authorized”.

Pub. L. 98–181, § 435, in second undesignated par. following par. (2) substituted “the Secretary may not insure any mortgage under this section (except a mortgage with respect to a manufactured home park designed exclusively for occupancy by elderly persons)” for “no mortgage shall be insured hereunder”.

Pub. L. 98–181, § 431(a)(1)Subsec. (b)(2). , (2), substituted provision permitting the Secretary discretionary authority to regulate rents and other charges for such period or periods as the Secretary, in his discretion, may require for provision which required the Secretary to regulate rents and other charges until the termination of all obligations of the Secretary under the insurance and during such further time as the Secretary was owner, holder, or reinsurer of the mortgage, and substituted “any such regulations and restrictions” for “the regulations and restrictions”.

Pub. L. 98–181, § 446(a)Subsec. (c). , which directed that “(unless otherwise approved by the Secretary)” be inserted after “periodic payments” in first undesignated par. of par. (3), was executed to the undesignated par. following par. (3) to reflect the probable intent of Congress.

Pub. L. 98–181, § 404(b)(4), which directed the substitution of provision that the interest rate for the mortgage be such a rate as agreed upon by the mortgagor and mortgagee for provision that the rate of interest, exclusive of premium charges for insurance, not exceed 5¼ per centum per annum on the amount of the principal obligation outstanding at any time, or not exceed such per centum per annum not in excess of 6 per centum per annum as the Secretary finds necessary to meet the mortgage market in first undesignated par. of par. (3), was executed to the undesignated par. following par. (3) to reflect the probable intent of Congress.

Pub. L. 97–377section 1720 of this title1982—Subsec. (c)(3). inserted “(by not to exceed 140 per centum where the Secretary determines that a mortgage other than one purchased or to be purchased under by the Government National Mortgage Association in implementing its special assistance functions is involved)” after “90 per centum”.

Pub. L. 97–35, § 339B(c)section 308(c)(1) of Pub. L. 96–3991981—Subsec. (a)(1), (6). , provided that for purposes of , the terms “mobile home” and “manufactured home” shall be deemed to include the terms “mobile homes” and “manufactured homes”, respectively. See 1980 Amendment note below.

Pub. L. 97–35Subsec. (c)(3). , §§ 338(b), 339B(a), substituted “$9,000” for “$8,000” and made minor changes in nomenclature.

Pub. L. 96–399, § 308(c)(1)Pub. L. 97–35, § 339B(c)1980—Subsec. (a)(1), (6). , which directed substitution of “manufactured home” for “mobile home” wherever appearing, was executed by substituting “manufactured home” for “mobile home” and “manufactured homes” for “mobile homes” wherever appearing pursuant to . See 1981 Amendment note above.

Pub. L. 96–399, § 310(a)Subsec. (c)(3). , inserted provisions relating to residential energy conservation measures.

Pub. L. 96–1531979—Subsec. (c)(3). , §§ 313(b), 314, in first sentence of first unnumbered par. substituted “$8,000” for “$3,900”, “75 per centum” for “50 per centum” and inserted exception that where the Secretary determines it necessary on a project by proj­ect basis, the dollar amount limitations may be exceeded by not to exceed 90 per centum in such an area.

Pub. L. 95–5571978—Subsec. (c). substituted “may include five” for “may include eight” in concluding par.

Pub. L. 95–619Subsec. (c)(3). provided that the amount insurable under this section could be increased by up to 20 per centum if such increase were necessary to account for the increased cost of a residence due to the installation of a solar energy system.

Pub. L. 94–3751976—Subsec. (c)(3). substituted “50 per centum in any geographical area” for “75 per centum in any geographical area”, “$19,500” for “$13,000”, “$21,600” for “$18,000”, “$25,800” for “$21,500”, “$31,800” for “$26,500”, “$36,000” for “$30,000”, “$3,900” for “$3,250”, “$22,500” for “$15,000”, “$25,200” for “$21,000”, “$30,900” for “$25,750”, “$38,700” for “$32,250”, and “$43,758” for “$36,465”.

Pub. L. 94–1731975—Subsec. (c)(3). raised from 45 per centum to 75 per centum the amount by which any dollar limitation may, by regulation, be increased.

Pub. L. 93–383, § 304(a)(1)1974—Subsec. (c)(1). , struck out par. (1) which set forth limits on principal obligation of not to exceed $20,000,000, or not to exceed $50,000,000 if executed by a mortgagor under subsec. (b)(1) of this section.

Pub. L. 93–383Subsec. (c)(3). , §§ 303(a), 304(a)(2), substituted “$3,250” for “$2,500”, “$13,000” for “$9,900”, “$15,000” for “$11,550”, “$18,000” for “$13,750”, “$21,000” for “$16,500”, “$21,500” for “$16,500”, “$25,750” for “$19,800”, “$26,500” for “$20,350”, “$30,000” for “$23,100”, “$32,250” for “$24,750”, and “$36,465” for “$28,050”, and struck out limitation of $1,000,000 per mortgage for trailer courts or parks.

Pub. L. 91–152, § 103(a)(1)(A)1969—Subsec. (a)(1). , substituted “mobile homes” for “trailer coach mobile dwellings”.

Pub. L. 91–152, § 103(a)(1)(B)Subsec. (a)(6). , (C), substituted “mobile home court” for “trailer court” and “mobile homes” for “trailer coach mobile dwellings”.

Pub. L. 91–152, § 403(c)(2)Subsec. (a)(7). , inserted “the Trust Territory of the Pacific Islands,” after “Guam,”.

Pub. L. 91–152Subsec. (c)(3). , §§ 103(a)(2), (b), 113(b)(1), (2), substituted “$2,500 per space or $1,000,000 per mortgage for mobile home courts or parks” for “$1,800 per space or $500,000 per mortgage for trailer courts or parks”, “$9,900” for “$9,000”, “$11,550” for “$10,500”, “$13,750” for “$12,500,” “$16,500” from “$15,000” wherever appearing therein, “$19,800” for “$18,000”, “$20,350” for “$18,500”, “$23,100” for “$21,000”, “$24,750” for “$22,500”, and “$28,050” for “$25,500”.

Pub. L. 90–3011968—Subsec. (c)(3). limited interest rate on mortgages to such per centum per annum not in excess of 6 per centum as the Secretary finds necessary to meet the mortgage market.

Pub. L. 90–19lo1967— substituted “Secretary” for “Commissioner” wherever appearing in subsecs. (b), (b)(2), (c)(2), (3), (d), (e), (g), (h), (h)(1), (h)(2), (h)(2)(i), (j) to (), (n), (), and (r).

Pub. L. 89–117, § 1108(e)(4)1965—Subsec. (b). , substituted “General Insurance Fund” for “Housing Fund”.

Pub. L. 89–117, § 207(a)Subsec. (c)(3). , substituted “$18,500 per family unit with three bedrooms, and $21,000 per family unit with four or more bedrooms” for “and $18,500 per family unit with three or more bedrooms” and “$22,500 per family unit with three bedrooms, and $25,000 per family unit with four or more bedrooms” for “and $22,500 per family unit with three or more bedrooms”.

Pub. L. 89–117, § 1108(e)(1)section 1715a of this titleSubsec. (d). , (2), removed reference to collection of premium charges for the insurance of mortgages under and substituted “debentures issued by the Commissioner under any subchapter and section of this chapter, except debentures of the Mutual Mortgage Insurance Fund, or of the Cooperative Management Housing Insurance Fund” for “debentures of the Housing Insurance Fund issued by the Commissioner under this subchapter”.

Pub. L. 89–117, § 1108(e)(3)Subsec. (f). , repealed subsec. (f) which created the Housing Insurance Fund.

lPub. L. 89–117, § 1108(e)(4)Subsecs. (h) to (). , substituted “General Insurance Fund” for “Housing Insurance Fund” and “Housing Fund” wherever appearing.

Pub. L. 89–117, § 1108(e)(3)Subsec. (m). , repealed subsec. (m) which provided for credits and charges in the Housing Insurance Fund.

Pub. L. 89–117, § 1108(e)(3)Subsec. (p). , repealed subsec. (p) which provided for the disposition of surplus moneys in the Housing Insurance Fund and the investment of such moneys.

Pub. L. 88–560, § 106ProvidedProvidedProvided, further1964—Subsec. (c)(2). , substituted “, That this limitation shall not apply” for “, That except with respect to a mortgage executed by a mortgagor coming within the provisions of subsection (b)(1) of this section or a mortgage on a trailer court or park, such mortgage shall not exceed the amount which the Commissioner estimates will be the cost of the completed physical improvements on the property or project exclusive of public utilities and streets and organization and legal expenses: , That this limitation shall not apply” before “to mortgages on housing in Alaska.”

Pub. L. 88–560, § 107(a)Subsec. (c)(3). , changed limits on mortgages for property or project attributable to dwelling use from “$2,500 per room (or $9,000 per family unit if the number of rooms in such property or project is less than four per family unit)” to “$9,000 per family unit without a bedroom, $12,500 per family unit with one bedroom, $15,000 per family unit with two bedrooms, and $18,500 per family unit with three or more bedrooms”, changed such mortgage limits on project consisting of elevator-type structures from a sum “of $2,500 per room to not exceed $3,000 per room and the dollar amount limitation of $9,000 per family unit to not exceed $9,400 per family unit” to dollar amount limitations “per family unit to not to exceed $10,500 per family unit without a bedroom, $15,000 per family unit with one bedroom, $18,000 per family unit with two bedrooms, and $22,500 per family unit with three or more bedrooms”, and substituted provision authorizing an increase “by not to exceed 45 per centum” of any of such limits because of cost levels for former provision authorizing such an increase “by not to exceed $1,250 per room without regard to the number of rooms being less than four, or four or more”.

Pub. L. 88–560, § 105(b)Subsec. (g). , inserted provision for termination of mortgagee’s obligation to pay premium charges on the mortgage.

Pub. L. 88–560, § 108Subsec. (k). , struck out second sentence providing for mandatory acquisition or foreclosure within one year of multifamily project in default.

Pub. L. 87–70, § 607(1)1961—Subsec. (b)(2). , struck out provisions from first paragraph which limited the Commissioner’s authority to insure mortgages to property held by private corporations, associations, cooperative societies which are legal agents of owner-occupants, or trusts formed or created for the purpose of rehabilitating slum or blighted areas, or providing housing for rent or sale.

Pub. L. 87–70, § 607(2)Subsec. (c)(3). , (3), inserted “(excluding exterior land improvements as defined by the Commissioner)” and substituted “$1,800 per space” for “$1,500 per space”.

Pub. L. 87–70, § 607(4)lSubsec. (i). , permitted debentures issued pursuant to the provisions of section 1715k(f), 1715(g), and 1715x of this title to be dated as of the date the mortgage is assigned (or the property is conveyed) to the Commissioner.

Pub. L. 86–6241960—Subsec. (a)(7). struck out “Hawaii,” before “Puerto Rico”.

Pub. L. 86–70, § 10(a)1959—Subsec. (a)(7). , struck out “Alaska,” before “Hawaii”.

Pub. L. 86–372, § 104(e)(1)Subsec. (b). , struck out exceptions that related to housing for elderly persons from the two unnumbered paragraphs following par. (2).

Pub. L. 86–372, § 104(c)Subsec. (c). , (e)(2), struck out provisions that authorized insurance of mortgages not more than $8,100 if the entire property or project was specially designed for the use and occupancy of elderly persons and the mortgagor is a financially qualified nonprofit organization, and substituted in the unnumbered paragraph following par. (3) “5¼ per centum per annum” for “4½ per centum per annum”.

Pub. L. 86–372, § 104(a)Subsec. (c)(1). , substituted “$20,000,000” for “$12,500,000”.

Pub. L. 86–70, § 10(b)Subsec. (c)(2). , substituted “Alaska” for “the Territory of Alaska”.

Pub. L. 86–372, § 104(b)Subsec. (c)(3). , substituted “$2,500” for “$2,250” in two places, “$9,000” for “$8,100” in two places, “$3,000” for “$2,700”, “$9,400” for “$8,400”, “$1,250 per room” for “$1,000 per room”, “$1,500 per space” for “$1,000 per space”, and “$500,000” for “$300,000”.

Pub. L. 86–372, § 104(e)(3)Subsec. (f). , substituted “sections 1715a, 1715e, 1715v, and 1715w of this title” for “sections 1715a and 1715e of this title” in two places.

Pub. L. 86–372, § 104(d)Subsec. (r). , added subsec. (r).

Pub. L. 85–104, § 1101957—Subsec. (c). , inserted in unnumbered paragraph following par. (3), “(or $8,400 per family unit in the case of projects to consist of elevator-type structures)” and “and may permit single elderly persons to use and occupy such units”.

Pub. L. 85–104, § 109Subsec. (c)(3). , struck out “per room” after “limitations”, and inserted “without regard to the number of rooms being less than four, or four or more,”.

Pub. L. 85–104, § 108(b)oSubsec. (i). , substituted in second sentence, “established by the Commissioner pursuant to section 1715 of this title” for “determined by the Commissioner, with the approval of the Secretary of the Treasury, at the time the mortgage was insured, but not to exceed 3 per centum per annum”.

Pub. L. 85–104, § 111section 1715e of this titleSubsec. (q). , repealed provisions which related to insurance of mortgages by Federal National Mortgage Association. See .

Aug. 7, 19561956—Subsec. (b). Act , § 104(b), inserted “(except provisions relating to housing for elderly persons)” before “to take” in paragraph following par. (2), and inserted “(except with respect to housing designed for elderly persons, with occupancy preference therefor, as provided in the paragraph following paragraph (3) of subsection (c) of this section)” after “hereunder” in second unnumbered par. following par. (2).

Aug. 7, 1956Subsec. (c). Act , § 104(c), substituted provisions of unnumbered par. following par. (3) that in certain housing for elderly persons, the mortgage may involve a principal obligation of $8,100 per family unit and 90 percent of the replacement cost, for former provisions that if the number of bedrooms is equal or exceeds two per family unit, and the principal obligation does not exceed $7,200 per family unit, the mortgage may involve a principal obligation not in excess of 90 percent of the value of the property.

Aug. 7, 1956Subsec. (c)(2). Act , § 103(a), substituted “90 per centum” for “80 per centum”.

Aug. 7, 1956Subsec. (c)(3). Act , § 103(b), increased limits on mortgages from $2,000 per room to $2,250 per room, from $7,200 to $8,100 where the number of rooms in the project is less than 4 per family unit, from $2,400 to $2,700 per room and $7,500 to $8,400 per family unit for elevator type structures, and inserted provision allowing Commissioner to increase dollar amount limitations by not to exceed $1,000 per room.

Aug. 11, 19551955—Subsec. (a). Act , § 102(b)(1), (2), inserted provisions relating to trailer coach mobile dwellings in par. (1)(B), and included space in a trailer court or park in the definition of “rental housing” in par. (6).

Aug. 11, 1955Subsec. (c). Act , § 102(b)(5), amended last paragraph to authorize insurance of mortgages on rental properties having eight or more family units.

Aug. 11, 1955Subsec. (c)(1). Act , § 102(c), increased from $5,000,000 to $12,500,000 the limitation on the maximum amount of a mortgage.

Aug. 11, 1955Subsec. (c)(2). Act , § 102(b)(3), inserted “or mortgage on a trailer court or park”.

Aug. 11, 1955Subsec. (c)(3). Act , § 102(b)(4), inserted “or not to exceed $1,000 per space or $300,000 per mortgage for trailer courts or parks”.

Aug. 2, 19541954—Subsec. (c)(2). Act , § 115(1), (2), inserted the proviso relating to mortgage insurance with respect to construction in slum or blighted areas, and inserted the reference to Guam.

Aug. 2, 1954Subsec. (c)(3). Act , § 115(3), struck out the $10,000 per family-unit limitation, and inserted provisions permitting an increase in the limitations of $2,000 per room and $7,200 per family unit (less than four rooms) to $2,400, and $7,500, respectively, for elevator-type structures.

Aug. 2, 1954Subsec. (d). Act , § 116, inserted in first sentence “of the Housing Insurance Fund” after “debentures”.

Aug. 2, 1954Subsec. (h). Act , § 117, at end of first sentence, inserted provision relating to inclusion of foreclosure costs, costs of acquisition, and costs of conveyance to the Commissioner.

Aug. 2, 1954Subsec. (i). Act , § 112(b), substituted in second sentence a twenty-year period for the ten-year period, with respect to the maturity of debentures.

June 30, 19531953—Subsec. (c). Act , § 5(a), added par. following par. (3).

June 30, 1953Subsec. (c)(2). Act , § 5(a), substituted “80 per centum of the estimated value of the property or project (when the proposed improvements are completed)” for limitation of 90 per centum of value attributable to dwelling use up to $7,000 per family unit, 60 per centum of such value over $7,000 and up to $10,000, and 90 per centum of value attributable to non-dwelling use.

June 30, 1953Subsec. (c)(3). Act , § 5(a), substituted provisions for maximum mortgage amount of $2,000 per room (or $7,200 per family unit if the number of rooms does not equal or exceed four per family unit), up to $10,000 per family unit, for provisions which fixed a limitation of $8,100 per family unit (or $7,200 if the number of rooms was less than four per family unit), provided for amortization of the mortgage and rate of interest, provided for consent to release of part of mortgaged property, prohibited acceptance of mortgages on properties not economically sound, and provided for inclusion with mortgaged properties adequate commercial and community facilities.

June 30, 1953Subsec. (i). Act , § 5(b), substituted in second sentence, “ten” years for “twenty” years.

July 14, 19521952—Subsec. (a)(7). Act , inserted “Guam,” after “District of Columbia,”.

Sept. 1, 19511951—Subsec. (c)(2). Act , § 605, in cl. (i), substituted “of the property or project attributable to dwelling use” for “of the property or proj­ect”; in cl. (ii), inserted “and” after “unit”; and added cl. (iii).

Sept. 1, 1951Subsec. (c)(3). Act , § 605, substituted “four per family unit” for “four and one-half per family unit”.

Sept. 1, 1951Subsec. (i). Act , § 604(b), substituted in second sentence the provision that such debentures shall mature twenty years after the date thereof, for the provision that they should mature three years after the first day of July following the maturity date of the mortgage in exchange for which the debentures were issued.

Apr. 20, 19501950—Act , § 122, substituted “Commissioner” for “Administrator” wherever appearing.

Apr. 20, 1950Subsec. (b). Act , § 106, added last two unnumbered pars.

Apr. 20, 1950Subsec. (c)(2). Act , § 107(1), provided that the mortgage would not exceed 90% of the first $7,000 estimated value of the property and 60% of such estimated value in excess of $7,000 and not in excess of $10,000.

Apr. 20, 1950Subsec. (c)(3). Act , § 107(2), (3), provided a dollar mortgage limitation of $8,100 per family unit or $7,200 per family unit if the number of rooms did not equal or exceed four and one-half per family unit, and struck out “, except that with respect to mortgages insured under the provisions of the second proviso of paragraph (2) of this subsection, which mortgages are authorized to have a maturity of not exceeding forty years from the date of insurance of the mortgage, such interest rate shall not exceed 4 per centum per annum” in first sentence of last par.

Apr. 20, 1950Subsec. (d). Act , § 108, struck out “one-half of” before “1 per centum” in proviso.

Apr. 20, 1950Subsec. (f). Act , § 109, inserted “and section 1715e” before “of this title” wherever appearing.

Apr. 20, 1950section 1715a of this titleSubsec. (g). Act , § 110, inserted “and any mortgage insurance premiums paid after default” after “preservation of the property” in cl. (C) of last sentence, and substituted proviso of last sentence for the one reading “That the mortgagee in event of a default under the mortgage, may, at its option and in accordance with rules and regulations to be prescribed by the Commissioner, proceed to foreclose on or otherwise acquire the property as provided in the case of a mortgage which is in default under and receive the benefits of the insurance as provided in such section”.

Apr. 20, 1950Subsec. (h). Act , § 111, substituted “under this section” after “claim issued” in first sentence for “by the Commissioner to any mortgagee upon the assignment of the mortgage to the Commissioner”.

Apr. 20, 1950Subsec. (i). Act , § 112, struck out first sentence and substituted “Debentures issued under this section shall be executed in the name of the Housing Insurance Fund as obligor, shall be signed by the Commissioner by either his written or engraved signature, shall be negotiable, and shall be dated as of the date of default as determined in subsection (g) of this section and shall bear interest from such date”.

Aug. 10, 19481948—Subsec. (b)(1) Act , § 101(m), substituted “restricted by Federal or State laws or regulations of State banking or insurance departments” for “formed under and restricted by Federal or State housing laws”.

Aug. 10, 1948Subsec. (c). Act , § 101(n)(1)–(3), amended first sentence generally, inserted “except that with respect to mortgages insured under the provisions of the second proviso of paragraph numbered (2) of this subsection, which mortgages are hereby authorized to have a maturity of not exceeding forty years from the date of the insurance of the mortgage, such interest rate shall not exceed 4 per centum per annum” at end of second sentence, and inserted last sentence.

July 1, 1948Act , inserted proviso.

Aug. 10, 1948oSubsec. (g). Act , § 101(), substituted, in cl. (ii), “(1)” for “(2)”.

Aug. 10, 1948Subsec. (h). Act , § 101(p), substituted “retained by the Housing Administrator and credited to the Housing Insurance Fund” for “paid to the mortgagor of such property”.

Aug. 10, 1948Subsec. (q). Act , § 101(r), added subsec. (q).

Mar. 28, 19411941—Subsec. (a)(1). Act , § 4(b)(1), struck out “district or territory”.

Mar. 28, 1941Subsec. (a)(7). Act , § 4(b)(2), added par. (7).

June 3, 19391939—Subsec. (c). Act , amended first sentence generally.

Feb. 3, 19381938—Act of , amended section generally.

Aug. 23, 19351935—Act , inserted “property” before “project” in last sentence.

Statutory Notes and Related Subsidiaries

Effective Date of 1983 Amendment

Pub. L. 98–181, title INov. 30, 198397 Stat. 1220

Effective Date of 1981 Amendment

Pub. L. 97–35Oct. 1, 1981section 371 of Pub. L. 97–35section 3701 of this titleAmendment by effective , see , set out as an Effective Date note under .

Effective Date of 1954 Amendment

Aug. 2, 1954Aug. 2, 1954section 1710 of this titleAmendment by section 112(b) of act , as not applicable in any case where the mortgage involved was insured or the commitment for the insurance was issued prior to , see section 112(e) of that act, set out as a note under .

Repeals

Pub. L. 90–301, § 3(b)May 7, 196882 Stat. 114Pub. L. 98–181, title INov. 30, 198397 Stat. 1208The directory language of, but not the amendment made by, , , , cited as a credit to this section, was repealed by [title IV, § 404(a)], , .

Regulations

Pub. L. 102–550, title V, § 509(h)Oct. 28, 1992106 Stat. 3783

Delegation of Processing of Mortgage Insurance

Pub. L. 101–625, title III, § 328Nov. 28, 1990104 Stat. 4138Pub. L. 102–242, title II, § 226Dec. 19, 1991105 Stat. 2307

Limitation on Number of Dwelling Units With Mortgages Not Providing for Complete Amortization

Pub. L. 98–181, title INov. 30, 198397 Stat. 1228

September 2, 1964Amendments 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

Pub. L. 88–560, title I, § 107(g)Sept. 2, 196478 Stat. 776Pub. L. 90–19, § 21(a)May 25, 196781 Stat. 25lSept. 2, 1964, , , as amended by , , , provided that if the Secretary of Housing and Urban Development determined that it would be inequitable to apply the provisions of the National Housing Act as amended by section 107 [amending sections 1713, 1715e, 1715k, 1715, 1715v, and 1748h–2 of this title] to a project which had been submitted for his consideration prior to , such provisions could be applied to such project without regard to the amendments made by section 107.

Executive Documents

Termination of Trust Territory of the Pacific Islands

section 1681 of Title 48For termination of Trust Territory of the Pacific Islands, see note set out preceding , Territories and Insular Possessions.