12 U.S.C. § 1715y

Editorial Notes

References in Text

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

section 1735c of this titleThe General Insurance Fund, referred to in subsec. (d)(2), was established by .

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 (e)(3)(B), was repealed by [title IV, § 483(a)], , .

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 (g), was repealed by , , .

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

Amendments

Pub. L. 110–289, § 2117(a)(1)2008—Subsec. (c). , in first sentence, struck out “and” before “(2)” and inserted “, and (3) the project has a blanket mortgage insured by the Secretary under subsection (d)” before period at end.

Pub. L. 110–289, § 2117(a)(2)section 1710 of this titlesection 1709 of this titlesection 1710(f)(1) of this titleSubsec. (g). , struck out “, except that (1) all references in to the Mutual Mortgage Insurance Fund or the Fund shall be construed to refer to the General Insurance Fund, (2) all references therein to shall be construed to refer to subsection (c) of this section, and (3) the excess remaining, referred to in , shall be retained by the Secretary and credited to the General Insurance Fund” before period at end.

Pub. L. 110–1612007—Subsec. (e)(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. 108–1862003—Subsec. (e)(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. 107–326section 1712a of this titlel2002—Subsec. (e)(3). inserted “(A)” after “(3)” and substituted “$42,048” for “$38,025”, “$48,481” for “$42,120”, “$58,469” for “$50,310”, “$74,840” for ‘$62,010”, “$83,375” for “$70,200”, “$44,250” for “$43,875”, “$50,724” for “$49,140”, “$61,680” for “$60,255”, “$79,793” for “$75,465”, “$87,588” for “$85,328”, and “; (B) the Secretary may, by regulation, increase any of the dollar limitations in subparagraph (A) (as such limitations may have been adjusted in accordance with )” for “; except that each of the foregoing dollar amounts is increased to the amount established for a comparable unit in section 1715(d)(3)(ii) of this title; and except that the Secretary may, by regulation, increase any of the foregoing dollar amount limitations contained in this paragraph”.

Pub. L. 107–732001—Subsec. (e)(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, 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. 105–18section 1709(h) of this titlesection 1709(h) of this titlesection 1709(b)(2) of this title1997—Subsec. (c). inserted “or pursuant to under the conditions described in ” after “”.

Pub. L. 103–211Feb. 12, 1994section 1709(h) of this titlesection 1709(h) of this titlesection 1709(b)(2) of this title1994—Subsec. (c). , effective for 18-month period following , for eligible persons, inserted “or pursuant to under the conditions described in ” after “”. See Applicability of 1994 Amendment note below.

Pub. L. 103–233Subsec. (e)(3). substituted “$56,160” for “$59,160”.

Pub. L. 102–5501992—Subsec. (e)(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. 100–242, § 406(b)(17)section 1709(b) of this titlesection 1709(b)(8) of this title1988—Subsec. (c). , struck out fourth sentence which read as follows: “In determining the amount of a mortgage in the case of a nonoccupant mortgagor the reference to paragraph (2) of in shall be construed to refer to the preceding sentence in this subsection.”

Pub. L. 100–242, § 426(g)Subsec. (e)(3). , 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.

Pub. L. 100–242, § 422(a)l, inserted “except that each of the foregoing dollar amounts is increased to the amount established for a comparable unit in section 1715(d)(3)(ii) of this title;” after “design;”.

Pub. L. 100–242, § 426(h)section 1720 of this titleNovember 30, 1983section 1720 of this title, 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. 98–4791984—Subsec. (k)(4). added cl. (4).

Pub. L. 98–181, § 423(b)(4)Providedsection 420(b) of Pub. L. 98–1811983—Subsec. (c). , purported to amend cl. (A) of third sentence of subsec. (c) by striking out “: , That the foregoing maximum mortgage amounts may be increased by the amount of the mortgage insurance premium paid at the time the mortgage is insured”, but this provision had been previously struck out by . See second par. below and Effective Date of 1983 Amendment note below.

Pub. L. 98–181, § 420(a), in cl. (2) substituted provision that at least 80 percent of the units in the project covered by mortgages insured under this subchapter be occupied by mortgagors or comortgagors for provision that the project be covered by a mortgage insured under any section of this chapter, except section 1715e(a)(1) and (2) of this title, notwithstanding any requirements in such section that the project be constructed or rehabilitated for providing rental housing and providing that a one-family unit in a multifamily project involving eleven or less units, or twelve or more in the case of a multifamily project the construction of which was completed more than a year prior to application for mortgage insurance, be eligible for insurance without having been covered by a project mortgage, and struck out cl. (3), which provided that the mortgagor is acquiring, or has acquired, a family unit covered by a mortgage insured under this subsection for his own use and occupancy and will not own more than four one-family units covered by mortgages insured under this subsection.

Pub. L. 98–181, § 420(b)section 1709(b)(2) of this titleProvidedsection 1709(b)(2) of this title, substituted in third sentence “(A) involve a principal obligation in an amount not to exceed the maximum principal obligation of a mortgage which may be insured in the area pursuant to ” for “(A) involve a principal obligation in an amount not to exceed $67,500, except that the Secretary may increase such maximum dollar amount on an area-by-area basis to the extent the Secretary deems necessary, after taking into consideration the extent to which moderate and middle income persons have limited housing opportunities in the area due to high prevailing housing sales prices, but in no case may such limit, as so increased, exceed the lesser of 111 per centum of such amount or 95 per centum of the median one-family house price in the area, as determined by the Secretary: , That the foregoing maximum mortgage amounts may be increased by the amount of the mortgage insurance premium paid at the time the mortgage is insured; and not to exceed the sum of (i) 97 per centum (100 per centum if the mortgagor is a veteran as defined under ) of $25,000 of the appraised value of the property as of the date the mortgage is accepted for insurance and (ii) 95 per centum of such value in excess of $25,000”.

Pub. L. 98–181, § 431(b)Subsec. (d)(2). , substituted “may, in the Secretary’s discretion, be regulated or restricted” for “shall be regulated or restricted by the Secretary”, and substituted “any such regulation or restriction” for “the regulation and restriction”.

Pub. L. 98–181, § 404(b)(11)Subsec. (f). , substituted 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.

Pub. L. 98–181, § 420(c)Subsec. (k). , added subsec. (k).

Pub. L. 97–2531982—Subsec. (c)(A). inserted provision that the foregoing maximum mortgage amounts may be increased by the amount of the mortgage insurance premium paid at the time the mortgage is insured.

Pub. L. 97–377section 1720 of this titleSubsec. (e)(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, § 339(a)1981—Subsec. (b). , inserted reference to projects in which the dwelling units are attached, semi-attached, or detached.

Pub. L. 97–35, § 339B(d)(1)Section 339B(d)(2) of Pub. L. 97–35Subsec. (c)(2). , reenacted provisions relating to covered projects in material preceding proviso in cl. (2). repealed section 318 of the Housing and Community Development Act of 1980, which previously enacted these provisions. See Repeals note set out below.

Pub. L. 97–35, § 339B(a)Subsec. (j). , inserted “therein” after “installation” and struck out “therein” after “measure”.

Pub. L. 96–3991980—Subsec. (c). , §§ 318, 333(e), 336(d), inserted provisions relating to projects approved under chapter 37 of title 38, and provisions relating to increases in the maximum dollar amounts on an area-by-area basis, and struck out applicability to determinations of three-quarters of the Secretary’s estimate of the remaining economic life of the building improvements, if so determined as the lesser amount in the computations.

Pub. L. 96–399, § 310(g)Subsec. (j). , added subsec. (j).

Pub. L. 96–153, § 312(c)1979—Subsec. (c). , substituted “$67,500” for “$60,000”.

Pub. L. 96–153, § 314Subsec. (e)(3). , 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. 95–557section 1709(b)(2) of this title1978—Subsec. (c). inserted “or twelve or more units in the case of a multifamily project the construction of which was completed more than a year prior to the application for mortgage insurance” after “less units” in cl. (2) and “(100 per centum if the mortgagor is a veteran as defined under )” after “97 per centum” in cl. (A)(i).

Pub. L. 95–1281977—Subsec. (c). substituted in cl. (A) “$60,000” for “$45,000” and “and (ii) 95 per centum of such value in excess of $25,000,” for “(ii) 90 per centum of such value in excess of $25,000 but not in excess of $35,000, (iii) 80 per centum of such value in excess of $35,000”.

Pub. L. 94–3751976—Subsec. (e)(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”, “$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. (e)(3). raised from 45 per centum to 75 per centum the amount by which any dollar limitation may, by regulation, be increased.

Pub. L. 93–3831974—Subsec. (c). , §§ 302(e), 310(d), substituted “$45,000” for “$33,000” in cl. (A), “$25,000” for “$15,000” in cl. (A)(i), “$25,000” for “$15,000” and “$35,000” for “$25,000” in cl. (A)(ii), and “$35,000” for “$25,000” and “80” for “75” in cl. (A)(iii).

Pub. L. 93–383, § 304(h)Subsec. (e)(1). , struck out par. (1) which set forth limitations on principal obligations of mortgages.

Pub. L. 93–383, § 303(g)Subsec. (e)(3). , 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 “$25,750”, and “$36,465” for “$28,050”.

Pub. L. 91–1521969—Subsec. (c). , §§ 102(d), 113(h)(1), substituted “$25,000” for “$20,000” wherever appearing, and “$33,000” for “$30,000”.

Pub. L. 91–152, § 113(h)(2)Subsec. (e)(3). , (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 “$25,500”.

Pub. L. 90–448, § 303(a)1968—Subsec. (c). , (b), made one-family units in multifamily projects involving eleven or less units eligible for insurance without having been covered by a project mortgage, and increased the maximum mortgage limits from 75 to 80 per centum of the appraised value of the property in excess of $20,000.

Pub. L. 90–448, § 303(c)Subsec. (f). , permitted blanket mortgages to cover four or more family units instead of five or more family units.

Pub. L. 90–301 limited the 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. 90–19, § 1(a)(3)1967—, substituted “Secretary” for “Commissioner” wherever appearing in subsecs. (b) to (d), (d)(1), (2), (e)(2), (3), (f), and (g).

Pub. L. 90–19, § 1(a)(4)Subsec. (c). , substituted “Secretary’s” for “Commissioner’s”.

Pub. L. 89–117, § 1108o1965—Subsec. (d)(2). ()(1), substituted “General Insurance Fund” for “Apartment Unit Insurance Fund”.

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

Pub. L. 89–117, § 1108oSubsec. (g). ()(1), (2), substituted “General Insurance Fund” for “Apartment Unit Insurance Fund”.

Pub. L. 89–117, § 1108osection 1713 of this titleSubsec. (h). ()(2), struck out reference to subsec. (m) and (p) of and provision that references therein to the Housing Insurance Fund or Housing Fund shall be construed to refer to the Apartment Unit Insurance Fund.

Pub. L. 89–117, § 1108oSubsecs. (i), (j). ()(3), redesignated subsec. (j) as (i) and repealed former subsec. (i), which created the Apartment Unit Insurance Fund, authorized transfer of funds thereto, and provided for the charging of expenses thereto.

Pub. L. 88–560, § 119(a)(1)1964—, substituted “Mortgage insurance for condominiums” for “Mortgage insurance for individually owned units in multifamily structures” in section catchline.

Pub. L. 88–560, § 119(a)(2)Subsec. (a). , substituted “project” for “structure”.

Pub. L. 88–560, § 119(a)(2)Subsec. (b). , (3), substituted “project” for “structure” in two places and “the term ‘mortgage’ for the purposes of subsection (c)” for “the term ‘mortgage’ for the purposes of this section”, respectively.

Pub. L. 88–560, § 119(a)(2)Subsec. (c). , (4) to (6), amended provisions as follows.

Section 119(a)(2) substituted “project” for “structure”, wherever appearing, and “projects” for “structures” in last sentence;

Section 119(a)(4) substituted “this subsection” for “this section”, wherever appearing, and “under any section” for “under another section” in first sentence;

Section 119(a)(5) substituted “section 1715e(a)(1) and (2)” for “section 1715e”, in two places; and

section 1713(c)(3) of this titleSection 119(a)(6) substituted in third sentence: in cl. (A), “amount not to exceed $30,000” for “amount not to exceed the limits per room and per family dwelling unit provided by ”; in cl. (A)(i), “$15,000” for “$13,500”; in cl. (A)(ii), “$15,000” and “$20,000” for “$13,500” and “$18,000”, respectively; in cl. (A)(iii), “75 per centum” and “$20,000” for “70 per centum” and “$18,000”, respectively; and in cl. (B), “thirty-five” for “thirty” years.

Pub. L. 88–560, § 119(a)(7)Subsecs. (d) to (f). , added subsecs. (d) to (f). Former subsecs. (d) to (f) renumbered subsecs. (g), (i), (j).

Pub. L. 88–560, § 119(a)(7)Subsec. (g). , (8), redesignated former subsec. (d) as (g) and substituted “subsection (c) of this section” for “this section” in three places, respectively.

Pub. L. 88–560, § 119(a)(9)Subsec. (h). , added subsec. (h).

Pub. L. 88–560, § 119(a)(7)Subsec. (i). , redesignated former subsec. (e) as (i).

Pub. L. 88–560, § 119(a)(7)section 1715t of this titleSubsec. (j). , (10), redesignated former subsec. (f) as (j), struck out reference to , and substituted “subsection (c) of this section” for “this section”.

Statutory Notes and Related Subsidiaries

Applicability of 1994 Amendment

Pub. L. 103–211Feb. 12, 1994Pub. L. 103–211section 1709 of this titleEligibility for loans made under authority granted by amendment by limited to persons whose principal residence was damaged or destroyed as a result of the January 1994 earthquake in Southern California, with such amendment effective only for 18-month period following , see provision of title I of , set out as a note under .

Effective Date of 1988 Amendment

section 406(b)(17) 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 1983 Amendment

section 431(b) of Pub. L. 98–181Nov. 30, 1983section 431(c) of Pub. L. 98–181section 1713 of this titleAmendment by not to apply with respect to mortgages insured by the Secretary of Housing and Urban Development before , see , set out as a note under .

section 423(b)(4) of Pub. L. 98–181section 423(c) of Pub. L. 98–181section 1709 of this titleFor effective date of amendment by , 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 .

Repeals

Pub. L. 90–301, § 3(e)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)], , .

Section 318 of Pub. L. 96–399Pub. L. 97–35, title III, § 339B(d)(2)Aug. 13, 198195 Stat. 417, cited as a credit to this section, was repealed by , , . See 1981 Amendments note for subsec. (c)(2) set out above.

Implementation of 1982 Amendment

Pub. L. 97–253section 201(g) of Pub. L. 97–253section 1709 of this titleAmendment by to be implemented only if Secretary determines that program of advance payment of insurance premiums, considering effect of said amendment, is actuarially sound, see , set out as a note under .