12 U.S.C. § 1715k

Editorial Notes

References in Text

act July 15, 1949, ch. 33863 Stat. 41342 U.S.C. 1460section 5316 of Title 42Jan. 1, 1975section 1441 of Title 42The Housing Act of 1949, as amended, referred to in subsecs. (d)(1)(A), (B)(ii), and (h)(1), is , . Title I of the Housing Act of 1949, which was classified generally to subchapter II (§ 1450 et seq.) of chapter 8A of Title 42, The Public Health and Welfare, including sections 110, 111, and 117 [, 1462, 1468], was omitted from the Code pursuant to which terminated the authority to make loans or grants under such title I after . For complete classification of this Act to the Code, see Short Title note set out under and Tables.

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 (d)(3)(B)(iii)(III), was repealed by [title IV, § 483(a)], , .

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

section 1710 of this titlePub. L. 105–276, title VI, § 602(1)Oct. 21, 1998112 Stat. 2674Subsection (h) of , referred to in subsec. (f)(1), was redesignated subsec. (i) by , , .

section 1710 of this titlePub. L. 105–276, title VI, § 601(c)Oct. 21, 1998112 Stat. 2673Subsection (k) of , referred to in subsec. (f)(1), was repealed by , , .

act June 27, 1934, ch. 84748 Stat. 1246This chapter, referred to in subsec. (h)(9) to (11), 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.

Amendments

Pub. L. 110–161section 1712a of this titlesection 1712a of this title2007—Subsec. (d)(3)(B)(iii)(III). substituted “) by not to exceed 170 percent in any geographical area where the Secretary finds that cost levels so require and by not to exceed 170 percent, or 215 percent in high cost areas, where the Secretary determines it necessary on a project-by-project basis” for “)) by not to exceed 140 percent in any geographical area where the Secretary finds that cost levels so require and by not to exceed 140 percent, or 170 percent in high cost areas, where the Secretary determines it necessary on a project-by-project basis”.

Pub. L. 108–2132004—Subsec. (d)(3)(B)(iii)(V). struck out “with respect to rehabilitation projects involving not more than five family units,” after “(V)”.

Pub. L. 108–1862003—Subsec. (d)(3)(B)(iii). substituted “; (III)” for “with respect to dollar amount limitations applicable to rehabilitation projects described in subclause (II),”, redesignated subcls. (III) and (IV) as (IV) and (V), respectively, 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. 107–326section 1712a of this titlesection 1712a of this titleProvidedProvided furtherAnd provided further2002—Subsec. (d)(3)(B)(iii). inserted subcl. (I) designation after “(iii)” and substituted “design; and (II)” for “design; and except that”, “any of the dollar amount limitations in subparagraph (B)(iii)(I) (as such limitations may have been adjusted in accordance with )” for “any of the foregoing dollar amount limitations contained in this clause”, “with respect to dollar amount limitations applicable to rehabilitation projects described in subclause (II), the Secretary may, by regulation, increase the dollar amount limitations contained in subparagraph (B)(iii)(I) (as such limitations may have been adjusted in accordance with )” for “: , That the Secretary may, by regulation, increase any of the foregoing dollar amount limitations contained in this clause (as determined after the application of the preceding proviso”, “; (III)” for “: ,”, “subparagraph (B)(iii)(I) shall preclude” for “subparagraph shall preclude”, and “; (IV) with respect to rehabilitation projects involving not more than five family units, the Secretary may further increase any of the dollar limitations which would otherwise apply to such projects” for “: , That the Secretary may further increase any of the dollar amount limitations which would otherwise apply for the purpose of this clause”.

Pub. L. 107–732001—Subsec. (d)(3)(B)(iii). 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, 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. (d)(3)(B)(iii). substituted “$56,160” for “$59,160”.

Pub. L. 102–550, § 509(c)1992—Subsec. (d)(3)(B)(iii). , 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(c)Subsec. (h)(7). , 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”, in fourth sentence, substituted “and, in the case of debentures issued in certificated registered form, the guaranty” for “and the guaranty”, inserted after fifth sentence “Debentures issued under this subsection shall be in such form and amounts; shall be subject to such terms and conditions; and shall include such provisions for redemption, if any, as may be prescribed by the Secretary of Housing and Urban Development, with the approval of the Secretary of the Treasury; and may be in book entry or certificated registered form, or such other form as the Secretary of Housing and Urban Development may prescribe in regulations.” and struck out at end “Debentures issued under this subsection shall be in such form and denominations in multiples of $50, shall be subject to such terms and conditions, and shall include such provisions for redemption, if any, as may be prescribed by the Secretary with the approval of the Secretary of the Treasury, and they may be in coupon or registered form. Any difference between the amount of the debentures to which the financial institution is entitled, 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 financial institution from the General Insurance Fund.”

Pub. L. 102–40section 5303A(d) of title 38section 3103A(d) of title 381991—Subsec. (d)(3)(A)(i). substituted “” for “”.

Pub. L. 100–242, § 405(2)September 7, 1980October 16, 1981section 3103A(d) of title 381988—Subsec. (d)(3)(A)(i). , inserted before semicolon at end “, except that persons enlisting in the armed forces after , or entering active duty after , shall have their eligibility determined in accordance with ”.

Pub. L. 100–242, § 406(b)(9)Subsec. (d)(3)(A)(ii) to (iv). , redesignated former cl. (iv) as (ii) and struck out “(except as provided in cl. (iii))”, and struck out former cls. (ii) and (iii) which read as follows:

“(ii) in a case where the mortgagor is not the occupant of the property and intends to hold the property for rental purposes, have a principal obligation in an amount not to exceed 93 per centum of the amount computed under the provisions of clause (i);

“(iii) in a case where the mortgagor is not the occupant of the property and intends to hold the property for the purpose of sale, have a principal obligation in an amount not to exceed 85 per centum of the amount computed under the provisions of clause (i), or in the alternative, in an amount equal to the amount computed under the provisions of clause (i) if the mortgagor and mortgagee assume responsibility in a manner satisfactory to the Secretary for the reduction of the mortgage by an amount not less than 15 per centum of the outstanding principal amount thereof, or by such greater amount as may be required to meet the limitations of clause (iv), in the event the mortgaged property is not, prior to the due date of the eighteenth amortization payment of the mortgage, sold to a purchaser acceptable to the Secretary who is the occupant of the property and who assumes and agrees to pay the mortgage indebtedness; and”.

Pub. L. 100–242, § 426(c)section 1720 of this titleNovember 30, 1983section 1720 of this titleSubsec. (d)(3)(B)(iii). , (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. 98–181, § 432(a)1983—Subsec. (d)(3)(B)(ii). , struck out proviso that in no case involving refinancing would the mortgage exceed the estimated cost of repair and rehabilitation and the amount, as determined by the Secretary, required to refinance existing indebtedness secured by the property or project.

Pub. L. 98–181, § 404(b)(6)Subsec. (d)(4). , substituted provision that the interest rate be at such rate as agreed upon by the mortgagor and mortgagee for provision that the interest rate, exclusive of premium charges for insurance and service charges if any, not exceed 5 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 as the Secretary finds necessary to meet the mortgage market.

Pub. L. 98–181, § 446(c), inserted “(unless otherwise approved by the Secretary)” after “periodic payments”.

Pub. L. 98–181, § 404(b)(7)Subsec. (h)(2)(iii). , substituted provision that the rate of interest be such rate as agreed upon by the mortgagor and mortgagee for provision that the rate of interest not exceed the rate prescribed by the Secretary, but not in excess of 6 per centum per annum of the amount of the principal obligation outstanding at any time, and such other charges as approved by the Secretary.

Pub. L. 97–377section 1720 of this title1982—Subsec. (d)(3)(B)(iii). 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. 97–351981—Subsec. (d)(3)(B)(iii). inserted “therein” after “installation” and struck out “therein” after “measure”.

Pub. L. 96–399, § 311(a)1980—Subsec. (d)(1)(A)(v). , added cl. (v).

Pub. L. 96–399, § 336(b)section 1709(b) of this titleSubsec. (d)(3)(A)(i). , substituted provisions relating to the applicable maximum principal obligation which may be insured in the area under , for provisions setting forth dollar amounts of $67,500 for one-family property, $76,000 for two-family, $92,000 for three-family, and $107,000 for four-family or more than four-family, and substituted “$9,165” for “$8,250”.

Pub. L. 96–399, § 310(c)Subsec. (d)(3)(B)(iii). , inserted proviso relating to increases in dollar amount limitations.

Pub. L. 96–399, § 311(b)Subsec. (d)(3)(B)(iv). , inserted provisions relating to locally developed strategy for neighborhood improvement, etc.

Pub. L. 96–399, § 333(b)Subsec. (h)(2)(iv). , struck out “or three-quarters of the remaining economic life of the structure, whichever is the lesser” after “loan”.

Pub. L. 96–153, § 312(b)1979—Subsec. (d)(3)(A)(i). , substituted “$67,500” for “$60,000”, “$76,000” for “$65,000” where it first appeared, “$92,000” for “$65,000” where it appeared the second time, “$107,000” for “$75,000”, and “$8,250” for “$7,700”.

Pub. L. 96–153, § 314Subsec. (d)(3)(B)(iii). , in first proviso substituted “75 per centum” for “50 per centum” and inserted exception that the dollar amount limitations may be exceeded not to exceed 90 per centum where the Secretary determines it to be necessary.

Pub. L. 95–241977—Subsec. (d)(1)(A)(ii). struck out “in a community respecting which the Secretary of Housing and Urban Development has made the determination provided for by section 101(c) of the Housing Act of 1949, as amended” after “(as defined in title I of the Housing Act of 1949, as amended)”.

Pub. L. 95–128Subsec. (d)(3)(A). substituted “$60,000” for “$45,000”, “$65,000” for “$48,750” and “$75,000” for “$56,000” wherever appearing in provisions preceding cl. (1); substituted in text preceding first proviso “and (2) 95 per centum of such value in excess of $25,000” for “, (2) 90 per centum of such replacement cost in excess of $25,000 but not in excess of $35,000, (3) 80 per centum of such replacement cost in excess of $35,000” and in second proviso “and (2) 95 per centum of such value in excess of $25,000” for “, (2) 90 per centum of such replacement cost in excess of $25,000 but not in excess of $35,000, and (3) 85 per centum of such replacement cost in excess of $35,000”.

Pub. L. 94–3751976—Subsec. (d)(3)(B)(iii). 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”, “$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. (d)(3)(B)(iii). 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, § 302(b)1974—Subsec. (d)(3)(A)(i). , substituted “$45,000” for “$33,000”, “$48,750” for “$35,750”, and “$56,000” for “$41,250” wherever appearing in provisions preceding cl. (1).

Pub. L. 93–383, § 310(b)(1)Subsec. (d)(3)(A)(i)(1). , substituted “$25,000” for “$15,000”.

Pub. L. 93–383, § 310(b)(2)Subsec. (d)(3)(A)(i)(2). , substituted “$25,000” for “$15,000” and “$35,000” for “$25,000”.

Pub. L. 93–383, § 310(b)(3)Subsec. (d)(3)(A)(i)(3). , substituted “$35,000” for “$25,000”.

Pub. L. 93–383, § 304(d)Subsec. (d)(3)(B)(i). , struck out cl. (i) which set forth mortgage ceiling of $50,000,000.

Pub. L. 93–383, § 303(c)Subsec. (d)(3)(B)(iii). , substituted “$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”.

Pub. L. 91–1521969—Subsec. (d)(3)(A)(i). , §§ 102(b), 113(d)(1), substituted “$7,700” for “$7,000”, “$25,000” for “$20,000” wherever appearing, “$33,000” for “$30,000”, “$35,750” for “$32,500”, and “$41,250” for “$37,500” wherever appearing.

Pub. L. 91–152, § 104Subsec. (d)(3)(B)(i). , substituted provisions that the mortgage not exceed $50,000,000 for provisions that the mortgage not exceed $30,000,000, or, if executed by a mortgagor within subsec. (d)(2)(B) of this section, not exceed $50,000,000.

Pub. L. 91–152, § 113(d)(2)Subsec. (d)(3)(B)(iii). , (3), substituted “$9,900” for “$9,000”, “$11,550” for “$10,500”, “$13,750” for “$12,500”, “$16,500” for “$15,000” wherever appearing, “$19,800” for “$18,000”, “$20,350” for “$18,500”, “$23,100” for “$21,000”, “$24,750” for “$22,500”, and “$28,050” for “$25,000”.

Pub. L. 91–152, § 113(d)(4)Subsec. (h)(2)(i). , substituted “$12,000” for “$10,000”.

Pub. L. 90–448, § 1722(g)1968—Subsec. (d)(2)(B). , substituted “corporations or other legal entities restricted by or under” for “corporations restricted by”.

Pub. L. 90–448, § 311(a)section 1460(c)(8) of Title 42Subsec. (d)(3)(B)(ii). , inserted proviso to permit the mortgage to involve the financing of the purchase of property which has been rehabilitated by a local public agency with Federal assistance pursuant to .

Pub. L. 90–19, § 1(a)(3)1967—, substituted “Secretary” for “Commissioner” wherever appearing in subsecs. (b), (d)(1)(B), (d)(2)(A), (d)(3)(A)(i), (iii), (iv), (d)(3) (B)(ii) to (iv), (d)(4), (e), (f)(3), (h) (1), (h)(1)(C), (h)(2)(i) to (v), (h)(3), (5) to (7), (h)(9)(B), and (h)(10), (11).

Pub. L. 90–19, § 1(a)(4), substituted “Secretary’s” for “Commissioner’s” wherever appearing in subsecs. (d)(3)(A)(i)(B), (ii) and (h)(2)(i), (9)(A).

Pub. L. 90–19, § 1(g)(1)Subsec. (d)(1)(A). –(4), substituted “Secretary of Housing and Urban Development” and “Secretary” for “Housing and Home Finance Administrator” and “Administrator” wherever appearing, “determination” for “certification to the Commissioner”, and “determined” for “certified to the Commissioner” wherever appearing, respectively.

Pub. L. 89–754, § 3051966—Subsec. (d)(3)(A)(i). , increased the rate in cl. (3) from 75 to “80 per centum of such replacement cost in excess of $20,000” and inserted proviso respecting mortgage limits of a mortgagor who is a veteran and the mortgage to be insured covers property upon which there is located a dwelling designed principally for a one-family residence and definition of “veteran”.

Pub. L. 89–754, § 306Provided furtherProvidedSubsec. (d)(3)(B)(iii). , provided that with respect to rehabilitation projects involving not more than five family units, the Secretary may by regulation increase by 25 per centum any of the dollar amount limitations contained in this clause which are applicable to units with two, three, or four or more bedrooms, inserted “as determined after the application of the preceding proviso” before “by not to exceed 45 per centum”, and substituted “, That nothing” for “, That nothing”.

Pub. L. 89–117, § 311(c)1965—Subsec. (d)(1)(A). , inserted cl. (iv).

Pub. L. 89–117, § 1108(h)(1)Subsec. (d)(2). , substituted “the General Insurance Fund” for “the section 220 Housing Insurance Fund” wherever appearing.

Pub. L. 89–117, § 209(1)Subsec. (d)(3)(A)(i). , struck out a second proviso which, in a case involving refinancing, prohibited the mortgage to exceed the estimated cost of repair and rehabilitation and the amount required to refinance existing indebtedness secured by the property or project.

Pub. L. 89–117, § 209(2)Subsec. (d)(3)(A)(ii). , substituted provisions prohibiting the mortgage, in a case where the mortgagor is not the occupant of the property and intends to hold the property for rental purposes, to have a principal obligation in an amount in excess of 93 per centum of the amount computed under the provisions of cl. (i) for provisions which prohibited the mortgage, in a case where a mortgagor is not the occupant of the property, to have a principal obligation in excess of an amount equal to 85 per centum of the amount computed under cl. (i).

Pub. L. 89–117, § 209(2)Subsec. (d)(3)(A)(iii), (iv). , added cls. (iii) and (iv).

Pub. L. 89–117, § 207(c)Subsec. (d)(3)(B)(iii). , 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 $25,500 per family unit with four or more bedrooms” for “and $22,500 per family unit with three or more bedrooms”.

Pub. L. 89–117, § 210Subsec. (d)(3)(B)(iv). , substituted “desirable and consistent with the urban renewal plan” for “adequate to serve the needs of the occupants of the property and of other housing in the neighborhood”, and inserted proviso.

Pub. L. 89–117, § 1108(h)(1)section 1713 of this titleSubsec. (f). , (2), substituted “the General Insurance Fund” for “the section 220 Housing Insurance Fund” wherever appearing and, in par. (3), struck out provision that, as to mortgages acquired hereunder, all references in to the Housing Insurance Fund, the Housing Fund, or the Fund shall be construed to refer to the section 220 Housing Insurance Fund.

Pub. L. 89–117, § 1108(h)(3)Subsec. (g). , repealed subsec. (g) which created the section 220 Housing Insurance Fund, provided for transfer of funds thereto, and authorized purchase and cancellation of debentures and the receipt and payment of charges and fees.

Pub. L. 89–117, § 311(d)section 1468 of title 42Subsec. (h)(1). , inserted “or in an area in which a program of concentrated code enforcement activities is being carried out pursuant to ”.

Pub. L. 89–117, § 211(a)Subsec. (h)(2)(i). , inserted proviso permitting the Commissioner by regulation to increase the amount by not to exceed 45 per centum in any geographical area where he finds that cost levels so require.

Pub. L. 89–117, § 1108(h)(3)Subsec. (h)(4). , repealed par. which created the Home Improvement Account and provided for the transfer of funds thereto, credit and charges to such Account, and disposition of surplus moneys.

Pub. L. 89–117, § 1108(h)(4)Subsec. (h)(5), (7). , substituted “General Insurance Fund” for “section 220 Home Improvement Account” wherever appearing.

Pub. L. 89–117, § 211(b)Subsec. (h)(11). , inserted “or such additional amount as the Commissioner has by regulation prescribed in any geographical area where he finds cost levels so require pursuant to the authority vested in him by proviso in paragraph (2)(i) of this subsection”.

Pub. L. 88–560, § 1101964—Subsec. (d)(3)(A)(i). , increased the maximum amount of the principal obligation for one-family residences from $25,000 to $30,000, for two-family residences from $27,500 to $32,500, for three-family residences from $30,000 to $32,500, for four-family residences from $35,000 to $37,500, and for more-than-four-family residences from $35,000 to $37,500.

Pub. L. 88–560, § 111Subsec. (d)(3)(B)(i). , substituted “$30,000,000” for “$20,000,000”.

Pub. L. 88–560, § 107(c)Subsec. (d)(3)(B)(iii). , 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(c)(1)Subsec. (f)(3). , inserted “If the insurance payment is made in cash, there shall be added to such payment an amount equivalent to the interest which the debentures would have earned, computed to a date to be established pursuant to regulations issued by the Commissioner”.

Pub. L. 88–560, § 112(a)Subsec. (h)(1). , designated definitions of “home improvement loan”, “improvement”, and “financial institution” in second sentence as cls. (A)(i), (B), and (C), respectively, and added cl. (A)(ii) to definition of “home improvement loan”.

Pub. L. 88–560, § 112(b)Subsec. (h)(2)(i). , inserted “, and be limited as required by paragraph (11) of this subsection”.

Pub. L. 88–560, § 113Subsec. (h)(2)(vi). , substituted “an expiration date in excess of 10 years later than the maturity date of the loan” for “a period of not less than 50 years to run from the date of the loan”.

Pub. L. 88–560, § 105(c)(1)Subsec. (h)(6). , inserted “If the insurance payment is made in cash, there shall be added to such payment an amount equivalent to the interest which the debentures would have earned, computed to a date to be established pursuant to regulations issued by the Commissioner”.

Pub. L. 88–560, § 112(c)Subsec. (h)(11). , added par. (11).

Pub. L. 87–70, § 102(a)(2)1961—Subsec. (a). , substituted “loan and mortgage insurance” for “mortgage insurance”.

Pub. L. 87–70Subsec. (d)(3)(A)(i). , §§ 102(a)(1), 609, increased the maximum amount of the principal obligation for one-family residences from $22,500 to $25,000, and for two-family residences from $25,000 to $27,500, substituted “$15,000” for “$13,500” in two places, “$20,000” for “$18,000” in two places, “75 per centum” for “70 per centum”, and “shall be based upon the sum of the estimated cost of repair and rehabilitation and the Commissioner’s estimate of the value of the property before repair and rehabilitation rather than upon the Commissioner’s estimate of the replacement cost” for “shall be based upon appraised value rather than upon the Commissioner’s estimate of the replacement cost” in proviso relating to limitations upon the amount of the mortgage in the case of properties other than new construction, and inserted proviso which limits, in cases involving refinancing, the amount of the mortgage to not more than the estimated cost of repair and rehabilitation and the amount (as determined by the Commissioner) required to refinance existing indebtedness secured by the property or project.

Pub. L. 87–70, § 102(a)(1)Subsec. (d)(3)(B)(ii). , substituted “shall be based upon the sum of the estimated cost of repair and rehabilitation and the Commissioner’s estimate of the value of the property before repair and rehabilitation rather than upon the Commissioner’s estimate of the replacement cost” for “shall be based upon appraised value rather than upon the Commissioner’s estimate of the replacement cost” in proviso relating to limitations upon the amount of the mortgage in the case of properties other than new construction, and inserted the proviso which limits, in cases involving refinancing, the amount of the mortgage to not more than the estimated cost of repair and rehabilitation and the amount (as determined by the Commissioner) required to refinance existing indebtedness secured by the property or project.

Pub. L. 87–70, § 612(g)Subsec. (f)(3). , added par. (3).

Pub. L. 87–70, § 102(a)(3)Subsec. (h). , added subsec. (h).

Pub. L. 86–372, § 109(a)(1)1959—Subsec. (d)(3)(A)(i). , (2), increased the maximum amount of the principal obligation for one-family residences from $20,000 to $22,500, for two-family residences from $20,000 to $25,000, and for three-family residences from $27,500 to $30,000, and increased the maximum amount of loans over $13,500 from 85 percent of the value in excess of $13,500 but not in excess of $16,000 to 90 percent of the value in excess of $13,500 but not in excess of $18,000.

Pub. L. 86–372, § 109(a)(3), inserted proviso in subsec. (d)(3)(A)(ii) making the 85 per centum limitation inapplicable if the mortgagor and mortgagee assume responsibility for the reduction of the mortgage by an amount not less than 15 per centum of the outstanding principal amount thereof in the event the mortgaged property is not, prior to the due date of the 18th amortization payment of the mortgage, sold to a purchaser acceptable to the Commissioner who is the occupant of the property and who assumes and agrees to pay the mortgage indebtedness.

Pub. L. 86–372, § 109(b)Subsec. (d)(3)(B)(i). , substituted “$20,000,000” for “$12,500,000”.

Pub. L. 86–372, § 109(c)Subsec. (d)(3)(B)(iii). –(e), inserted “(excluding exterior land improvements as defined by the Commissioner)” after “dwelling use”, and 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”, and “$1,250” for “$1,000”.

Pub. L. 86–372, § 109(e)Subsec. (d)(3)(B)(iv). , added cl. (iv).

Pub. L. 86–372, § 116(b)section 1710 of this titleSubsec. (f)(1). , inserted reference to subsec. (k) of .

Pub. L. 85–3641958—Subsec. (d)(3)(A)(i). substituted “$13,500” for “$10,000” in two places.

Pub. L. 85–104, § 1021957—Subsec. (d)(3). , amended provisions generally, and, among other changes, raised maximum mortgage obligation from 95 to 97 percent, inserted “unless the construction of the dwelling was completed more than one year prior to the application for mortgage insurance”, and as to estimated replacement cost, raised figure from $9,000 to $10,000 and provided for 85 percent of such replacement cost in excess of $10,000 and 70 percent in excess of $16,000, in lieu of former provisions allowing 75 percent of such cost in excess of $9,000 with Presidential authority to increase dollar amounts to $10,000.

Pub. L. 85–10Subsec. (d)(3)(B)(iii). substituted “without regard to the number of rooms being less than four, or four or more” for “or per family unit, as the case may be”, in second proviso.

Pub. L. 85–104, § 112section 1710 of this titlesection 1710 of this titleSubsec. (f)(1). , substituted “(h), and (j) of ” for “and (h) of ”.

Aug. 7, 1956section 1462 of this title1956—Subsec. (d)(1)(A). Act , § 307(b), provided mortgage insurance assistance for urban renewal areas under without requiring the programs required of areas in cl. (i) or cl. (ii).

Aug. 7, 1956Subsec. (d)(3)(B)(ii). Act , § 107(a), inserted “, and shall include an allowance for builder’s and sponsor’s profit and risk of 10 per centum of all of the foregoing items except the land unless the Commissioner, after certification that such allowance is unreasonable, shall by regulation prescribe a lesser percentage” after “approved by the Secretary”.

Aug. 7, 1956Provided furtherSubsec. (d)(3)(B)(iii). Act , § 107(b), substituted “” for “except”, substituted “any of the foregoing dollar amount limitations” for “the foregoing limits” and inserted “or per family unit, as the case may be,” after “$1,000 per room”.

Aug. 11, 19551955—Subsec. (d)(3)(A). Act , § 102(g)(1), provided that the maximum amount of a mortgage to be insured may be determined on the bases of estimated replacement cost, and required determination upon appraised value in case of properties other than new construction.

Aug. 11, 1955Subsec. (d)(3)(B). Act , § 102(c), (g)(2), increased from $5,000,000 to $12,500,000 the limitation on the maximum amount of a mortgage, provided that the maximum amount of a mortgage to be insured may be determined on the bases of estimated replacement cost, and required determination upon appraised value in case of properties other than new construction.

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

section 406(b)(9) of Pub. L. 100–242Feb. 5, 1988Feb. 5, 1988section 406(d) of Pub. L. 100–242section 1709 of this titleAmendment by applicable only with respect to mortgages insured pursuant to conditional commitment issued on or after , or in accordance with direct endorsement program (24 CFR 200.163), if approved underwriter of mortgagee signs appraisal report for property on or after , see , set out as a note under .

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 .

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

section 446 of Pub. L. 98–181section 446(f) of Pub. L. 98–181section 1713 of this titleFor limitation on the number of dwelling units with mortgages not providing for complete amortization pursuant to authority granted by amendment to subsec. (d)(4) by , see , set out as a note under .

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

section 107(c) of Pub. L. 88–560Sept. 2, 1964section 107(g) of Pub. L. 88–560section 1713 of this titleEquitable application of amendments to subsec. (d)(3)(B)(iii) of this section by or pre-amended provisions to projects submitted for consideration prior to , see , set out as a note under .

Labor Standards

section 1715c of this titleApplication of , relating to labor standards, to certain mortgage insurance under this section, see subsec. (a) of section 1715c.