§ 1713. Rental housing insurance

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1934

   National Housing Act.”

   Pub. L. 73–847 · 48 Stat. 1246

   Enacted · 12 U.S.C. § 1713

   June 27, 1934, ch. 847, title II, § 207, 48 Stat. 1252

   Source evidence

   Code source credit
   June 27, 1934, ch. 847, title II, § 207, 48 Stat. 1252

2. 1939

   Public Law not identified

   Amended · 12 U.S.C. § 1713(c)

   Subsec. (c). Act June 3, 1939, amended first sentence generally

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (c). Act June 3, 1939, amended first sentence generally.

3. 1941

   Public Law not identified

   Struck · 12 U.S.C. § 1713(a)(1)

   Subsec. (a)(1). Act Mar. 28, 1941, § 4(b)(1), struck out “district or territory”

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (a)(1). Act Mar. 28, 1941, § 4(b)(1), struck out “district or territory”.

4. 1941

   Public Law not identified

   Added · 12 U.S.C. § 1713(a)(7)

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

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

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

5. 1948

   Public Law not identified

   Substituted · 12 U.S.C. § 1713(b)(1)

   Subsec. (b)(1) Act Aug. 10, 1948, § 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”

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (b)(1) Act Aug. 10, 1948, § 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”.

6. 1948

   Public Law not identified

   1. Amended · 12 U.S.C. § 1713(c)

      Subsec. (c). Act Aug. 10, 1948, § 101(n)(1)–(3), amended first sentence generally

   2. Inserted · 12 U.S.C. § 1713(c)

      Subsec. (c). Act Aug. 10, 1948, § 101(n)(1)–(3), 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

   3. Inserted · 12 U.S.C. § 1713(c)

      Subsec. (c). Act Aug. 10, 1948, § 101(n)(1)–(3), inserted last sentence

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (c). Act Aug. 10, 1948, § 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.

   Act July 1, 1948, inserted proviso.

7. 1948

   Public Law not identified

   Substituted · 12 U.S.C. § 1713(g)

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

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (g). Act Aug. 10, 1948, § 101(o), substituted, in cl. (ii), “(1)” for “(2)”.

8. 1948

   Public Law not identified

   Substituted · 12 U.S.C. § 1713(h)

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

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

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

9. 1948

   Public Law not identified

   Added · 12 U.S.C. § 1713(q)

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

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

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

10. 1950

    Public Law not identified

    Added · 12 U.S.C. § 1713(b)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

11. 1950

    Public Law not identified

    Changed · 12 U.S.C. § 1713(c)(2)

    Subsec. (c)(2). Act Apr. 20, 1950, § 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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(2). Act Apr. 20, 1950, § 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.

12. 1950

    Public Law not identified

    Struck · 12 U.S.C. § 1713(c)(3)

    Subsec. (c)(3). Act Apr. 20, 1950, § 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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(3). Act Apr. 20, 1950, § 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.

13. 1950

    Public Law not identified

    Struck · 12 U.S.C. § 1713(d)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

14. 1950

    Public Law not identified

    Inserted · 12 U.S.C. § 1713(f)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

15. 1950

    Public Law not identified

    1. Inserted · 12 U.S.C. § 1713(g)

       Subsec. (g). Act Apr. 20, 1950, § 110, inserted “and any mortgage insurance premiums paid after default” after “preservation of the property” in cl. (C) of last sentence

    2. Substituted · 12 U.S.C. § 1713(g)

       Subsec. (g). Act Apr. 20, 1950, § 110, 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 section 1715a of this title and receive the benefits of the insurance as provided in such section”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (g). Act Apr. 20, 1950, § 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 section 1715a of this title and receive the benefits of the insurance as provided in such section”.

16. 1950

    Public Law not identified

    Substituted · 12 U.S.C. § 1713(h)

    Subsec. (h). Act Apr. 20, 1950, § 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”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (h). Act Apr. 20, 1950, § 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”.

17. 1950

    Public Law not identified

    1. Struck · 12 U.S.C. § 1713(i)

       Subsec. (i). Act Apr. 20, 1950, § 112, struck out first sentence

    2. Substituted · 12 U.S.C. § 1713(i)

       Subsec. (i). Act Apr. 20, 1950, § 112, 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”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (i). Act Apr. 20, 1950, § 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”.

18. 1951

    Public Law not identified

    1. Substituted · 12 U.S.C. § 1713(c)(2)

       Subsec. (c)(2). Act Sept. 1, 1951, § 605, in cl. (i), substituted “of the property or project attributable to dwelling use” for “of the property or proj­ect”; in cl. (ii)

    2. Inserted · 12 U.S.C. § 1713(c)(2)

       Subsec. (c)(2). Act Sept. 1, 1951, § 605, in cl. (i), inserted “and” after “unit”;

    3. Added · 12 U.S.C. § 1713(c)(2)

       Subsec. (c)(2). Act Sept. 1, 1951, § 605, in cl. (i), added cl. (iii)

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(2). Act Sept. 1, 1951, § 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).

19. 1951

    Public Law not identified

    Substituted · 12 U.S.C. § 1713(c)(3)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

20. 1951

    Public Law not identified

    Substituted · 12 U.S.C. § 1713(i)

    Subsec. (i). Act Sept. 1, 1951, § 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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (i). Act Sept. 1, 1951, § 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.

21. 1952

    Public Law not identified

    Inserted · 12 U.S.C. § 1713(a)(7)

    Subsec. (a)(7). Act July 14, 1952, inserted “Guam,” after “District of Columbia,”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(7). Act July 14, 1952, inserted “Guam,” after “District of Columbia,”.

22. 1953

    Public Law not identified

    Added · 12 U.S.C. § 1713(c)

    Subsec. (c). Act June 30, 1953, § 5(a), added par. following par. (3)

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c). Act June 30, 1953, § 5(a), added par. following par. (3).

23. 1953

    Public Law not identified

    Substituted · 12 U.S.C. § 1713(c)(2)

    Subsec. (c)(2). Act June 30, 1953, § 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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(2). Act June 30, 1953, § 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.

24. 1953

    Public Law not identified

    Substituted · 12 U.S.C. § 1713(c)(3)

    Subsec. (c)(3). Act June 30, 1953, § 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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(3). Act June 30, 1953, § 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.

25. 1953

    Public Law not identified

    Substituted · 12 U.S.C. § 1713(i)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

26. 1954

    Public Law not identified

    1. Inserted · 12 U.S.C. § 1713(c)(2)

       Subsec. (c)(2). Act Aug. 2, 1954, § 115(1), (2), inserted the proviso relating to mortgage insurance with respect to construction in slum or blighted areas

    2. Inserted · 12 U.S.C. § 1713(c)(2)

       Subsec. (c)(2). Act Aug. 2, 1954, § 115(1), (2), inserted the reference to Guam

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(2). Act Aug. 2, 1954, § 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.

27. 1954

    Public Law not identified

    1. Struck · 12 U.S.C. § 1713(c)(3)

       Subsec. (c)(3). Act Aug. 2, 1954, § 115(3), struck out the $10,000 per family-unit limitation

    2. Inserted · 12 U.S.C. § 1713(c)(3)

       Subsec. (c)(3). Act Aug. 2, 1954, § 115(3), 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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(3). Act Aug. 2, 1954, § 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.

28. 1954

    Public Law not identified

    Inserted · 12 U.S.C. § 1713(d)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

29. 1954

    Public Law not identified

    Inserted · 12 U.S.C. § 1713(h)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

30. 1954

    Public Law not identified

    Substituted · 12 U.S.C. § 1713(i)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

31. 1955

    Public Law not identified

    Inserted · 12 U.S.C. § 1713(a)

    Subsec. (a). Act Aug. 11, 1955, § 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)

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a). Act Aug. 11, 1955, § 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).

32. 1955

    Public Law not identified

    Amended · 12 U.S.C. § 1713(c)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

33. 1955

    Public Law not identified

    Changed · 12 U.S.C. § 1713(c)(1)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

34. 1955

    Public Law not identified

    Inserted · 12 U.S.C. § 1713(c)(2)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

35. 1955

    Public Law not identified

    Inserted · 12 U.S.C. § 1713(c)(3)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

36. 1956

    Public Law not identified

    1. Inserted · 12 U.S.C. § 1713(b)

       Subsec. (b). Act Aug. 7, 1956, § 104(b), inserted “(except provisions relating to housing for elderly persons)” before “to take” in paragraph following par. (2)

    2. Inserted · 12 U.S.C. § 1713(b)

       Subsec. (b). Act Aug. 7, 1956, § 104(b), 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)

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (b). Act Aug. 7, 1956, § 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).

37. 1956

    Public Law not identified

    Substituted · 12 U.S.C. § 1713(c)

    Subsec. (c). Act Aug. 7, 1956, § 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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c). Act Aug. 7, 1956, § 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.

38. 1956

    Public Law not identified

    Substituted · 12 U.S.C. § 1713(c)(2)

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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

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

39. 1956

    Public Law not identified

    Inserted · 12 U.S.C. § 1713(c)(3)

    Subsec. (c)(3). Act Aug. 7, 1956, § 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

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(3). Act Aug. 7, 1956, § 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.

40. 1957

    Housing Act of 1957

    Pub. L. 85–104 § 110 · 71 Stat. 294

    Inserted · 12 U.S.C. § 1713(c)

    Pub. L. 85–104, § 110, 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”

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 85–104, § 110, 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”.

    Enacted provision · exact public law section
    Sec. 110. The unnumbered paragraph immediately following paragraph (3) of section 207 (c) of the National Housing Act is amended (1) by striking out “$8,100 per family unit” and inserting in lieu thereof $$8,100 per family unit (or $8,400 per family unit in the case of projects to consist of elevator-type structures) ”, and (2) by inserting before the period at the end thereof a comma and the following: “and may permit single elderly persons to use and occupy such units”.

41. 1957

    Housing Act of 1957

    Pub. L. 85–104 § 109 · 71 Stat. 294

    1. Struck · 12 U.S.C. § 1713(c)(3)

       Pub. L. 85–104, § 109, struck out “per room” after “limitations”

    2. Inserted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 85–104, § 109, inserted “without regard to the number of rooms being less than four, or four or more,”

    Source evidence

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

    Enacted provision · exact public law section
    Sec. 109. Section 207 (c) (3) of the National Housing Act is Rental housing. Mortgage amount increases. amended by striking out “limitations per room” and inserting in lieu thereof “limitations”, and by inserting immediately after “$1,000 per 12 USC 1713. room” the following: “without regard to the number of rooms being less than four, or four or more,”.

42. 1957

    Housing Act of 1957

    Pub. L. 85–104 § 108(b) · 71 Stat. 294

    Substituted · 12 U.S.C. § 1713(i)

    Pub. L. 85–104, § 108(b), substituted in second sentence, “established by the Commissioner pursuant to section 1715o 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”

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 85–104, § 108(b), substituted in second sentence, “established by the Commissioner pursuant to section 1715o 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”.

    Enacted provision · exact public law section
    (b) The second sentence of section 207 (i) of such Act is amended Rental housing. 12 USC 1713. by striking out “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” and by inserting in lieu thereof “established by the Commissioner pursuant to section”.

43. 1957

    Housing Act of 1957

    Pub. L. 85–104 § 111 · 71 Stat. 294

    Repealed · 12 U.S.C. § 1713(q)

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

    Source evidence

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

    Enacted provision · exact public law section
    Sec. 111. Section 207 (q) of the National Housing Act is repealed.

44. 1959

    Alaska Omnibus Act

    Pub. L. 86–70 § 10(a) · 73 Stat. 141

    Struck · 12 U.S.C. § 1713(a)(7)

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

    Source evidence

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

    Enacted provision · exact public law section
    (a) striking out the word “Alaska,” in sections 9, 201(d), 66 Stat. 603; 55 Stat. 61, 62, 55; 66 Stat. 603. 70 Stat. 1109. 207(a)(7), 601(d), 713(q), and 801(g)(12 U.S.C., secs. 1706d, 1707(d), 1713(a)(7), 1786(d), 1747Z(q); supp. V, sec. 1748(g));

45. 1959

    Alaska Omnibus Act

    Pub. L. 86–70 § 10(b) · 73 Stat. 141

    Substituted · 12 U.S.C. § 1713(c)(2)

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

    Source evidence

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

    Enacted provision · exact public law section
    (b) striking out the words “the Territory of Alaska,” in 64 Stat. 53. section 207(c)(2)(12 U.S.C., supp. V, sec. 1718(c)(2)), and inserting’ the word “Alaska” in lieu thereof;

46. 1959

    Housing Act of 1959

    Pub. L. 86–372 § 104(e)(1) · 73 Stat. 654

    Struck · 12 U.S.C. § 1713(b)

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

    Source evidence

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

    Enacted provision · exact public law section
    (1) by striking out “(except provisions relating to housing for elderly persons)” and “(except with respect to housing designed for elderly persons, with occupancy preference therefor, as provided in the paragraph following paragraph (3) of subsection (c))” in subsection (b);

47. 1959

    Housing Act of 1959

    Pub. L. 86–372 § 104(c) · 73 Stat. 654

    1. Struck · 12 U.S.C. § 1713(c)

       Pub. L. 86–372, § 104(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

    2. Substituted · 12 U.S.C. § 1713(c)

       Pub. L. 86–372, § 104(c), (e)(2), substituted in the unnumbered paragraph following par. (3) “5¼ per centum per annum” for “4½ per centum per annum”

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 86–372, § 104(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”.

    Enacted provision · exact public law section
    (c) The last paragraph of section 207(c) of such Act is 53 Stat. 807. amended by striking out “4½ per centum per annum” and inserting in lieu thereof “5½ per centum per annum”.

48. 1959

    Housing Act of 1959

    Pub. L. 86–372 § 104(a) · 73 Stat. 654

    Substituted · 12 U.S.C. § 1713(c)(1)

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

    Source evidence

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

    Enacted provision · exact public law section
    (a) Section 207(c)(1) of the National Housing Act is 69 Stat. 635. amended by striking out “$12,500,000” and inserting in lieu thereof “$20,000,000”.

49. 1959

    Housing Act of 1959

    Pub. L. 86–372 § 104(b) · 73 Stat. 654

    1. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 86–372, § 104(b), substituted “$2,500” for “$2,250”

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 86–372, § 104(b), substituted “$9,000” for “$8,100”

    3. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 86–372, § 104(b), substituted “$3,000” for “$2,700”

    4. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 86–372, § 104(b), substituted “$9,400” for “$8,400”

    5. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 86–372, § 104(b), substituted “$1,250 per room” for “$1,000 per room”

    6. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 86–372, § 104(b), substituted “$1,500 per space” for “$1,000 per space”

    7. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 86–372, § 104(b), substituted “$500,000” for “$300,000”

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 86–372, § 104(b), 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”.

    Enacted provision · exact public law section
    (b) Section 207(c) (3) of such Act is amended by striking out— 70 Stat. 1092. (1) “$2,250” each place it appears and inserting in lieu thereof “$2,500”; (2) “$8,100” each place it appears and inserting in lieu thereof “$9,000”; (3) “$2,700” and inserting in lieu thereof “$3,000”; (4) “$8,400” and inserting in lieu thereof “$9,400”; (5) “$1,000 per room” and inserting in lieu thereof “$1,250 per room”; (6) “$1,000 per space” and inserting in lieu thereof “$1,500 per space”; and (7) “$300,000” and inserting in lieu thereof “$500,000”.

50. 1959

    Housing Act of 1959

    Pub. L. 86–372 § 104(e)(3) · 73 Stat. 654

    Substituted · 12 U.S.C. § 1713(f)

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

    Source evidence

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

    Enacted provision · exact public law section
    (3) by striking out “section 210 and section 213” in both places 64 Stat. 53. where it appears in subsection (f) and inserting in lieu thereof the following: “sections 210,213, 231, and 232”.

51. 1959

    Housing Act of 1959

    Pub. L. 86–372 § 104(d) · 73 Stat. 654

    Added · 12 U.S.C. § 1713(r)

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

    Source evidence

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

    Enacted provision · exact public law section
    (d) Section 207 of such Act is further amended by adding at the 70 Stat. 1092. end thereof the following new subsection: “(r) Notwithstanding any other provision of this Act, the Commissioner is authorized to include m any mortgage insured under any title of this Act after the effective date of the Housing Act of 1959 a provision requiring the mortgagor to pay a service charge to the Commissioner in the event such mortgage is assigned to and held by the Commissioner. Such service charge shall not exceed the amount prescribed by the Commissioner for mortgage insurance premiums applicable to such mortgage.”

52. 1960

    Hawaii Omnibus Act

    Pub. L. 86–624 § 6 · 74 Stat. 411

    Struck · 12 U.S.C. § 1713(a)(7)

    Pub. L. 86–624 struck out “Hawaii,” before “Puerto Rico”

    Source evidence

    Code amendment note
    Subsec. (a)(7). Pub. L. 86–624 struck out “Hawaii,” before “Puerto Rico”.

    Enacted provision · exact public law section
    Sec. 6. national housing act The National Housing Act is amended by striking out the 12 USC 1706d, 1707, 1713(a), 1736(d), 1747l, 1748(g). word “Hawaii,” in sections 9, 201(d), 207(a) (7), 601(d), 713(q), and 801(g).

53. 1961

    Housing Act of 1961

    Pub. L. 87–70 § 607(1) · 75 Stat. 149

    Struck · 12 U.S.C. § 1713(b)(2)

    Pub. L. 87–70, § 607(1), 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

    Source evidence

    Code amendment note
    Subsec. (b)(2). Pub. L. 87–70, § 607(1), 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.

    Enacted provision · exact public law section
    (1) striking out the first paragraph of subsection (b)(2) and inserting in lieu thereof the following: “(2) any other mortgagor approved by the Commissioner which, until the termination of all obligations of the Commissioner under the insurance and during such further period of time as the Commissioner shall be the owner, holder, or reinsurer of the mortgage, is regulated or restricted by the Commissioner as to rents or sales, charges, capital structure, rate of return, and methods of operation to such extent and in such manner as to provide reasonable rentals to tenants and a reasonable return on the investment. The Commissioner may make such contracts with and acquire, for not to exceed $100, such stock or interest in the mortgagor as he may deem necessary to render effective the regulations or restrictions. The stock or interest acquired by the Commissioner shall be paid for out of the Housing Fund, and snail be redeemed by the mortgagor at par upon the termination of all obligations of the Commissioner under the insurance.”;

54. 1961

    Housing Act of 1961

    Pub. L. 87–70 § 607(2) · 75 Stat. 149

    1. Inserted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 87–70, § 607(2), (3), inserted “(excluding exterior land improvements as defined by the Commissioner)”

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 87–70, § 607(2), (3), substituted “$1,800 per space” for “$1,500 per space”

    Source evidence

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

    Enacted provision · exact public law section
    (2) inserting in subsection (c)(3) after the words “attributable to dwelling use” the following: “(excluding exterior land improvements as defined by the Commissioner)”;

55. 1961

    Housing Act of 1961

    Pub. L. 87–70 § 607(4) · 75 Stat. 149

    Changed · 12 U.S.C. § 1713(i)

    Pub. L. 87–70, § 607(4), permitted debentures issued pursuant to the provisions of section 1715k(f), 1715l(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

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 87–70, § 607(4), permitted debentures issued pursuant to the provisions of section 1715k(f), 1715l(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.

    Enacted provision · exact public law section
    (4) inserting in the first sentence of subsection (i) after the words “of this section” the following: “, except that debentures 12 USC 1715k, 1715l. Ante, p. 158. issued pursuant to the provisions of section 220(f), 221(g), and section 233 may be dated as of the date the mortgage is assigned (or the property is conveyed) to the Commissioner”.

56. 1964

    Housing Act of 1964

    Pub. L. 88–560 § 106 · 78 Stat. 769

    Substituted · 12 U.S.C. § 1713(c)(2)

    Pub. L. 88–560, § 106, substituted “Provided, That this limitation shall not apply” for “Provided, 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: Provided, further, That this limitation shall not apply” before “to mortgages on housing in Alaska.”

    Source evidence

    Code amendment note
    Subsec. (c)(2). Pub. L. 88–560, § 106, substituted “Provided, That this limitation shall not apply” for “Provided, 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: Provided, further, That this limitation shall not apply” before “to mortgages on housing in Alaska.”

    Enacted provision · exact public law section
    Sec. 106. maximum amount of section 207 rental housing mortgages Section 207(c)(2) of the National Housing Act is amended by striking out all that follows the first colon and precedes “to mortgages on housing in Alaska”, and inserting in lieu thereof the following: “Provided, That this limitation shall not apply”.

57. 1964

    Housing Act of 1964

    Pub. L. 88–560 § 107(a) · 78 Stat. 769

    Substituted · 12 U.S.C. § 1713(c)(3)

    Pub. L. 88–560, § 107(a), 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”

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 88–560, § 107(a), 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”.

    Enacted provision · exact public law section
    (a) Section 207(c)(3) of the National Housing Act is amended by striking out the first paragraph and inserting in lieu thereof the following: “(3) not to exceed, for such part of the property or project as may be attributable to dwelling use (excluding exterior land improvements as defined by the Commissioner), $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 or not to exceed $1, 800 per space or $500, 000 per mortgage for trailer courts or parks; except that as to projects to consist of elevator-type structures the Commissioner may, in his discretion, increase the 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, as the case may be, to compensate for the higher costs incident to the construction of elevator-type structures of sound standards of construction and design; and except that the Commissioner may, by regulation, increase any of the foregoing dollar amount limitations contained in this paragraph by not to exceed 45 per centum in any geographical area where he finds that cost levels so require.”

58. 1964

    Housing Act of 1964

    Pub. L. 88–560 § 105(b) · 78 Stat. 769

    Inserted · 12 U.S.C. § 1713(g)

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

    Source evidence

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

    Enacted provision · exact public law section
    (b) Section 207(g) of such Act is amended by adding at the end thereof the following: “Notwithstanding any other provision of this Act, upon receipt, after the date of enactment of the Housing Act of 1964, of an application for insurance benefits on a mortgage insured under this Act, the Commissioner may terminate the mortgagee’s obligation to pay premium charges on the mortgage.”

59. 1964

    Housing Act of 1964

    Pub. L. 88–560 § 108 · 78 Stat. 769

    Struck · 12 U.S.C. § 1713(k)

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

    Source evidence

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

    Enacted provision · exact public law section
    Sec. 108. elimination of mandatory acquisition or foreclosure within one year of multifamily project in default Section 207(k) of the National Housing Act is amended by striking out the second sentence.

60. 1965

    Housing and Urban Development Act of 1965

    Pub. L. 89–117 § 1108(e)(4) · 79 Stat. 451

    Substituted · 12 U.S.C. § 1713(b)

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

    Source evidence

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

    Enacted provision · exact public law section
    (4) by striking out “the Housing Insurance Fund” and “the Housing Fund” each place they appear in subsections (b), (h), (i), (1), (Mi and (1) and inserting in lieu thereof “the General insurance Fund”.

61. 1965

    Housing and Urban Development Act of 1965

    Pub. L. 89–117 § 207(a) · 79 Stat. 451

    1. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 89–117, § 207(a), 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”

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 89–117, § 207(a), substituted “$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”

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 89–117, § 207(a), 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”.

    Enacted provision · exact public law section
    (a) Section 207(c)(3) of the National Housing Act is 78 Stat. 774. 12 USC 1713. amended— (1) by striking out “and $18,500 per family unit with three or more bedrooms” and inserting in lieu thereof “$18,500 per family unit with three bedrooms, and $21,000 per family unit with four or more bedrooms,”; and (2) by striking out “and $22,500 per family unit with three or more bedrooms” and inserting in lieu thereof “$22,500 per family unit with three bedrooms, and $25,500 per family unit with four or more bedrooms”.

62. 1965

    Housing and Urban Development Act of 1965

    Pub. L. 89–117 § 1108(e)(1) · 79 Stat. 451

    Substituted · 12 U.S.C. § 1713(d)

    Pub. L. 89–117, § 1108(e)(1), (2), removed reference to collection of premium charges for the insurance of mortgages under section 1715a of this title 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”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 89–117, § 1108(e)(1), (2), removed reference to collection of premium charges for the insurance of mortgages under section 1715a of this title 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”.

    Enacted provision · exact public law section
    (1) by striking out “and section 210” in the first sentence of subsection (d);

63. 1965

    Housing and Urban Development Act of 1965

    Pub. L. 89–117 § 1108(e)(3) · 79 Stat. 451

    Repealed · 12 U.S.C. § 1713(f)

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

    Source evidence

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

    Enacted provision · exact public law section
    (3) by striking out subsections (f), (m), and (p); and

64. 1965

    Housing and Urban Development Act of 1965

    Pub. L. 89–117 § 1108(e)(4) · 79 Stat. 451

    Substituted · 12 U.S.C. § 1713(h)(l)

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

    Source evidence

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

    Enacted provision · exact public law section
    (4) by striking out “the Housing Insurance Fund” and “the Housing Fund” each place they appear in subsections (b), (h), (i), (1), (Mi and (1) and inserting in lieu thereof “the General insurance Fund”.

65. 1965

    Housing and Urban Development Act of 1965

    Pub. L. 89–117 § 1108(e)(3) · 79 Stat. 451

    Repealed · 12 U.S.C. § 1713(m)

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

    Source evidence

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

    Enacted provision · exact public law section
    (3) by striking out subsections (f), (m), and (p); and

66. 1965

    Housing and Urban Development Act of 1965

    Pub. L. 89–117 § 1108(e)(3) · 79 Stat. 451

    Repealed · 12 U.S.C. § 1713(p)

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

    Source evidence

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

    Enacted provision · exact public law section
    (3) by striking out subsections (f), (m), and (p); and

67. 1967

    Pub. L. 90–19 § 1(a)(3) · 81 Stat. 17

    Substituted · 12 U.S.C. § 1713

    Pub. L. 90–19 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 (l), (n), (o), and (r)

    Source evidence

    Code amendment note
    Pub. L. 90–19 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 (l), (n), (o), and (r).

    Enacted provision · exact public law section
    (1) by striking out “Federal Housing Administration” each place it appears and inserting in lieu thereof “Department of Housing and Urban Development”;

68. 1968

    Pub. L. 90–301 § 3(b) · 82 Stat. 113

    Changed · 12 U.S.C. § 1713(c)(3)

    Pub. L. 90–301 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

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 90–301 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.

    Enacted provision · exact public law section
    (b) Section 207(c)(3) of the National Housing Act is amended by inserting before the period at the end of the first sentence of the second paragraph the following: “, or not to exceed such per centum per annum not in excess of 6 per centum as the Secretary finds necessary to meet the mortgage market”.

69. 1969

    Housing and Urban Development Act of 1969

    Pub. L. 91–152 § 103(a)(1)(A) · 83 Stat. 379

    Substituted · 12 U.S.C. § 1713(a)(1)

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

    Source evidence

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

    Enacted provision · exact public law section
    (A) by striking out “trailer coach mobile dwellings” in paragraph (1) and inserting in lieu thereof “mobile homes”;

70. 1969

    Housing and Urban Development Act of 1969

    Pub. L. 91–152 § 103(a)(1)(B) · 83 Stat. 379

    1. Substituted · 12 U.S.C. § 1713(a)(6)

       Pub. L. 91–152, § 103(a)(1)(B), (C), substituted “mobile home court” for “trailer court”

    2. Substituted · 12 U.S.C. § 1713(a)(6)

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

    Source evidence

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

    Enacted provision · exact public law section
    (B) by striking out “trailer court or park” in paragraph (6) and inserting in lieu thereof “mobile home court or park”; and

71. 1969

    Housing and Urban Development Act of 1969

    Pub. L. 91–152 § 403(c)(2) · 83 Stat. 379

    Inserted · 12 U.S.C. § 1713(a)(7)

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

    Source evidence

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

    Enacted provision · exact public law section
    (2) Section 207(a)(7) of such Act is amended by inserting “the 12 USC 1713. Trust Territory of the Pacific Islands,” after “Guam,”.

72. 1969

    Housing and Urban Development Act of 1969

    Pub. L. 91–152 title I · 83 Stat. 379

    1. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 91–152, §§ 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”

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 91–152, §§ 103(a)(2), (b), 113(b)(1), (2), substituted “$9,900” for “$9,000”

    3. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 91–152, §§ 103(a)(2), (b), 113(b)(1), (2), substituted “$11,550” for “$10,500”

    4. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 91–152, §§ 103(a)(2), (b), 113(b)(1), (2), substituted “$13,750” for “$12,500,”

    5. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 91–152, §§ 103(a)(2), (b), 113(b)(1), (2), substituted “$19,800” for “$18,000”

    6. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 91–152, §§ 103(a)(2), (b), 113(b)(1), (2), substituted “$20,350” for “$18,500”

    7. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 91–152, §§ 103(a)(2), (b), 113(b)(1), (2), substituted “$23,100” for “$21,000”

    8. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 91–152, §§ 103(a)(2), (b), 113(b)(1), (2), substituted “$24,750” for “$22,500”

    9. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 91–152, §§ 103(a)(2), (b), 113(b)(1), (2), substituted “$28,050” for “$25,500”

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 91–152, §§ 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”.

    Enacted provision · exact public law
    TITLE I— MORTGAGE CREDIT Sec. 101. extension of programs (a) Section 2(a) of the National Housing Act is amended 53 Stat. 804; Ante, p. 125. 12 USC 1703. by striking out “January 1, 1970” in the first sentence and inserting in lieu thereof “October 1, 1970”. (b) Section 217 of such Act is amended— 75 Stat. 177; Ante, p. 125. 12 USC 1715h. (1) by striking out “title VIII, or title X” and inserting in lieu thereof “section 235, section 236, title VIII, title X, or title XI”; and (2) by striking out “January 1, 1970” and inserting in lieu thereof “October 1, 1970”. (c) Section 221(f) of such Act is amended by striking out “January 75 Stat. 152; Ante, p. 125. 12 USC 1715l. 1, 1970” in the fifth sentence and inserting in lieu thereof “October 1, 1970”. (d) Section 235 of such Act is amended by adding at the end thereof 82 Stat. 477. 12 USC 1715z. the following new subsection: “(m) No mortgage shall be insured under this section after October 1, 1071 except pursuant to a commitment to insure before that date.” (e) Section 236 of such Act is amended by adding at the end thereof 82 Stat. 498. 12 USC 1715z–1. the following new subsection: “(n) No mortgage shall be insured under this section after October 1, 1971, except pursuant to a commitment to insure before that date.” (f) Section 809(f) of such Act is amended by striking out “January 76 Stat. 418; Ante, p. 125. 12 USC 1748h–1. 1, 1970” in the second sentence and inserting in lieu thereof “October 1, 1970”. (g) Section 810(k) of such Act is amended by striking out “January 76 Stat. 418; Ante, p. 125. 12 USC 1748h–2. 1, 1970” in the second sentence and inserting in lieu thereof “October 1, 1970”. (h) Section 1002(a) of such Act is amended by striking out “January 79 Stat. 462; Ante, p. 125. 12 USC 1749bb. 1, 1970” in the second sentence and inserting in lieu thereof “October 1, 1970”. (i) Section 1101(a) of such Act is amended by striking out “January 80 Stat. 1274; Ante, p. 125. 12 USC 1749aaa. 1, 1970” in the second sentence and inserting in lieu thereof “October 1, 1970”. Sec. 102. lower downpayments for fha-financed sales housing (a) Section 203(b)(2) of the National Housing Act is 71 Stat. 294; 79 Stat. 466. 12 USC 1709. amended by striking out “$20,000” each place it appears and inserting in lieu thereof “$25,000”. (b) Section 220(d)(3)(A)(i) of such Act is amended by striking out “$20,000” each place it appears and inserting in lieu thereof “$25,000”. (c) Section 222(b)(3) of such Act is amended by striking out “$20,000” each place it appears and inserting in lieu thereof “$25,000”. (d) Section 234(c) of such Act is amended by striking out “$20,000” each place it appears and inserting in lieu thereof “$25,000”. Sec. 103. mobile homes (a) (1) Section 207(a) of the National Housing Act is amended— (A) by striking out “trailer coach mobile dwellings” in paragraph (1) and inserting in lieu thereof “mobile homes”; (B) by striking out “trailer court or park” in paragraph (6) and inserting in lieu thereof “mobile home court or park”; and (C) by striking out “trailer coach mobile dwellings” in paragraph (6) and inserting in lieu thereof “mobile homes”. (2) Section 207(c)(3) of such Act is amended by striking out “trailer courts or parks” and inserting in lieu thereof “mobile home courts or parks”. (b) Section 207(c)(3) of such Act is amended by striking out “$1,800 per space or $500,000 per mortgage” and inserting in lieu thereof “$2,500 per space or $1,000,000 per mortgage”. (c) Section 2 of such Act is amended— (1) by inserting “(i)” after the words “for the purpose of” in the first sentence of subsection (a); (2) by inserting “; and for the purpose of (ii) financing the purchase of a mobile home to be used by the owner as his principal residence” before the period at the end of the first sentence of subsection (a); (3) by inserting “(other than mobile homes)” after “new residential structures” in clause (1) of subparagraph (iii) of the 68 Stat. 590. second paragraph of subsection (a); (4) by inserting the following new sentence at the end of subsection (a): “The Secretary is hereby authorized and directed, with respect to mobile homes to be financed under this section to (i) prescribe minimum property standards to assure the livability and durability of the mobile home and the suitability of the site on which the mobile home is to be located; and (ii) obtain assurances from the borrower that the mobile home will be placed on a site which complies with the standards prescribed by the Secretary and with local zoning and other applicable local requirements.”; (5) by inserting “, except that an obligation financing the purchase of a mobile home may he in an amount not exceeding $10,000” before the semicolon at the end of clause (1) in the first 56 Stat. 305. sentence of subsection (b); (6) by inserting “: Provided, That an obligation financing the purchase of a mobile home may have a maturity not in excess of twelve years and thirty-two days” before the semicolon at the end of clause (2) in the first sentence of subsection (b); and (7) by striking out “real property” each place it appears in 55 Stat. 364. subsection (c)(2) and inserting in lieu thereof “real or personal property”. Sec. 104. maximum mortgage amount under section 220 multifamily housing program Section 220(d)(3)(B)(i) of the National Housing Act 68 Stat. 598; 78 Stat. 777. 12 USC 1715k. is amended to read as follows: “(i) not exceed $50,000,000;”. Sec. 105. mortgage insurance on condominium units for servicemen Section 222(b)(1) of the National Housing Act is 71 Stat. 296; 78 Stat. 779. 12 USC 1715m. amended by inserting “or 234(c),” immediately after “221(d)(2),”. Sec. 106. assistance payments under section 235 for purchaser assuming mortgage (a) Section 235(c) of the National Housing Act is 82 Stat. 477. 12 USC 1715z. amended by striking out “subsection (j)(4)” and inserting in lieu thereof “subsection (i) or (j)(4)”. (b) Section 235(b)(2) of such Act is amended by striking out the first proviso and inserting in lieu thereof the following: “: Provided, That if any cooperative member who has received assistance payments transfers his membership and occupancy rights to another person who satisfies the eligibility requirements prescribed by the Secretary and undertakes the obligation to pay occupancy charges, the new cooperative member may qualify for assistance payments upon the filing of an application with respect to the dwelling unit involved to be occupied by him”. Sec. 107. authorization for assistance payments under sections 233 and 236 (a) The second sentence of section 285(h) of the National Housing Act is amended by striking out “$100,000,000 on July 1, 1969, and by $125,000,000 on July 1, 1970” and inserting in lieu thereof “$125,000,000 on July 1, 1969, by $125,000,000 on July 1, 1970, and by $170,000,000 on July 1, 1971”. (b) The second sentence of section 236(i)(1) of such Act is amended 82 Stat. 498. 12 USC 1715z–1. by striking out “$100,000,000 on July 1, 1969, and by $125,000,000 on July 1, 1970” and inserting in lieu thereof “$125,000,000 on July 1, 1969, by $125,000,000 on July 1, 1970, and by $170,000,000 on July 1, 1971”. Sec. 108. interest reduction payments under section 236 on certain projects financed under state or local housing programs The proviso in section 236(b) of the National Housing Act is amended by striking out “with respect to a rental or cooperative housing project” and inserting in lieu thereof “with respect to a mortgage or part thereof on a rental or cooperative housing project”. Sec. 109. assistance payments with respect to existing dwellings under section 233 Section 235(h)(3) of the National Housing Act is amended— (1) by inserting “and” at the end of subparagraph (A); and (2) by striking out subparagraphs (B) and (C) and inserting in lieu thereof the following: “(B) 30 per centum of the total additional amount of contracts for assistance payments authorized by appropriation Acts to be made prior to July 1, 1971,”. Sec. 110. preferences in section 237 mortgage insurance program Section 237(d) of the National Housing Act is amended— (1) by inserting “and in providing counseling services” after “applications”; and (2) by inserting “(1) to families which are eligible for assistance payments under section 235, and (2)” after “this section”. Sec. 111. expansion of the fha nursing home program to include intermediate care facilities Section 232 of the National Housing Act is amended— (1) by striking out subsection (a) and inserting in lieu thereof the following: “(a) The purpose of this section is to assist in the provision of facilities for either of the following purposes or for a combination of such purposes: “(1) The development of nursing homes for the care and treatment of convalescents and other persons who are not acutely ill and do not need hospital care but who require skilled nursing care and related medical services. “(2) The development of intermediate care facilities for the care of persons who, while not in need of nursing home care and treatment, nevertheless are unable to live fully independently and who are in need of minimum but continuous care provided by licensed or trained personnel.”; (2) by striking out “and” at the end of paragraph (1) of subsection (b); (3) by redesignating paragraph (2) of subsection (b) as paragraph (3) and inserting after paragraph (1) of such subsection the following new paragraph: “(2) the term ‘intermediate care facility’ means a proprietary facility or facility of a private nonprofit corporation or association licensed or regulated by the State (or, if there is no State law providing for such licensing and regulation by the State, by the municipality or other political subdivision in which the facility is located) for the accommodation of persons who, because of incapacitating infirmities, require minimum but continuous care but are not in need of continuous medical or nursing services; and”; (4) by striking out “a new or rehabilitated nursing home” in the 82 Stat. 512. introductory text of subsection (d) and inserting in lieu thereof “a new or rehabilitated nursing home or intermediate care facility or combined nursing home and intermediate care facility”; (5) by striking out “operation of the nursing home” in subsection (d)(2) and inserting in lieu thereof “operation of the home or facility or combined home and facility”; (6) by striking out paragraph (4) of subsection (d) and inserting in lieu thereof the following: “(4) The Secretary shall not insure any mortgage under this section unless he has received, from the State agency designated in accordance with section 604(a)(1) of the Public Health Service 78 Stat. 452. 42 USC 291d. Act for the State in which is located the nursing home or intermediate care facility or combined nursing home and intermediate care facility covered by the mortgage, a certification that (A) there is a need for such home or facility or combined home and facility, and (B) there are in force in such State or in the municipality or other political subdivision of the State in which the proposed home or facility or combined home and facility is to be located reasonable minimum standards of licensure and methods of operation governing it. No such mortgage shall be insured under this section unless the Secretary has received such assurance as he may deem satisfactory from the State agency that such standards will be applied and enforced with respect to any home or facility or combined home and facility located in the State for which mortgage insurance is provided under this section.”; and (7) by adding at the end thereof the following new subsections: 73 Stat. 663. 12 USC 1715w. “(g) The Secretary shall prescribe such regulations as may be necessary to carry out the provisions of this section relating to intermediate care facilities, after consulting with the Secretary of Health, Education, and Welfare with respect to any health or medical aspects of the program which may be involved in such regulations. “(h) The Secretary shall also consult with the Secretary of Health, Education, and Welfare as to the need for and the availability of intermediate care facilities in any area for which an intermediate care facility is proposed under this section.” Sec. 112. rent supplement units in section 236 projects Section 101(j)(1)(D) of the Housing and Urban Development Act of 1965 is amended by inserting before the period at the end 82 Stat. 502. 12 USC 1701s. thereof a comma and the following: “except that the foregoing limitation may be increased to 40 per centum of the dwelling units in any such property if the Secretary determines that such increase is necessary and desirable in order to provide additional housing for individuals and families meeting the requirements of subsection (c)”. Sec. 113. increase in maximum mortgage amounts under fha insurance programs (a) (1) Section 203(b)(2) of the National Housing Act is 71 Stat. 295; 78 Stat. 769. 12 USC 1709. amended by striking out “$30,000”, “$32,500”, and “$37,500” wherever they appear and inserting in lieu thereof “$33,000”, “$35,750”, and “$41,250”, respectively. (2) Section 203(h) of such Act is amended by striking out “$12,000” 70 Stat. 1092. and inserting in lieu thereof “$14,400”. (3) Section 203(i) of such Act is amended by striking out “$13,500” 82 Stat. 512. and inserting in lieu thereof “$16,200”. (4) Section 203(m) of such Act is amended by striking out “$15,000” 82 Stat. 512. and inserting in lieu thereof “$18,000”. (b) (1) Section 207(c)(3) of such Act is amended by striking out 78 Stat. 774; 79 Stat. 467. 12 USC 1713. “$9,000”, “$12,500”, “$15,000”, “$18,500”, and “$21,000” wherever they appear and inserting in lieu thereof “$9,900”, “$13,750”, “$16,500”, “$20,350”, and “$23,100”, respectively. (2) Section 207(c)(3) of such Act is further amended by striking out “$10,500”, “$18,000”, “$22,500”, and “$25,500” and inserting in lieu thereof “$11,550”, “$19,800”, “$24,750”, and “$28,050”, respectively. (c) (1) Section 213 (b)(2) of such Act is amended by striking out 78 Stat. 774; 79 Stat. 467. 12 USC 1715e. “$9,000”, “$12,500”, “$15,000”, “$18,500”, and “$21,000” wherever they appear and inserting in lieu thereof “$9,900”, “$13,750”, “$16,500”, “$20,350”, and “$23,100”, respectively. (2) Section 218(b)(2) of such Act is further amended by striking out “$10,500”, “$18,000”, “$22,500”, and “$25,500” and inserting in lieu thereof “$11,550”, “$19,800”, “$24,750”, and “$28,050”, respectively. (d) (1) Section 220(d)(3)(A)(i) of such Act is amended by striking out “$30,000”, “$32,500”, “$37,500”, and “$7,000” wherever they appear and inserting in lieu thereof “$33,000”, “$35,750”, “$41,250”, and “$7,700”, respectively. (2) Section 220(d)(3)(B)(iii) of such Act is amended by striking out “$9,000”, “$12,500”, “$15,000”, “$18,500” and “$21,000” wherever they appear and inserting in lieu thereof “$9,900”, “$13,750”, “$16,500”, “$20,350”, and “$23,100”, respectively. (3) Section 220(d)(3)(B)(iii) of such Act is further amended by striking out “$10,500”, “$18,000”, “$22,500”, and “$25,500” wherever they appear and inserting in lieu thereof “$11,550”, “$19,800”, “$24,750”, and “$28,050”, respectively. (4) Section 220(h)(2) of such Act is amended by striking out “$10,000” and inserting in lieu thereof “$12,000”. (e) (1) Section 221(d)(2) of such Act is amended by striking out “$15,000”, “$17,500”, “$20,000”, “$27,000”, and “$33,000” wherever they appear and inserting in lieu thereof “$18,000”, “$21,000”, “$24,000”, “$32,400”, and “$39,600” respectively. (2) Section 221(d)(2) of such tact is further amended by striking out “$25,000”, “$32,000”, and “$38,000” and inserting in lieu thereof “$30,000”, “$38,400”, and “$45,600”, respectively. (3) Section 221(d)(3)(ii) of such Act is amended by striking out “$8,000”, “$11,250”, “$13,500”, “$17,000”, and “$19,250” wherever they appear and inserting in lieu thereof “$9,200”, “$12,937.50”, “$15,525”, “$19,550”, and “$22,137.50”, respectively. (4) Section 221(d)(3)(ii) of such Act is further amended by striking out “$9,500”, “$16,000”, “$20,000”, and “$22,750” and inserting in lieu thereof “$10,925”, “$18,400”, “$23,000”, and “$26,162.50”, respectively. (5) Section 221(d)(4)(ii) of such Act is amended by striking out “$8,000”, “$11,250”, “$13,500”, “$17,000”, and “$19,250” wherever they appear and inserting in lieu thereof “$9,200”, “$12,937.10”, “$15,525”, “$19,550”, and “$22,137.50”, respectively. (6) Section 221(d)(4)(ii) of such Act is further amended by striking out “$9,500”, “$16,000”, “$20,000”, and “$22,750” and inserting in lieu thereof “$10,925”, “$18,400”, “$23,000”, and “$26,162.50”, respectively. (7) Section 221(h)(6)(A) of such Act is amended by striking out “$15,000” and inserting in lieu thereof “$18,000”. (f) Section 222(b)(2) of such Act is amended by striking out “$30,000” and inserting in lieu thereof “$33,000”. (g) (1) Section 231(c)(2) of such Act is amended by striking out “$8,000”, “$11,250”, “$13,500”, “$17,000”, and “$19,250” wherever they appear and inserting in lieu thereof “$8,800”, “$12,375”, “$14,850”, “$18,700”, “$21,175”, respectively. (2) Section 231(e)(2) of such Act is further amended by striking out “$9,500”, “$16,000”, “$20,000”, and “$22,750” and inserting in lieu thereof “$10,450”, “$17,600”, “$22,000”, and “$25,025”, respectively. (h) (1) Section 234(e) of such Act is amended by striking out “$30,000” and inserting in lieu thereof “$33,000”. (2) Section 234(e)(3) of such Act is amended by striking out “$9,000”, “$12,500”, “$15,000”, “$18,500”, and “$21,000” wherever they “appear and inserting in lieu thereof “$9,900”, “$13,750”, “$16,500”, $20,350”, and “$23,100”, respectively. (3) Section 234(e)(3) of such Act is further amended by striking out “$10,500”, “$18,000”, “$22,500”, and “$25,500” and inserting in lieu thereof “$11,550”, “$19,800”, “$24,750”, and “$28,050”, respectively. (i) Section 235 of such Act is amended by striking out “$15,000”, 82 Stat. 477. 12 USC 1715z. “$17,500”, and “$20,000” wherever they appear and inserting in lieu thereof “$18,000”, “$21,000”, and “$24,000”, respectively. (j) Section 237(c)(2) of such Act is amended by striking out 82 Stat. 485. 12 USC 1715z–2. “$15,000” and “$17,500” and inserting in lieu thereof “$18,000” and “$21,000”, respectively. Sec. 114. increase in gnma purchase authority Section 302(b) of the National Housing Act is amended— 73 Stat. 669. 12 USC 1717. (1) by striking out “exceeds or exceeded $17,500” in clause (3) of the proviso in the first sentence and inserting in lieu thereof “exceeds or exceeded $22,000”; (2) by striking out “that exceeds $17,500” in the second sentence 79 Stat. 494. and inserting in lieu thereof “that exceeds the otherwise applicable maximum amount”; and (3) by striking out “did not exceed $17,500” in the second sentence and inserting in lieu thereof “did not exceed the otherwise applicable maximum amount”. Sec. 115. gnma special assistance purchases Section 305 of the National Housing Act is amended by 68 Stat. 616; 80 Stat. 1285. 12 USC 1720. adding at the end thereof the following new subsection: “(j) Notwithstanding any other provision of this Act, the Association is authorized to purchase pursuant to commitments or otherwise mortgages otherwise eligible for purchase under this section at a price equal to the unpaid principal amount thereof at the time of purchase, with adjustments for interest and any comparable items, and to sell such mortgages at any time at a price within the range of market prices for the particular class of mortgages involved at the time of sale as determined by the Association. Mortgages insured under title V of the Housing Act of 1949, except mortgages for above moderate 63 Stat. 432; 79 Stat. 498. 42 USC 1471–1490c. income families insured under section 517(a) of such Act, are eligible for purchase under this section.”

73. 1974

    Housing and Community Development Act of 1974

    Pub. L. 93–383 § 304(a)(1) · 88 Stat. 634

    Struck · 12 U.S.C. § 1713(c)(1)

    Pub. L. 93–383, § 304(a)(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

    Source evidence

    Code amendment note
    Subsec. (c)(1). Pub. L. 93–383, § 304(a)(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.

    Enacted provision · exact public law section
    (1) Section 207(c) of the National Housing Act is 12 USC 1713. amended by striking out paragraph (1).

74. 1974

    Housing and Community Development Act of 1974

    Pub. L. 93–383 title III · 88 Stat. 634

    1. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$3,250” for “$2,500”

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$13,000” for “$9,900”

    3. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$15,000” for “$11,550”

    4. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$18,000” for “$13,750”

    5. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$21,000” for “$16,500”

    6. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$21,500” for “$16,500”

    7. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$25,750” for “$19,800”

    8. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$26,500” for “$20,350”

    9. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$30,000” for “$23,100”

    10. Substituted · 12 U.S.C. § 1713(c)(3)

        Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$32,250” for “$24,750”

    11. Substituted · 12 U.S.C. § 1713(c)(3)

        Pub. L. 93–383, §§ 303(a), 304(a)(2), substituted “$36,465” for “$28,050”

    12. Struck · 12 U.S.C. § 1713(c)(3)

        Pub. L. 93–383, §§ 303(a), 304(a)(2), struck out limitation of $1,000,000 per mortgage for trailer courts or parks

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 93–383, §§ 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.

    Enacted provision · exact public law
    TITLE III— MORTGAGE CREDIT ASSISTANCE Sec. 301. insured advances Title V of the National Housing Act is amended by adding at the end thereof the following new section: “Sec. 525. “advances The Secretary is authorized to insure mortgage proceeds 12 USC 1735f–3. advanced during construction or rehabilitation or otherwise prior to final endorsement of a project mortgage for the purpose of (1) financing improvements to the property and the purchase of materials and building components delivered to the property, and (2) providing funds to cover the cost of building components where such components have been assembled and specifically identified for incorporation into the property but are located at a site other than the mortgaged property, with such security as the Secretary may require.” Sec. 302. increase in maximum mortgage amounts under fha one- to four-family mortgage insurance programs (a) Section 203(b)(2) of the National Housing Act is 12 USC 1709. amended by striking out “$33,000”, “$35,750”, and “$41,250” wherever they appear and inserting in lieu thereof “$45,000”, “$48,750”, and “$56,000”, respectively. (b) Section 220(d)(3)(A) of such Act is amended by striking out 12 USC 1715k. “$33,000”, “$35,750”, and “$41,250” wherever they appear and inserting in lieu thereof “$45,000”, “$48,750”, and “$56,000”, respectively. (c) Section 221(d)(2)(A) of such Act is amended— 12 USC 1715l. (1) by striking out “$18,000”, “$21,000”, “$24,000”, “$32,400”, and “$39,600” in the matter preceding the first proviso and inserting in lieu thereof “$21,600”, “$25,200”, “28,000”, “$38,880”, and “$47,520”, respectively; and (2) by striking out “$21,000”, “$24,000”, “$30,000”, “$38,400”, and “$45,600” in the second proviso and inserting in lieu thereof “$25,200”, “$28,800”, “$36,000”, “$46,080”, and “$54,720”, respectively. (d) Section 222(b)(2) of such Act is amended by striking out 12 USC 1715m. “$33,000” and inserting in lieu thereof “$45,000”. (e) Section 234(c) of such Act is amended by striking out “$33,000” 12 USC 1715y. and inserting in lieu thereof “$45,000”. Sec. 303. increase in maximum mortgage amounts under fha multifamily mortgage insurance programs (a) (1) Section 207(c)(3) of the National Housing Act is 12 USC 1713. amended by striking out “$9,900”, “$13,750”, “$16,500”, “$20,350”, “$23,100”, and “$2,500” in the matter preceding the first semicolon and inserting in lieu thereof “$13,000”, “$18,000”, “$21,500”, “$26,500”, “$30,000”, and “$8,250”, respectively. (2) Section 207(c)(3) of such Act is further amended by striking out “$11,550”, “$16,500”, “$19,800”, “$24,750”, and “$28,050” in the matter following the first semicolon and inserting in lieu thereof “$15,000”, “21,000”, “$25,750”, “$32,250”, and “$36,465”, respectively. (b) (1) Section 213(b)(2) of such Act is amended by striking out 12 USC 1715e. “$9,900”, “$13,750”, “$16,500”, “$20,350”, and “$23,100” in the matter preceding the first proviso and inserting in lieu thereof “$13,000”, “$18,000”, “$21,500”, “$26,500”, and “$30,000”, respectively. (2) Section 213(b)(2) of such Act is further amended by striking out “$11,550”, “$16,500”, “$19,800”, “$24,750”, and “$28,050” in the first proviso and inserting in lieu thereof “$15,000”, “$21,000”, “$25,750”, “$32,250”, and “$36,465”, respectively. (c) (1) Section 220(d)(3)(B)(iii) of such Act is amended by striking 12 USC 1715k. out “$9,900”, “$13,750”, “$16,500”, “$20,350”, and “$23,100” in the matter preceding “except” where it first appears and inserting in lieu thereof “$13,000”, “$18,000”, “$21,500”, “$26,500”, and “$30,000”, respectively. (2) Section 220(d)(3)(B)(iii) of such Act is further amended by striking out “$11,550”, “$16,500”, “$19,800”, “$24,750”, and “$28,050” in the matter following “except” where it first appears and inserting in lieu thereof “$15,000”, “$21,000”, “$25,750”, “$32,250” and “$36,465”, respectively. (d) Section 221(d)(3)(ii) of such Act is amended— 12 USC 1715l. (A) by striking out “$9,200”, “$12,937.50”, “$15,525”, “$19,550”, and “$22,137.50” and inserting in lieu thereof “$11,240”, “$15,540”, “$18,630”, “$23,460”, and “$26,570”, respectively; and (B) by striking out “$10,925”, “$13,500”, “$18,400”, “$23,000”, and “$26,162.50” and inserting in lieu thereof “$13,120”, “$16,200”, “$22,080”, “$27,600”, and “$32,000”, respectively. (e) (1) Section 221(d)(4)(ii) of such Act is amended by striking out “$9,200”, “$12,937.50”, “$15,525”, “$19,550”, and “$22,137.50” in the matter preceding the first semicolon and inserting in lieu thereof “$12,300”, “$17,188”, “$20,525”, “$24,700”, and “$29,038”, respectively. (2) Section 221(d)(4)(ii) of such Act is further amended by striking out “$10,525”, “$15,525”, “$18,400”, “$23,000”, and “$26,162.50” in the matter following the first semicolon and inserting in lieu thereof “$13,975”, “$20,025”, “$24,350”, “$31,500”, and “$34,578”, respectively. (f) (1) Section 231(c)(2) of such Act is amended by striking out 12 USC 1715v. “$8,800”, “$12,375”, “$14,850”, “$18,700”, and “$21,175” in the matter preceding the first semicolon and inserting in lieu thereof “$12,300”, “$17,188”, “$20,525”, “$24,700”, and “$29,038”, respectively. (2) Section 231(c)(2) of such Act is further amended by striking out “$10,450”, “$14,850”, “$17,600”, “$22,000”, and “$25,025” in the matter following the first semicolon and inserting in lieu thereof “$13,975”, “$20,025”, “$24,350”, “$31,500”, and “$34,578”, respectively. (g) (1) Section 234(e)(3) of such Act is amended by striking out 12 USC 1715y. “$9,900”, “$13,750”, “$16,500”, “$20,350”, and “$23,100” in the matter preceding the first proviso and inserting in lieu thereof “$13,000”, “$18,000”, “$21,500”, “$26,500”, and “$30,000”, respectively. (2) Section 234(e)(3) of such Act is further amended by striking out “$11,550”, “$16,500”, “$19,800”, “$24,750”, and “$28,050” in the first proviso and inserting in lieu thereof “$15,000”, “$21,000”, “$25,750”, “$32,250”, and “$36,465”, respectively. Sec. 304. elimination of project mortgage dollar limits (a) (1) Section 207(c) of the National Housing Act is 12 USC 1713. amended by striking out paragraph (1). (2) Section 207(c)(3) of such Act is amended by striking out “or $1,000,000 per mortgage for trailer courts or parks”. (b) Section 213(b) of such Act is amended by striking out 12 USC 1715e. paragraph (1). (c) Section 213(c) of such Act is amended by striking out “not to exceed $12,500,000 and”. (d) Section 220(d)(3)(B) of such Act is amended by striking out 12 USC 1715k. clause (i). (e) Section 221(d) of such Act is amended— 12 USC 1715l. (1) by striking out clause (i) in paragraph (3); and (2) by striking out clause (i) in paragraph (4). (f) Section 231(c) of such Act is amended by striking out 12 USC 1715v. paragraph (1). (g) Section 232(d)(2) of such Act is amended by striking out “not 12 USC 1715w. to exceed $12,500,000, and”. (h) Section 234(e) of such Act is amended by striking out 12 USC 1715y. paragraph (1). (i) Section 242(d)(2) of such Act is amended by striking out “not 12 USC 1715z–7. to exceed $50,000,000, and”. (j) (1) Section 810(f) of such Act is amended by striking out 12 USC 1748h–2. “(1) not to exceed $5,000,000 or (2)”. (2) Section 810(g) of such Act is amended by striking out “not to exceed $5,000,000 and”. (k) Section 1002(c) of such Act is amended by striking out the 12 USC 1749bb. second sentence. (l) Section 1101(c) of such Act is amended by striking out paragraph 12 USC 1749aaa. (1). Sec. 305. energy conservation Title V of the National Housing Act (as amended by section 301 of this Act) is amended by adding at the end thereof the following new section: “Sec. 526. “energy conservation To the maximum extent feasible, the Secretary of Housing 12 USC 1735f–4. and Urban Development shall promote the use of energy saving techniques through minimum property standards established by him for newly constructed residential housing subject to mortgages insured under this Act.” Sec. 306. compensation for defects Section 518(b) of the National Housing Act is amended to 12 USC 1735b. read as follows: “(b) The Secretary is authorized to make expenditures to correct, or to reimburse the owner for the correction of, structural or other major defects which so seriously affect use and livability as to create a serious danger to the life or safety of inhabitants of any one or two family dwelling which is covered by a mortgage insured under section 235 of this Act or which is located in an older, declining urban area and is covered by a mortgage insured under section 203 or 221 on or 12 USC 1709, 1715l. after August 1, 1968, but prior to January 1, 1973, and which is more than one year old on the date of the issuance of the insurance commitment, if (1) the owner requests assistance from the Secretary not later than one year after the insurance of the mortgage, or, in the case of a dwelling covered by a mortgage insured under section 203 or 221 the insurance commitment for which was issued on or after August 1, 1968, but prior to January 1, 1973, not more than one year after the date of enactment of the Housing and Community Development Act of 1974, and (2) the defect is one that existed on the date of the issuance of the insurance commitment and is one that a proper inspection could reasonably be expected to disclose. The Secretary may require from the seller of any such dwelling an agreement to reimburse him for any payments made pursuant to this subsection with respect to such dwelling. Expenditures pursuant to this subsection shall be the obligation of the Special Risk Insurance Fund.” Sec. 307. co-insurance Title II of the National Housing Act is amended by adding at the end thereof the following new section: “Sec. 244. “co-insurance (a) In addition to providing insurance as otherwise 12 USC 1715z–9. authorized under this Act, and notwithstanding any other provision of this Act inconsistent with this section, the Secretary, upon request of any mortgagee and for such mortgage insurance premium as he may prescribe (which premium, or other charges to be paid by the mortgagor, shall not exceed the premium, or other charges, that would otherwise be applicable), may insure and make a commitment to insure under any provision of this title any mortgage, advance, or loan otherwise eligible under such provision, pursuant to a co-insurance contract providing that the mortgagee will— “(1) assume a percentage of any loss on the insured mortgage, advance, or loan in direct proportion to the amount of the co-insurance, which co-insurance shall not be less than 10 per centum, subject to any reasonable limit or limits on the liability of the mortgagee that may be specified in the event of unusual or catastrophic losses that may be incurred by any one mortgagee; and “(2) carry out (under a delegation or otherwise and with or without compensation but subject to audit, exception, or review requirements) such credit approval, appraisal, inspection, commitment, property disposition, or other functions as the Secretary, pursuant to regulations, shall approve as consistent with the purposes of this Act. Any contract of co-insurance under this section shall contain such provisions relating to the sharing of premiums on a sound actuarial basis, establishment of mortgage reserves, manner of calculating insurance benefits, conditions with respect to foreclosure, handling and disposition of property prior to claim or settlement, rights of assignees (which may elect not to be subject to the loss sharing provisions), and other similar matters as the Secretary may prescribe pursuant to regulations. “(b) No insurance shall be granted pursuant to this section with respect to dwellings or projects approved for insurance prior to the beginning of construction unless the inspection of such construction is conducted in accordance with at least the minimum standards and criteria used with respect to dwellings or projects approved for mortgage insurance pursuant to other provisions of this title. “(c) No insurance shall be granted pursuant to this section unless the Secretary has, after due consultation with the mortgage lending industry, determined that the demonstration program of co-insurance authorized by this section will not disrupt the mortgage market or reduce the availability of mortgage credit to borrowers who depend upon mortgage insurance provided under this Act. “(d) No mortgage, advance, or loan shall be insured pursuant to this section after June 30, 1977, except pursuant to a commitment to insure made before that date. The aggregate principal amount of mortgages and loans insured pursuant to this section in any fiscal year beginning on or after July 1, 1974, and ending prior to October 1, 1977, shall not exceed 20 per centum of the aggregate principal amount of all mortgages and loans insured under this title during such fiscal year. The overall percentage limitation specified in the preceding sentence shall also apply separately within each of the following categories— “(1) mortgages and loans covering one- to four-family dwellings; and “(2) mortgages and loans covering projects with five or more dwelling units. “(e) The Secretary shall not withdraw, deny, or delay insurance otherwise authorized under any other provision of this Act by reason of the availability of insurance pursuant to this section. The Secretary shall exercise his authority under this section only to the extent that he finds that the continued exercise of such authority will not adversely affect the flow of mortgage credit to older and declining neighborhoods and to the purchasers of older and lower cost housing. “(f) The Secretary shall submit to the Congress a report, not later Report to Congress. than March 1, 1975, and annually thereafter, describing operations under this section, including the extent of mortgage participation and any special problems encountered, particularly with respect to the flow of mortgage credit to older and declining neighborhoods and to purchasers of older and lower cost housing, and setting forth any recommendations he may deem appropriate with respect to the continuation or modification of the authority contained in this section. If the Secretary shall fail to submit any such report by the date due, his authority under this section shall terminate.” Sec. 308. experimental financing Title II of the National Housing Act (as amended by section 307 of this Act) is amended by adding at the end thereof the following new section: “Sec. 245. “experimental financing The Secretary may insure on an experimental basis under 12 USC 1715z–10. any provision of this title mortgages and loans with provisions of varying rates of amortization corresponding to anticipated variations in family income to the extent he determines such mortgages or loans (1) have promise for expanding housing opportunities or meet special needs, (2) can be developed to include any safeguards for mortgagors or purchasers that may be necessary to offset special risks of such mortgages, and (3) have a potential for acceptance in the private market. The outstanding aggregate principal amount of mortgages which are insured pursuant to this section may not exceed 1 per centum of the outstanding aggregate principal amount of mortgages and loans estimated to be insured during any fiscal year under this title. A mortgage or loan may not be insured pursuant to this section after June 30, 1976, except pursuant to a commitment entered into prior to such date.” Sec. 309. property improvement and mobile home loans (a) Section 2(b) of the National Housing Act is amended— 12 USC 1703. (1) by striking out “$5,000” in clause (1) and inserting in lieu thereof “$10,000”; (2) by striking out “if such obligation” in clause (2) and all that follows down through “the general economy, and” and inserting in lieu thereof the following: “if such obligation has a maturity in excess of twelve years and thirty-two days, except that”; (3) by striking out “twelve years and thirty-two days (fifteen years and thirty-two days in the case of a mobile home composed of two or more modules)” in the proviso in clause (2) and inserting in lieu thereof “fifteen years and thirty-two days”; and (4) by striking out “$15,000”, “$2,500”, and “seven years” in the third proviso in clause (3) and inserting in lieu thereof “$25,000”, “$5,000”, and “twelve years”, respectively. (b) (1) Section 2(a) of such Act is amended by adding at the end 12 USC 1703. thereof the following new paragraph: “Alterations, repairs, and improvements upon or in connection with existing structures may include the provision of fire safety equipment, energy conserving improvements, or the installation of solar energy systems. As used in this section— Definitions. “(1) the term ‘fire safety equipment’ means any device or facility which is designed to reduce the risk of personal injury or property damage resulting from fire and is in conformity with such criteria and standards as shall be prescribed by the Secretary; “(2) the term ‘energy conserving improvements’ means any addition, alteration, or improvement to an existing or new structure which is designed to reduce the total energy requirements of that structure, and which is in conformity with such criteria and standards as shall be prescribed by the Secretary in consultation with the National Bureau of Standards; and “(3) the term ‘ solar energy system’ means any addition, alteration, or improvement to an existing or new structure which is designed to utilize solar energy to reduce the energy requirements of that structure from other energy sources, and which is in conformity with such criteria and standards as shall be prescribed by the Secretary in consultation with the National Bureau of Standards.” (2) The first sentence of section 2(a) of such Act is amended by inserting before the period at the end thereof the following: “or financing the purchase of a lot on which to place such home and paying expenses reasonably necessary for the appropriate preparation of such lot, including the installation of utility connections, sanitary facilities, and paving, and the construction of a suitable pad, or financing only the acquisition of such a lot either with or without such preparation by an owner of a mobile home.”. (3) Section 2(b) of such Act is amended by adding at the end thereof the following new sentence: “Notwithstanding the foregoing limitations, any loan to finance fire safety equipment for a nursing home, extended health care facility, intermediate health care facility, or other comparable health care facility may involve such principal amount and have such maturity as the Secretary may prescribe.”. (c) Clause (i) in the first paragraph of section 2(a) of such Act is amended by inserting “or mobile homes” immediately after “in connection with existing structures”. (d) Section 2(b) of such Act (as amended by subsection (b)(3) of this section) is amended by adding at the end thereof the following new paragraphs: “Notwithstanding the limitations contained in the first proviso to clause (2) of the preceding sentence, a loan financing the purchase of a mobile home and an undeveloped lot on which to place the home shall— “(A) involve an amount not exceeding (i) the maximum amount under clause (1) of the first paragraph of this subsection, and (ii) such amount not to exceed $5,000 as may be necessary to cover the cost of purchasing the lot; and “(B) have a maturity not exceeding fifteen years and thirty-two days (twenty years and thirty-two days in the case of a mobile home composed of two or more modules). “A loan financing the purchase of a mobile home and a suitably developed lot on which to place the home shall— “(A) involve an amount not exceeding (i) the maximum amount under clause (1) of the first paragraph of this subsection, and (ii) such amount not to exceed $7,500 as may be necessary to cover the cost of purchasing the lot; and “(B) have a maturity not exceeding fifteen years and thirty-two days (twenty years and thirty-two days in the case of a mobile home composed of two or more modules). “A loan financing the purchase, by an owner of a mobile home which is the principal residence of that owner, of only a lot on which to place that mobile home shall— “(A) involve such an amount as may be necessary to cover the cost of purchasing the lot but not exceeding (i) $5,000 in the case of an undeveloped lot, or (ii) $7,500 in the case of a developed lot; and “(B) have a maturity not exceeding ten years and thirty-two days. A mobile home lot loan may be made only if the owner certifies that he will place his mobile home on the lot acquired with such loan within six months after the date of such loan.” (e) The last sentence of section 3(a) of the Act entitled “An Act to amend chapter 37 of title 38 of the United States Code with respect 38 USC 1801 et seq. to the veterans’ home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes,” approved May 7, 1968, as amended (12 U.S.C. 1709–1), is amended by striking out “, and which represent loans and advances of credit made for the purpose of financing purchases of mobile homes,”. Sec. 310. down-payment requirements for regular fha one- to four-family mortgages (a) The first and second sentences of section 203(b)(2) of the National Housing Act are each amended— 12 USC 1709. (1) by striking out “$15,000” in clause (i) and inserting in lieu thereof “$25,000”; (2) by striking out “$15,000” and “$25,000” in clause (ii) and inserting in lieu thereof “$25,000” and “$35,000”, respectively; and (3) by striking out “$25,000” in clause (iii) and inserting in lieu thereof “$35,000”. (b) Section 220(d)(3)(A)(i) of such Act is amended by— 12 USC 1715k. (1) by striking out “$15,000” in each clause numbered (1) and inserting in lieu thereof “$25,000”; (2) by striking out “$15,000” and “$25,000” in each clause numbered (2) and inserting in lieu thereof “$25,000” and “$35,000”, respectively; and (3) by striking out “$25,000” in each clause numbered (3) and inserting in lieu thereof “$35,000”. (c) Section 222(b)(3) of such Act is amended to read as follows: 12 USC 1715m. “(3) have a principal obligation not in excess of the sum of (i) 97 per centum of $25,000 of the appraised value of the property as of the date the mortgage is accepted for insurance, (ii) 90 per centum of such value in excess of $25,000 but not in excess of $35,000, and (iii) 80 per centum of such value in excess of $35,000; and”. (d) That part of clause (A) of the third sentence of section 234(c) of such Act which begins “and not to exceed” is amended to read as 12 USC 1715y. follows “and not to exceed the sum of (i) 97 per centum of $25,000 of the appraised value of the property as of the date the mortgage is accepted for insurance, (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”. Sec. 311. multifamily mortgages (a) Section 223 of the National Housing Act is amended 12 USC 1715n. by adding at the end thereof the following new subsections: “(f) Notwithstanding any of the provisions of this Act, the Secretary is authorized, in his discretion, to insure under any section of this title a mortgage executed in connection with the purchase of refinancing of an existing multifamily housing project. In the case of refinancing under this subsection of property located in an older, declining urban area, the Secretary shall prescribe such terms and conditions as he deems necessary to assure that— “(1) the refinancing is used to lower the monthly debt service only to the extent necessary to assure the continued economic viability of the project, taking into account any rent reductions to be implemented by the mortgagor; and “(2) during the mortgage term no rental increases shall be made except those which are necessary to offset actual and reasonable operating expense increases or other necessary expense increases approved by the Secretary. “(g) Notwithstanding any other provisions of this Act, the Secretary may, in his discretion, insure a mortgage covering a multifamily housing project including units which are not self-contained.” (b) Section 213(b)(2) of such Act is amended by striking out “97 12 USC 1715e. per centum” and inserting in lieu thereof “98 per centum”. Sec. 312. group practice facilities (a) Title XI of the National Housing Act is amended— (1) by inserting after “unit or organization” in section 1101 12 USC 1749aaa. (b)(1) the following: “or other mortgagor”; (2) by inserting after “group practice facility” in section 1101 (b)(3) the following: “or medical practice facility”; (3) by inserting after “group practice facility” in section 1101 (e) the following: “or medical practice facility”; (4) by inserting after “group practice facility” in section 1101(f) the following: “or medical practice facility”; (5) by striking out in “(as defined in section 1106(1))” section 1105(a) and inserting in lieu thereof “or medical practice facility 12 USC 1749aaa–4. (as defined in section 1106)”; and (6) by redesignating paragraphs (2) through (8) of section 1106 as paragraphs (3) through (9), respectively, and by inserting 12 USC 1749aaa–5. after paragraph (1) of such section the following: “(2) The term ‘medical practice facility’ means an adequately Definitions. equipped facility in which not more than four persons licensed to practice medicine in the State where the facility is located can provide, as may be appropriate, preventive, diagnostic, and treatment services, and which is situated in a rural area or small town, or in a low-income section of an urban area, in which there exists, as determined by the Secretary, a critical shortage of physicians. As used in this paragraph— “(A) the term ‘small town’ means any town, village, or city having a population of not more than 10,000 inhabitants accord-ing to the most recent available data compiled by the Bureau of the Census; and “(B) the term ‘low-income section of an urban area’ means a section of a larger urban area in which the median family income is substantially lower, as determined by the Secretary, than the median family income for the area as a whole.” (b) Section 1106 of such Act is amended as follows: 12 USC 1749aaa–5. (1) Paragraph (1) is amended by inserting “or osteopathy” after “practice medicine”, and by inserting after “State” where it last appears the following: “, or, in the case of podiatric care or treatment, is under the professional supervision of persons licensed to practice podiatry in the State”. (2) Paragraph (2) (as redesignated by subsection (a)(6) of this section) is amended by inserting “, osteopathy,” after “practice medicine”, and by inserting after “dentistry in the State,” the following: “or of persons licensed to practice podiatry in the State,”. (3) Paragraph (3)(A) (as so redesignated) is amended by inserting “osteopathic care,” after “comprehensive medical care,”, by striking out “or” after “optometric care,”, and by inserting after “dental care,” the following: “or podiatric care,”. (4) Paragraph (3)(B) (as so redesignated) is amended by inserting “osteopathic,”, after “medical,”, by striking out “or” after “optometric,”, and by inserting after “dental” the following: “or podiatric”. Sec. 313. supplemental loans Section 241 of the National Housing Act is amended by 12 USC 1715z–6. adding at the end thereof the following new subsection: “(d) Notwithstanding the foregoing, the Secretary may insure a loan for improvements or additions to a multifamily housing project, or a group practice or medical practice facility or hospital or other health facility approved by the Secretary, which is not covered by a mortgage insured under this Act, if he finds that such a loan would assist in preserving, expanding, or improving housing opportunities, or in providing protection against fire or other hazards. Such loans shall have a maturity satisfactory to the Secretary and shall meet such other conditions as the Secretary may prescribe. In no event shall such a loan be insured if it is for an amount in excess of the maximum amount which could be approved if the outstanding indebtedness, if any, covering the property were a mortgage insured under this Act.” Sec. 314. mortgage insurance for land development The first sentence of section 1002(c) of the National Housing Act is amended to read as follows: “The principal obligation of 12 USC 1749bb. the mortgage shall not exceed the sum of 80 per centum of the Secretary’s estimate of the value of the land before development and 90 per centum of his estimate of the cost of such development.”. Sec. 315. sales to cooperatives Title II of the National Housing Act (as amended by sections 307 and 308 of this Act) is amended by adding at the end thereof the following: “Sec. 246. “sale of acquired property to cooperatives In any case in which the Secretary sells a multifamily 12 USC 1715z–11. housing project acquired as the result of a default on a mortgage which was insured under this Act to a cooperative which will operate it on a nonprofit basis and restrict permanent occupancy of its dwellings to members, the Secretary may accept a purchase money mortgage in a principal amount equal to the sum of (1) the appraised value of the property at the time of purchase, which value shall be based upon a mortgage amount on which the debt service can be met from the income of the property when operated on a nonprofit basis after payment of all operating expenses, taxes, and required reserves, and (2) the amount of prepaid expenses and costs involved in achieving cooperative ownership. Prior to such disposition of a project, funds may be expended by the Secretary for necessary repairs and improvements.” Sec. 316. extension of regular fha insurance programs (a) Section 2(a) of the National Housing Act is amended 12 USC 1703. by striking out “October 1, 1974” in the first sentence and inserting in lieu thereof “June 30, 1977”. (b) Section 217 of such Act is amended by striking out “October 1, 12 USC 1715h. 1974” and inserting in lieu thereof “June 30, 1977”. (c) Section 221(f) of such Act is amended by striking out “October 12 USC 1715l. 1, 1974” in the fifth sentence and inserting in lieu thereof “June 30, 1977”. (d) Section 809(f) of such Act is amended by striking out “October 12 USC 1748h–1. 1, 1974” in the second sentence and inserting in lieu thereof “June 30, 1977”. (e) Section 810(k) of such Act is amended by striking out “October 12 USC 1748h–2. 1, 1974” in the second sentence and inserting in lieu thereof “June 30, 1977”. (f) Section 1002(a) of such Act is amended by striking out “October 12 USC 1749bb. 1, 1974” in the second sentence and inserting in lieu thereof “June 30, 1977”. (g) Section 1101(a) of such Act is amended by striking out “October 12 USC 1749aaa. 1, 1974” in the second sentence and inserting in lieu thereof “June 30, 1977”. Sec. 317. extension of flexible interest rate authority Section 3(a) of the Act entitled “An Act to amend chapter 37 of title 38 of the United States Code with respect to the veterans’ 38 USC 1801 et seq. home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes”, approved May 7, 1968, as amended (12 U.S.C. 1709–1), is amended by striking out “October 1, 1974” and inserting in lieu thereof “June 30, 1977”. Sec. 318. mortgage insurance in military impacted areas Section 238 of the National Housing Act is amended by 12 USC 1715z–3. adding at the end thereof the following new subsection: “(c) The Special Risk Insurance Fund may be used by the Secretary for carrying out the mortgage insurance obligations of sections 203 and 207 to provide housing for military personnel, Federal civilian employees, and Federal contractor employees assigned to duty or employed at or in connection with any installation of the Armed Forces of the United States in federally impacted areas where, in the judgment of the Secretary (1) the residual housing requirements for persons not associated with such installations are insufficient to sustain the housing market in the event of substantial curtailment of employment of personnel assigned to such installations, and (2) the benefits to be derived from such use outweigh the risk of possible cost to the Government.” Sec. 319. amendment to make public housing agencies eligible as mortgagors under section 221(d)(3) of the national housing act (a) Section 221(d)(3) of the National Housing Act is 12 USC 1715l. amended by striking out “(and which certifies that it is not receiving financial assistance from the United States exclusively pursuant to the United States Housing Act of 1937)” and inserting in lieu thereof 42 USC 1430. 42 USC 1408. “(and, except with respect to a project assisted or to be assisted pursuant to section 8 of the United States Housing Act of 1937, which certifies that it is not receiving financial assistance from the United States exclusively pursuant to such Act)”. (b) With respect to any obligation secured by a mortgage which is 12 USC 1715l note. insured under section 221(d)(3) of the National Housing Act 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, the interest paid on such obligation shall be included in gross income for purposes of chapter 1 of the Internal Revenue Code of 1954.

75. 1975

    Pub. L. 94–173 § 3 · 89 Stat. 1027

    Changed · 12 U.S.C. § 1713(c)(3)

    Pub. L. 94–173 raised from 45 per centum to 75 per centum the amount by which any dollar limitation may, by regulation, be increased

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 94–173 raised from 45 per centum to 75 per centum the amount by which any dollar limitation may, by regulation, be increased.

    Enacted provision · exact public law section
    Sec. 3. The National Housing Act is amended by striking out the words “by not to exceed 45 per centum in any geographical area” where they appear in sections 207(c)(3), 213(b)(2), 220(d)(3)(B)(iii), 221(d)(3)(ii), 221(d)(4)(ii), 231(c)(2), and 234(e)(3) and inserting 12 USC 1713, 1715e, 1715k, 1715l, 1715v, 1715y. in lieu thereof in each such section the words “by not to exceed 75 per centum in any geographical area”.

76. 1976

    Pub. L. 94–375 § 8(a) · 90 Stat. 1067

    1. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 94–375 substituted “50 per centum in any geographical area” for “75 per centum in any geographical area”

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 94–375 substituted “$19,500” for “$13,000”

    3. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 94–375 substituted “$21,600” for “$18,000”

    4. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 94–375 substituted “$25,800” for “$21,500”

    5. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 94–375 substituted “$31,800” for “$26,500”

    6. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 94–375 substituted “$36,000” for “$30,000”

    7. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 94–375 substituted “$3,900” for “$3,250”

    8. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 94–375 substituted “$22,500” for “$15,000”

    9. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 94–375 substituted “$25,200” for “$21,000”

    10. Substituted · 12 U.S.C. § 1713(c)(3)

        Pub. L. 94–375 substituted “$30,900” for “$25,750”

    11. Substituted · 12 U.S.C. § 1713(c)(3)

        Pub. L. 94–375 substituted “$38,700” for “$32,250”

    12. Substituted · 12 U.S.C. § 1713(c)(3)

        Pub. L. 94–375 substituted “$43,758” for “$36,465”

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 94–375 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”.

    Enacted provision · exact public law section
    (a) The National Housing Act is amended by sticking out “by not to exceed 75 per centum in any geographical area” where it appears in sections 207(c)(3), 213(b)(2), 220(d) (3) (B) (iii), 221 (d)(3)(h), 221(d) (4)(ii), 231(c)(2), and 234(e)(3) and inserting 12 USC 1713, 1715e, 1715k, 1715l, 1715v, 1715y. in lieu thereof in each such section “by not to exceed 50 per centum in any geographical area”.

77. 1978

    Housing and Community Development Amendments of 1978

    Pub. L. 95–557 title III § 311(a) · 92 Stat. 2080

    Substituted · 12 U.S.C. § 1713(c)

    Pub. L. 95–557 substituted “may include five” for “may include eight” in concluding par

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 95–557 substituted “may include five” for “may include eight” in concluding par.

    Enacted provision · exact public law section
    (a) 12 USC 1713. The last sentence of section 207(c) of the National Housing Act is amended by striking out “eight” and inserting in lieu thereof “five”.

78. 1978

    Pub. L. 95–619 title II § 248(b) · 92 Stat. 3206

    Changed · 12 U.S.C. § 1713(c)(3)

    Pub. L. 95–619 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

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 95–619 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.

    Enacted provision · exact public law section
    (b) Multifamily Housing.— Section 207(c)(3) of such Act is amended by adding the following new sentence at the end thereof: “Notwithstanding any other provision of this paragraph, the amount which may be insured under this section may be increased by up to 20 percent if such increase is necessary to account for the increased cost of the project due to the installation of a solar energy system (as defined in subparagraph (3) of the last paragraph of section 2(a) of this Act) therein.”.

79. 1979

    Housing and Community Development Amendments of 1979

    Pub. L. 96–153 title III · 93 Stat. 1101

    1. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 96–153, §§ 313(b), 314, in first sentence of first unnumbered par. substituted “$8,000” for “$3,900”

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 96–153, §§ 313(b), 314, in first sentence of first unnumbered par. substituted “75 per centum” for “50 per centum”

    3. Inserted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 96–153, §§ 313(b), 314, in first sentence of first unnumbered par. 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

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 96–153, §§ 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.

    Enacted provision · exact public law
    TITLE III— PROGRAM AMENDMENTS AND EXTENSIONS Sec. 301. extension of federal housing administration mortgage insurance programs (a) Section 2(a) of the National Housing Act is amended by striking out “December 1, 1979” in the first sentence and inserting in lieu thereof “October 1, 1980”. (b) Section 217 of such Act is amended by striking out “November 30, 1979” and inserting in lieu thereof “September 30, 1980”. (c) Section 221(f) of such Act is amended by striking out “November 30, 1979” in the fifth sentence and inserting in lieu thereof “September 30, 1980”. (d) Section 235(m) of such Act is amended by striking out “November 30, 1979” and inserting in lieu thereof “September 30, 1980”. (e) Section 236(n) of such Act is amended by striking out “November 30, 1979” and inserting in lieu thereof “September 30, 1980”. (f) Section 244(d) of such Act is amended— 12 USC 1715z–9. (1) by striking out “November 30, 1979” in the first sentence and inserting in lieu thereof “September 30, 1980”; and (2) by striking out “December 1, 1979” in the second sentence and inserting in lieu thereof “October 1, 1980”. (g) Section 245 of such Act is amended by striking out “November 30, 1979” where it appears and inserting in lieu thereof “September 30, 1980”. (h) Section 809(f) of such Act is amended by striking out “November 30, 1979” in the second sentence and inserting in lieu thereof “September 30, 1980”. (i) Sect ion 810(k) of such Act is amended by striking out “November 30, 1979” in the second sentence and inserting in lieu thereof “September 30, 1980”. (j) Section 1002(a) of such Act is amended by striking out “November 30, 1979” in the second sentence and inserting in lieu thereof “September 30, 1980”. (k) Section 1101(a) of such Act is amended by striking out “November 30, 1979” in the second sentence and inserting in lieu thereof “September 30, 1980”. Sec. 302. extension of flexible interest rate authority Section 3(a) of Public Law 90–301 is amended by striking out “December 1, 1979” and inserting in lieu thereof “October 1, 1980”. Sec. 303. extension of emergency home purchase assistance act of 1974 Section 3(b) of the Emergency Home Purchase Assistance 12 USC 1723e note. Act of 1974 is amended by striking out “December 1, 1979” and inserting in lieu thereof “October 1, 1980”. Sec. 304. research authorizations The second sentence of section 501 of the Housing and 12 USC 1701z–1. Urban Development Act of 1970 is amended by striking out “and not to exceed $62,000,000 for the fiscal year 1979” and inserting in lieu thereof “not to exceed $62,000,000 for the fiscal year 1979, and not to exceed $50,300,000 for the fiscal year 1980”. Sec. 305. federal housing administration general insurance fund Section 519(f) of the National Housing Act is amended by inserting before the period at the end thereof the following: “, which shall be increased by not to exceed $93,000,000 on October 1, 1979”. Sec. 306. housing for the elderly or handicapped (a) Section 202(a)(4)(B)(i) of the Housing Act of 1959 is amended by striking out “and to $3,300,000,000 on October 1, 1978” and inserting in lieu thereof “to $3,300,000,000 on October 1, 1978, to $3,827,500,000 on October 1, 1979, to $4,777,500,000 on October 1, 1980, and to $5,752,500,000 on October 1, 1981”. (b) Section 202(a) of such Act is amended by adding at the end thereof the following new paragraphs: “(6) In reviewing applications for loans under this section, the Secretary may consider the extent to which such loans— “(A) will assist in stabilizing, conserving, and revitalizing neighborhoods and communities; “(B) will assist in providing housing for elderly and handicapped families in neighborhoods and communities in which they are experiencing significant displacement due to public or private investment; or “(C) will assist in the substantial rehabilitation, in an economical manner, of structures having architectural, historical, or cultural significance. “(7) The Secretary may make available appropriate technical and training assistance to assure that applicants having limited resources, particularly minority applicants, are able to participate more fully in the program carried out under this section.”. (c) (1) Section 202(d)(8)(A) of such Act is amended by striking out “or 12 USC 1701q. infirmaries or other inpatient or” and inserting in lieu thereof “adult day health facilities, or other”. (2) Section 202(f) of such Act is amended by inserting “(including adult day health services)” after “health”. (d) Section 202(g) of such Act is amended by adding the following new sentence at the end thereof: “At the time of settlement on permanent financing with respect to a project under this section, the Secretary shall make an appropriate adjustment in the amount of any assistance to be provided under a contract for annual contributions pursuant to section 8 of the United States Housing Act of 1937 in order to reflect fully any difference between the interest rate which will actually be charged in connection with such permanent financing and the interest rate which was in effect at the time of the reservation of assistance in connection with the project.”. (e) Not later than six months after the date of enactment of this Report to Congress. 12 USC 1701q note. Act, the Secretary of Housing and Urban Development shall transmit a report to the Congress on the housing needs of the elderly and handicapped in rural areas. Such report shall at least include— (1) an assessment of the operations of the present programs tn rural areas available to the elderly and handicapped; (2) an assessment of the housing needs of the elderly and handicapped living in rural areas; and (3) an examination of the various alternatives available to meet the housing needs of the elderly and handicapped in rural areas. (f) Not later than six months after the date of enactment of this Act, Report to Congress. 12 USC 1701q note. the Secretary of Housing and Urban Development shall transmit a report to the Congress containing recommendations on means to reduce the costs of the program carried out under section 202 of the Housing Act of 1959 without— (1) unduly burdening sponsors of programs and projects under this section; or (2) adversely affecting the ability of the program under this section to meet the housing needs of elderly and handicapped families. Sec. 307. neighborhood reinvestment corporation Section 608(a) of the Housing and Community Development Amendments of 1978 is amended by inserting “, and not to 92 Stat. 2119. 42 USC 8107. exceed $12,000,000 for fiscal year 1980” after “1979”. Sec. 308. exemption from state usury laws Title V of the National Housing Act is amended by adding the following new section at the end thereof: “Sec. 529. “exemption from state usury laws (a) The provisions of the constitution of any State expressly limiting the rate or amount of interest, discount points, or other charges which may be charged, taken, received, or reserved by lenders and the provisions of any State law expressly limiting the rate or amount of interest, discount points, or other charges which may be charged, taken, received, or reserved shall not apply to any loan, mortgage, or advance which is insured under title I or II of this 12 USC 1702, 1707. Act. “(b) The provisions of subsection (a) shall apply to loans, mortgages, or advances made or executed in any State until the effective date (after the date of enactment of this section) of a provision of law of that State limiting the rate or amount of interest, discount points, or other charges on any such loan, mortgage, or advance.”. Sec. 309. studies of mortgage insurance premiums and alternatives to statutory mortgage amounts (a) The Secretary of Housing and Urban Development (hereinafter referred to as the “Secretary”) shall conduct a study of the relative risks of loss which exist with respect to the various classes of mortgages which may be insured under sections 203(b) and Infra; Ante, p. 1108. 213 of the National Housing Act. Such study shall be conducted for the purpose of making recommendations on the advisability of reducing, in accordance with sound actuarial and accounting practices, some or all of the mortgage insurance premiums required for such classes of mortgages. The Secretary shall transmit such recommendations to the Congress within eighteen months from the date of the enactment of this Act. (b) The Secretary shall conduct a study of alternatives to the present system of fixed statutory maximum amounts for mortgages insured by the Department of Housing and Urban Development under titles I and II of the National Housing Act. Such study shall include an examination of possible alternatives, including but not limited to flexible mortgage ceilings, prototype cost limits, ceilings based on regional housing costs, sales prices of homes, and construction costs. The Secretary shall report to the Congress on the results of such study, together with recommendations for legislation, no later than March 1, 1980. Sec. 310. mortgage insurance for existing dwellings with warranty plans Section 203(b)(2) of the National Housing Act is amended by striking out “the dwelling was completed more than one year prior to the application for mortgage insurance, or the dwelling was approved for guaranty, insurance, or a direct loan under chapter 37 of title 38, United States Code, prior to the beginning of construction” in the third sentence and by inserting in lieu thereof the following: “(i) the dwelling was completed more than one year prior to the application for mortgage insurance, or (ii) the dwelling was approved for guaranty, insurance, or a direct loan under chapter 37 of title 38, 38 USC 1801 et seq. United States Code, prior to the beginning of construction, or (iii) the dwelling is covered by a consumer protection or warranty plan acceptable to the Secretary and satisfies all requirements which would have been applicable if such dwelling had been approved for mortgage insurance prior to the beginning of construction”. Sec. 311. modification of graduated payment mortgage program (a) This section may be cited as the “Homeownership Homeownership Opportunity Act of 1979. 12 USC 1701 note. 12 USC 1715z–10. Opportunity Act of 1979”. (b) Section 245 of the National Housing Act is amended— (1) by inserting “(a)” after “Sec. 245.”; (2) by inserting after “title” in the second sentence the following: “, except as provided in subsection (b) of this section,”; (3) by striking out “section” after “pursuant to this” and inserting in lieu thereof “subsection”; (4) by striking out the last sentence; and (5) by adding at the end thereof the following: “(b) Notwithstanding the provisions of subsection (a), the Secretary may insure under any provision of this title a mortgage or loan which meets the requirements of the first sentence of subsection (a) and which has provisions for varying rates of amortization if the Secretary determines— “(1) the mortgagor could not reasonably afford to purchase the dwelling unit by means of a mortgage insured under subsection (a) or any other mortgage insurance program under this title; “(2) the principal obligation of the mortgage or loan initially does not exceed the percentage of the initial appraised value of the property specified in section 203(b) of this title as of the date Ante, p. 1114. the mortgage or loan is accepted for insurance; “(3) the principal obligation of the mortgage or loan thereafter (including all interest to be deferred and added to principal! will not at any time be scheduled to exceed 97 per centum, or, if the mortgagor is a veteran, such higher percentage as is provided under section 203(b)(2) for veterans, of the projected value of the property; and “(4) the principal obligation of the mortgage thereafter will not exceed 113 per centum of the initial appraised value of the property. Mortgage insurance under this subsection shall be limited to mortgages executed by mortgagors who, as determined by the Secretary, have not owned dwelling units within the preceding three years. For the purpose of this subsection, the projected value of the property shall be calculated by the Secretary by increasing the initial appraised value of the property at a rate not in excess of 2 ½ per centum per annum. The number of mortgages which are insured in accordance with this subsection in any fiscal year may not exceed (A) that number of mortgages the aggregate initial principal obligation of which equals 10 per centum of the aggregate amount of the initial principal obligation of all mortgages secured by properties improved by one- to four-family residences which are insured under this title during the preceding fiscal year, or (B) 50,000 mortgages, whichever is greater. “(c) Any mortgage or loan insured pursuant to this section which contains or sets forth any graduated mortgage provisions (including but not limited to provisions for adding deferred interest to principal) which are authorized under this section and applicable regulations, or which have been insured on the basis of their being so authorized, shall not be subject to any State constitution, statute, court decree, common law, or rule or public policy (1) limiting the amount of interest which may be charged, taken, received, or reserved, or the manner of calculating such interest (including but not limited to prohibitions against the charging of interest on interest), if such constitution, statute, court decree, common law, or rule would not apply to the mortgage or loan in the absence of such graduated payment mortgage provisions, or (2) requiring a minimum amortization of principal under the mortgage or loan.”. Sec. 312. federal housing administration mortgage limits (a) Section 203(b)(2) of the National Housing Act is amended by striking out everything through “or $75,000 in the case of a four-family residence;” and inserting in lieu thereof the following: “(2) Involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in an amount not to exceed $67,500 in the case of property upon which there is located a dwelling designed principally for a one-family residence; or $76,000 in the case of a two-family residence (whether or not such one- or two-family residence may be intended to be rented temporarily for school purposes); or $92,000 in the case of a three-family residence, or $107,000 in the case of a four-family residence;”. (b) Section 220(d)(3)(A)(i) of such Act is amended— (1) by striking out “$60,000” and inserting in lieu thereof “$67,500”; (2) by striking out “$65,000” the first time it appears and inserting in lieu thereof “$76,000”; (3) by striking out “$65,000” the second time it appears and inserting in lieu thereof “$92,000”; (4) by striking out “$75,000” and inserting in lieu thereof “$107,000”; and (5) by striking out “$7,700” and inserting in lieu thereof “$8,250”. (c) Section 222(b)(2) and section 234(c) of such Act are amended by striking out “$60,000” in each such section and inserting in lieu thereof “$67,500”. Sec. 313. loans for mobile homes and lots (a) Section 2(b) of the National Housing Act is amended— (1) by striking out “$16,000 ($24,000 in the case of a mobile home composed of two or more modules” in the first sentence and inserting in lieu thereof “$18,000 ($27,000 in the case of a mobile home containing two or more modules”; (2) by striking out subparagraph (A) of the second paragraph and inserting in lieu thereof the following: “(A) involve such an amount not exceeding $24,000 ($33,000 in the case of a mobile home composed of two or more modules); and”; (3) by striking out “fifteen years and thirty-two days (twenty-three” in subparagraph (B) of the second paragraph and inserting in lieu thereof “twenty years and thirty-two days (twenty-five”; (4) by striking out subparagraph (A) of the third paragraph and inserting in lieu thereof the following: “(A) involve such an amount not exceeding $27,500 ($36,500 in the case of a mobile home composed of two or more modules); and”; (5) by striking out “fifteen years and thirty-two days (twenty-three” in subparagraph (B) of the third paragraph and inserting in lieu thereof “twenty years and thirty-two days (twenty-five”; (6) by striking out “$5,000 in the case of an undeveloped lot, or (ii) $7,500,” in subparagraph (A) of the fourth paragraph and inserting in lieu thereof “$6,250 in the case of an undeveloped lot, or (ii) $9,375”; and (7) by striking out “ten years and thirty-two days” in subparagraph (B) of the fourth paragraph and inserting in lieu thereof “fifteen years and thirty-two days”. (b) Section 207(c)(3) of such Act is amended by striking out “$3,900” 12 USC 1713. and inserting in lieu thereof “$8,000”. Sec. 314. high-cost area maximum mortgage amounts The National Housing Act is amended by striking out “by not to 12 USC 1713, 1715e, 1715k, 1715l, 1715v, 1715y. exceed 50 per centum in any geographical area where he finds that cost levels so require” where it appears in sections 207(c)(3), 213(b)(2), 220(d)(3)(B)(iii), 221(d)(3)(ii), 221(d)(4)(h), 231(c)(2), and 234(e)(3) and inserting in lieu thereof in each such section “by 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 in such an area”. Sec. 315. combination financing Section 242(d) of the National Housing Act is amended by 12 USC 1715z–7. adding the following new paragraph at the end thereof: “(5) The Secretary shall not insure any mortgage or approve any modification of an existing mortgage insured pursuant to this section or section 223(f) if such insurance or modification is to be made in 12 USC 1715n. 12 USC 1721. connection with a guarantee, as authorized pursuant to section 306, of a trust certificate or other security which is exempt from Federal taxation or which is to be used to collateralize obligations which are so exempt, except that the Secretary shall not refuse to insure such a mortgage or approve such a modification solely on the basis that such insurance or modification is to be made in connection with a guarantee, as authorized pursuant to section 306, of a trust certificate or other security which is exempt from Federal taxation or which is to be used to collateralize obligations which are so exempt if— “(A) a written application for such insurance or modification submitted at the express direction of the hospital has been submitted to the appropriate office of the Department of Health, Education, and Welfare prior to March 29, 1979; or “(B) in the case of a nonprofit mortgagor which is seeking refinancing or modification of an existing mortgage insured pursuant to this section or section 223(f), the mortgagor (i) had engaged an investment banker for the purpose of obtaining such refinancing or modification, or had undertaken or arranged for the undertaking of a market or feasibility study with respect to the advisability of obtaining such refinancing or modification, and had made written notification of its interest in such refinancing or modification to the Department of Health, Education, and Welfare or the Department of Housing and Urban Development prior to June 7, 1979; and (ii) receives from the programs established under titles XVIII and XIX of the Social Security Act 42 USC 1395, 1396 . a percentage of its total revenue which is greater than 125 per centum of the national average for hospitals which derive revenue from such titles.”. Sec. 316. federal home loan mortgage corporation amendments (a) Section 306 of the Federal Home Loan Mortgage 12 USC 1455. Corporation Act is amended by adding at the end thereof the following: “(e) (1) Any person, trust, or organization created pursuant to or existing under the laws of the United States or any State shall be authorized to purchase, hold, and invest in mortgages, obligations, or other securities which are or have been sold by the Corporation 12 USC 1454. pursuant to this section or pursuant to section 305 of this title to the same extent that such person, trust, or organization is authorized under any applicable law to purchase, hold, or invest in obligations issued by or guaranteed as to principal and interest by the United States or any agency or instrumentality thereof. Where State law limits the purchase, holding, or investment in obligations issued by the United States by such a person, trust, or organization, such Corporation mortgages, obligations, and other securities shall be considered to be obligations issued by the United States for purposes of the limitation. “(2) The provisions of paragraph (1) shall not apply with respect to a particular person, trust, or organization or class thereof in any State which, after the date of enactment of this subsection, enacts a statute which specifically names the Corporation and either prohibits or provides for a more limited authority to purchase, hold, or invest in such securities by such person, trust, or organization or class thereof than is provided in paragraph (1). The enactment by any State of any statute of the type described in the preceding sentence shall not affect the validity of any contractual commitment to purchase, hold, or invest which was made prior thereto. “(3) Any authority granted by paragraph (1) and not granted by any other Federal statute shall expire as of the end of June 30, 1985. Such expiration shall not affect the validity of any contractual commitment to purchase, hold, or invest which was made prior thereto pursuant to paragraph (1), and shall not affect the validity of any contractual commitment or other action to purchase, hold, or invest pursuant to any other authorization.”. (b) Section 303 of such Act is amended by adding at the end thereof the following: “(f) All mortgages, obligations, or other securities which are or have been sold by the Corporation pursuant to section 305 or section 306 of this title shall be lawful investments, and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposits of which shall be under the authority and control of the United States or any officers thereof.”. (c) Section 302(h) of such Act is amended by adding at the end thereof the following sentence: “Such term shall also include a mortgage, lien, or other security interest on the stock or membership certificate issued to a tenant-stockholder or resident-member by a 26 USC 216. cooperative housing corporation, as defined in section 216 of the Internal Revenue Code of 1954, and on the proprietary lease, occupancy agreement, or right of tenancy in the dwelling unit of the tenant-stockholder or resident-member in such cooperative housing corporation.”. Sec. 317. government national mortgage association maximum mortgage amount The second sentence of section 302(b)(1) of the National Housing Act is amended to read as follows: “Notwithstanding the 12 USC 1717. provisions of clause (3) of the preceding sentence, the Association may purchase a mortgage under section 305 with an original principal 12 USC 1720. obligation which exceeds the otherwise applicable maximum amount per dwelling unit if (1) the mortgage is insured under section 207(c)(3), 213(b)(2), 220(d)(3)(B)(iii), 221(d)(3)(ii), 221(d)(4)(u), 231(c)(2), 234(e)(3), or 236, and (2) at least 20 per centum of the units covered by such 12 USC 1713, 1715e, 1715k, 17151, 1715v, 1715y, 1715z–1. 42 USC 1437f. mortgage are assisted under contracts authorized by section 8 of the United States Housing Act of 1937.”. Sec. 318. section 203(i) program Section 203(i) of the National Housing Act is amended— 12 USC 1709. (1) by striking out “adjacent to a public highway” in the last proviso and inserting in lieu thereof “adjacent to an all-weather public road”; and (2) by striking out “five” in the last proviso and inserting in lieu thereof “two and one-half”. Sec. 319. maturities for supplemental loans Section 241(b)(2) of the National Housing Act is amended 12 USC 17152–6. by striking out the phrase “but not to exceed the remaining term of the mortgage”. Sec. 320. amendment to the national mobile home construction and safety standards act of 1974 Section 620 of the National Mobile Home Construction and Safety Standards Act of 1974 is amended by inserting after 42 USC 5419. “conducting such inspections,” the following: “and the Secretary may use any fees so collected to pay expenses incurred in connection with such inspections,”. Sec. 321. ownership of mobile home sites Not later than March 31, 1980, the Secretary of Housing Report to Congress. 12 USC 1703 note. and Urban Development shall transmit to the Congress a report containing recommendations for programs and policies which encourage individual ownership of mobile home lots through condominium or cooperative development of mobile home parks or through the development of mobile home subdivisions. Sec. 322. invalidation of hud increases in thermal requirements The final rule revision 6A of the Department of Housing and Urban Development (entitled “Increases in Thermal Requirements for HUD Minimum Property Standards” and contained in the Federal Register, volume 44, number 74, April 16, 1979, 24 CFR Part 200) is hereby disapproved and invalidated insofar as it applies to masonry construction. Sec. 323. deposit insurance and security extended to indian tribal government deposits (a) Paragraph (2)(A) of section 11(a) of the Federal Deposit 12 USC 1821. Insurance Act is amended by— (1) striking out “or” at the end of clause (iii), (2) inserting “or” following the semicolon at the end of clause (iv), and (3) inserting immediately after clause (iv) the following: “(v) an officer, employee, or agent of any Indian tribe (as 25 USC 1452. defined in section 3(c) of the Indian Financing Act of 1974) or agency thereof having official custody of tribal funds and lawfully investing or depositing the same in time and savings deposits in an insured bank;”. (b) Paragraph (1) of section 405(d) of the National Housing Act is amended by— (1) striking out “or” at the end of clause (iii), (2) inserting “or” following the semicolon at the end of clause (iv), and (3) inserting immediately after clause (iv) the following: “(v) an officer, employee, or agent of any Indian tribe (as 25 USC 1452. defined in section 3(c) of the Indian Financing Act of 1974) or agency thereof having official custody of tribal funds and lawfully investing the same in an insured institution;”. (c) Subparagraph (2)(A) of section 207(c) of the Federal Credit Union 12 USC 1787. Act is amended by— (1) striking out “or” at the end of clause (iii), (2) inserting “or” following the semicolon at the end of clause (iv), and (3) inserting immediately after clause (iv) the following: “(v) an officer, employee, or agent of any Indian tribe (as 25 USC 1452. defined in section 3(c) of the Indian Financing Act of 1974) or agency thereof having official custody of tribal funds and lawfully investing the same in a credit union insured in accordance with this title;”. (d) Section 107(6) of the Federal Credit Union Act is amended by striking out “nonmember units of Federal, State, or local governments and political subdivisions thereof enumerated in section 207 of 12 USC 1787. this Act” and inserting in lieu thereof “nonmember units of Federal, Indian tribal, State, or local governments and political subdivisions thereof enumerated in section 207 of this Act”. (e) The amendments made by subsections (a) through (d) are not applicable to any claim arising out of the closing of a bank, savings and loan association, or credit union prior to the date of enactment of this Act, but shall be applicable to any such claim arising on or after such date. (f) Section 5153 of the Revised Statutes is amended by adding at the end thereof the following paragraph: “Any national banking association may, upon the deposit with it of any funds by any federally recognized Indian tribe, or any officer, employee, or agent thereof in his or her official capacity, give security for the safekeeping and prompt payment of the funds so deposited by the deposit of United States bonds and otherwise as may be prescribed by the Secretary of the Treasury for public funds under the first paragraph of this section.”. Sec. 324. aiding members of the federal home loan bank system Section 11(h) of the Federal Home Loan Bank Act is 12 USC 1431. amended by inserting after “in the stock of the Federal National Mortgage Association.” the following: “in stock, obligations, or other securities of any small business investment company formed pursuant to section 301(d) of the Small Business Investment Act of 1958, for 15 USC 681. the purpose of aiding members of the Federal Home Loan Bank System,”. Sec. 325. small business investment companies Section 5(c)(4) of the Home Owners’ Loan Act of 1933 is 12 USC 1464. amended by adding at the end thereof the following: “(E) Small business investment companies.— An association may invest in stock, obligations, or other securities of any small business investment company formed pursuant to section 301(d) of the Small Business Investment Act of 1958, 15 USC 681. for the purpose of aiding members of the Federal Home Loan Bank System, but no association may make any investment under this subparagraph if its aggregate outstanding investment under this subparagraph would exceed 1 per centum of the assets of such association.”. Sec. 326. single family loan limitation Paragraph (1)(B) of section 6(c) of the Home Owners’ Loan Act of 1933 is amended by striking out “$60,000” and inserting in lieu 12 USC 1464. thereof “$75,000”. Sec. 327. stock to advances ratio Section 6(c)(2)(ii) of the Federal Home Loan Bank Act is 12 USC 1426. amended by striking out “twelve” and inserting in lieu thereof “twenty”. Sec. 328. paperwork reduction Section 905 of the Housing and Community Development Amendments of 1978 is amended to read as follows: 92 Stat. 2126. 42 USC 3541. “Sec. 905. “paperwork reduction (a) The Congress finds and declares— “(1) that various departments, agencies, and instrumentalities of the Federal Government with responsibilities involving housing and housing finance programs, require, approve, use or otherwise employ a variety of different forms as residential mortgages (or deeds of trust or similar security instruments) as notes secured by those mortgages, and for applications, appraisals and other purposes, and that such duplication of forms constitutes a paperwork burden that adds to the costs imposed on the Nation’s homeowners and home buyers; “(2) that unnecessary paperwork impairs the effectiveness of Federal housing and housing finance programs; “(3) that both single-family and multi-family programs are affected; and “(4) that simplification of paperwork imposed by Federal housing and housing finance programs would contribute to achieving the Nation’s housing goals by reducing housing costs. “(b) (1) Not later than October 1, 1980, the Secretary of Housing and Urban Development, the Secretary of Agriculture, and the Administrator of Veterans’ Affairs shall, consistent with provisions of law governing the conduct of housing programs, employ in their respective programs— “(A) uniform single-family and multi-family note and mortgage forms; “(B) a uniform application form for mortgage approval and commitment for mortgage insurance; “(C) a uniform form for computation of the monthly net effective income of applicants; “(D) a uniform property appraisal form; “(E) a uniform settlement statement which shall satisfy the 12 USC 2601 note. requirements of the Real Estate Settlement Procedures Act; and “(F) such other consolidated or simplified forms, particularly those which solicit identical or nearly identical information from the same persons in the conduct of two or more such programs, the consolidation or simplification of which the Secretaries of Housing and Urban Development and Agriculture and the Administrator of Veterans’ Affairs mutually agree would contribute to a reduction in the paperwork and regulatory burden of such programs. “(2) The Secretary of Housing and Urban Development, the Secretary of Agriculture, and the Administrator of Veterans’ Affairs shall, consistent with provisions of law governing their respective programs, provide by regulation for the elimination of forms which solicit information which is already available from other available sources through indexing or other means of identifying such forms. “(3) Each agency referred to in subsection (b) may employ riders, addenda, or similar forms of modification agreements to adapt such uniform forms to its respective programs and policies, consistent with the goals of minimizing the use and extent of such modification agreements and maximizing the suitability of such forms for the use of all participants, public and private. “(c) The Director of the Office of Management and Budget shall coordinate and monitor the development and implementation by Federal departments and agencies of the efforts required by subsection (b) and shall report to the Congress on such development and implementation and with respect to any provisions of law which unnecessarily prevent such departments and agencies from carrying out the provisions of this section as part of each report required under Public Law 93–556. Such report shall include an estimate of the reduction of the level of paperwork burden hours of the affected agencies as allocated by the Office of Management and Budget.”.

80. 1980

    Housing and Community Development Act of 1980

    Pub. L. 96–399 § 308(c)(1) · 94 Stat. 1614

    1. Substituted · 12 U.S.C. § 1713(a)(1); 12 U.S.C. § 1713(a)(6)

       Pub. L. 96–399, § 308(c)(1), which directed substitution of “manufactured home” for “mobile home” wherever appearing pursuant to Pub. L. 97–35, § 339B(c). See 1981 Amendment note above

    2. Substituted · 12 U.S.C. § 1713(a)(1); 12 U.S.C. § 1713(a)(6)

       Pub. L. 96–399, § 308(c)(1), which directed substitution of “manufactured homes” for “mobile homes” wherever appearing pursuant to Pub. L. 97–35, § 339B(c). See 1981 Amendment note above

    Source evidence

    Code amendment note
    Subsec. (a)(1), (6). Pub. L. 96–399, § 308(c)(1), 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 Pub. L. 97–35, § 339B(c). See 1981 Amendment note above.

    Enacted provision · exact public law section
    (1) The National Housing Act is amended by striking out “mobile home” each place it appears and inserting in lieu thereof “manufactured home”.

81. 1980

    Housing and Community Development Act of 1980

    Pub. L. 96–399 § 310(a) · 94 Stat. 1614

    Inserted · 12 U.S.C. § 1713(c)(3)

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

    Source evidence

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

    Enacted provision · exact public law section
    (a) The last sentence of section 207(c)(3) of the National Housing Act is amended by striking out “therein” and inserting in 12 USC 1713. 42 USC 8211. lieu thereof “or residential energy conservation measures (as defined in section 210(11) (A) through (G) and (I) of Public Law 95–619) in cases where the Secretary determines that such measures are in addition to those required under the minimum property standards and will be cost-effective over the life of the measure therein”.

82. 1981

    Housing and Community Development Amendments of 1981

    Pub. L. 97–35 § 339B(c) · 95 Stat. 357

    Changed · 12 U.S.C. § 1713(a)(1); 12 U.S.C. § 1713(a)(6)

    Pub. L. 97–35, § 339B(c), provided that for purposes of section 308(c)(1) of Pub. L. 96–399, 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

    Source evidence

    Code amendment note
    Subsec. (a)(1), (6). Pub. L. 97–35, § 339B(c), provided that for purposes of section 308(c)(1) of Pub. L. 96–399, 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.

    Enacted provision · exact public law section
    (c) For purposes of paragraphs (1) and (4) of section 308(c) of the Definitions. 94 Stat. 1640. 12 USC 1701 et seq., 5401 et seq. Housing and Community Development Act of 1980, the term “mobile home” and the term “manufactured home” shall be deemed to include the term “mobile homes” and the term “manufactured homes”, respectively.

83. 1981

    Pub. L. 97–35 title III · 95 Stat. 357

    Substituted · 12 U.S.C. § 1713(c)(3)

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

    Source evidence

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

    Enacted provision · exact public law
    TITLE III— BANKING, HOUSING, AND RELATED PROGRAMS Subtitle A— Housing and Community Development Sec. 300. short title This subtitle may be cited as the “Housing and Community Development Amendments of 1981”. PART 1— COMMUNITY AND ECONOMIC DEVELOPMENT Sec. 301. authorizations Section 103 of the Housing and Community Development 42 USC 5303. Act of 1974 is amended to read as follows: “Sec. 103. “authorizations The Secretary is authorized to make grants to States, units of general local government, and Indian tribes to carry out Appropriation. activities in accordance with the provisions of this title. There are authorized to be appropriated for these purposes not to exceed $4,166,000,000 for each of the fiscal years 1982 and 1983. Sums appropriated pursuant to this section shall remain available until expended.”. Sec. 302. statement of activities and review (a) The caption of section 104 of the Housing and 42 USC 5304. Community Development Act of 1974 is amended to read as follows: “statement of activities and review”. (b) Subsections (a), (b), and (c) of section 104 of such Act are amended to read as follows: “(a) (1) Prior to the receipt in any fiscal year of a grant under section 42 USC 5306; Post p. 389. 106(b) by any metropolitan city or urban county, under section 106(d) by any State, or under section 106(d)(2)(B) by any unit of general local government, the grantee shall have prepared a final statement of community development objectives and projected use of funds and shall have provided the Secretary with the certifications required in subsection (b) and, where appropriate, subsection (c). In the case of metropolitan cities and urban counties receiving grants pursuant to section 106(b) and in the case of units of general local government receiving grants pursuant to section 106(d)(2)(B), the statement of projected use of funds shall consist of proposed community development activities. In the case of States receiving grants pursuant to section 106(d), the statement of projected use of funds shall consist of the method by which the States will distribute funds to units of general local government. “(2) In order to permit public examination and appraisal of such statements, to enhance the public accountability of grantees, and to facilitate coordination of activities with different levels of government, the grantee shall— “(A) furnish citizens information concerning the amount of funds available for proposed community development and housing activities and the range of activities that may be undertaken; “(B) publish a proposed statement in such manner to afford affected citizens or, as appropriate, units of general local govern-ment an opportunity to examine its content and to submit comments on the proposed statement and on the community development performance of the grantee; and “(C) hold one or more public hearings to obtain the views of citizens on community development and housing needs. In preparing the final statement, the grantee shall consider any such comments and views and may, if deemed appropriate by the grantee, modify the proposed statement. The final statement shall be made available to the public, and a copy shall be furnished to the Secretary together with the certifications required under subsection (b) and, where appropriate, subsection (c). “(b) Any grant under section 106 shall be made only if the grantee 42 USC 5306. certifies to the satisfaction of the Secretary that— “(1) the grantee is in full compliance with the requirements of subsection (a)(2)(A), (B), and (C) and has made the final statement available to the public; “(2) the grant will be conducted and administered in conformity with Public Law 88–352 and Public Law 90–284; 42 USC 2000a note; 82 Stat. 73. Projected use of funds. “(3) the projected use of funds has been developed so as to give maximum feasible priority to activities which will benefit low and moderate-income families or aid in the prevention or elimination of slums or blight; the projected use of funds may also include activities which the grantee certifies are designed to meet other community development needs having a particular urgency because existing conditions pose a serious and immediate threat to the health or welfare of the community where other financial resources are not available to meet such needs; and “(4) the grantee will comply with the other provisions of this title and with other applicable laws. “(c) (1) Any grant made under section 106(b) shall be made only if Grants. the unit of general local government certifies that it is following a current housing assistance plan which has been approved by the Secretary and which— “(A) accurately surveys the condition of the housing stock in the community and assesses the housing assistance needs of lower income persons (including elderly and handicapped persons, large families, owners of homes requiring rehabilitation assistance, and persons displaced or to be displaced) residing in or expected to reside in the community as a result of existing or projected changes in employment opportunities and population in the community (and those elderly persons residing in or expected to reside in the community), or as estimated in a community accepted State or regional housing opportunity plan approved by the Secretary, and identifies housing stock which is in a deteriorated condition, including the impact of conversion of rental housing to condominium or cooperative ownership on such needs; “(B) specifies a realistic annual goal for the number of dwelling units or lower income persons to be assisted, including (i) the relative proportion of new, rehabilitated, and existing dwelling units, including existing rental and owner occupied dwelling units to be upgraded and thereby preserved, (ii) the sizes and types of housing projects and assistance best suited to the needs of lower income persons in the community, and (iii) in the case of subsidized rehabilitation, adequate provisions to assure that a preponderance of persons assisted should be of low and moderate income; and “(C) indicates the general locations of proposed housing for lower income persons, with the objective of (1) furthering the revitalization of the community, including the restoration and rehabilitation of stable neighborhoods to the maximum extent possible, and the reclamation of the housing stock where feasible through the use of a broad range of techniques for housing restoration by local government, the private sector, or community organizations, including provision of a reasonable opportunity for tenants displaced as a result of such activities to relocate in their immediate neighborhood, (ii) promoting greater choice of housing opportunities and avoiding undue concentrations of assisted persons in areas containing a high proportion of low-income persons, and (iii) assuring the availability of public facilities and services adequate to serve proposed housing projects. “(2) The Secretary shall establish such dates and manner for the submission of housing assistance plans described in paragraph (1) as the Secretary may prescribe.”. (c) (1) Section 104(d) of such Act is amended to read as follows: “(d) Each grantee shall submit to the Secretary, at a time determined by the Secretary, a performance report concerning the use of funds made available under section 106, together with an assessment by the grantee of the relationship of such use to the objectives identified in the grantee’s statement under subsection (a). The Secretary shall, at least on an annual basis, make such reviews and audits as may be necessary or appropriate to determine— “(1) in the case of grants made under section 106(b) or section Post, p. 389. 106(d)(2)(B), whether the grantee has carried out its activities and, where applicable, its housing assistance plan in a timely manner, whether the grantee has carried out those activities and its certifications in accordance with the requirements and the primary objectives of this title and with other applicable laws, and whether the grantee has a continuing capacity to carry out those activities in a timely manner; and “(2) in the case of grants to States made under section 106(d), whether the State has distributed funds to units of general local government in a timely manner and in conformance to the method of distribution described in its statement, whether the State has carried out its certifications in compliance with the requirements of this title and other applicable laws, and whether the State has made such reviews and audits of the units of general local government as may be necessary or appropriate to determine whether they have satisfied the applicable performance criteria described in paragraph (1) of this subsection. The Secretary may make appropriate adjustments in the amount of the annual grants in accordance with the Secretary’s findings under this subsection. With respect to assistance made available to units of Post, p. 389. general local government under section 106(d), the Secretary may adjust, reduce, or withdraw such assistance, or take other action as appropriate in accordance with the Secretary’s reviews and audits under this subsection, except that funds already expended on eligible activities under this title shall not be recaptured or deducted from future assistance to such units of general local government.”. (2) The amendment made by paragraph (1) shall take effect on October 1, 1982. (d) Section 104 of such Act is amended by striking out subsections (e) and (f) and redesignating subsections (g), (h), (i), and (j) as subsections (e), (f), (g), and (h). (e) Section 104(f) of such Act, as redesignated by subsection (d) of Ante, p. 86. this section, is amended— (1) by striking out “applicants” in paragraph (1) and inserting in lieu thereof “recipients of assistance under this title”; (2) by striking out “applicant” wherever it appears and inserting in lieu thereof “recipient of assistance under this title”; (3) by striking out “applications and” in the last sentence of paragraph (2); and (4) by adding the following new paragraph at the end thereof: “(4) In the case of grants made to States pursuant to section 106(d), Post, p. 389. the State shall perform those actions of the Secretary described in paragraph (2) and the performance of such actions shall be deemed to satisfy the Secretary’s responsibilities referred to in the second sentence of such paragraph.”. (f) Section 104(g) of such Act, as redesignated by subsection (d) of Ante, p. 386. this section, is amended— (1) by striking out paragraph (1) and inserting in lieu thereof the following: “(1) Units of general local government receiving assistance under this title may receive funds, in one payment, in an amount not to exceed the total amount designated in the grant (or, in the case of a unit of general local government receiving a distribution from a State pursuant to section 106(d), not to exceed the total amount of such distribution) for use in establishing a revolving loan fund which is to be established in a private financial institution and which is to be used to finance rehabilitation activities assisted under this title. Rehabilitation activities authorized under this section shall begin within 45 days after receipt of such payment.”; and (2) by striking out the last two sentences of paragraph (2). Sec. 303. eligible activities (a) Section 105(a) of the Housing and Community Development Act of 1974 is amended— 42 USC 5305. (1) by striking out paragraph (8) and inserting in lieu thereof the following: “(8) provision of public services, including but not limited to those concerned with employment, crime prevention, child care, health, drug abuse, education, energy conservation, welfare or recreation needs, if such services have not been provided by the unit of general local government (through funds raised by such unit, or received by such unit from the State in which it is located) during any part of the twelve-month period immediately preceding the date of submission of the statement with respect to which funds are to be made available under this title, and which are to be used for such services, unless the Secretary finds that the discontinuation of such services was the result of events not within the control of the unit of general local government, except that not more than 10 per centum of the amount of any assistance to a unit of general local government under this title may be used for activities under this paragraph;”; (2) by inserting the following before the semicolon at the end of paragraph (13) “, and including the carrying out of activities as described in section 701(e) of the Housing Act of 1954 on the date 94 Stat. 1662. prior to the date of enactment of the Housing and Community Development Amendments of 1981”; Ante, p. 384. (3) by striking out “and” at the end of paragraph (15); (4) by striking out the period at the end of paragraph (16) and inserting in lieu thereof “; and”; and (5) by adding at the end thereof the following new paragraph: “(17) provision of assistance to private, for-profit entities, when the assistance is necessary or appropriate to carry out an economic development project.”. (b) In fiscal years 1982, 1983, and 1984, the Secretary may waive the limitation on the amount of funds which may be used for public services activities under section 105(a)(8) of the Housing and Community Ante, p. 387. Development Act of 1974, as amended by this Act, in the case of a unit of general local government which, during fiscal year 1981, allocated more than 10 per centum of funds received under title I of 42 USC 5301. the Housing and Community Development Act of 1974 for such activities. Sec. 304. allocation and distribution of funds (a) Section 106(a) of the Housing and Community Development 42 USC 5306. Act of 1974 is amended to read as follows: “(a) Of the amount approved in an appropriation Act under section Ante, p. 384. Post, pp. 391, 392. 103 for grants in any year (excluding the amounts provided for use in accordance with section 107 and section 119), 70 per centum shall be allocated by the Secretary to metropolitan cities and urban counties. Except as otherwise specifically authorized, each metropolitan city and urban county shall be entitled to an annual grant from such allocation in an amount not exceeding its basic amount computed pursuant to paragraph (1) or (2) of subsection (b).”. (b) Section 106 of such Act is amended by striking out subsection (c) and redesignating subsections (d), (e), (f), and (g) as subsections (c), (d), (e), and (f), respectively. (c) Section 106(c), as redesignated by subsection (b) of this section, is amended to read as follows: “(c) (1) Except as provided in paragraph (2), any amounts allocated to a metropolitan city or an urban county pursuant to the preceding provisions of this section which are not received by the city or county for a fiscal year because of failure to meet the requirements of section Ante, p. 384. Ante, p. 386. 42 USC 5311. 104(a), (b), or (c), or which become available as a result of actions under section 104(d) or 111, shall be reallocated in the succeeding fiscal year to the other metropolitan cities and urban counties in the same metropolitan area which certify to the satisfaction of the Secretary that they would be adversely affected by the loss of such amounts from the metropolitan area. The amount of the share of funds reallocated under this paragraph for any metropolitan city or urban county shall bear the same ratio to the total of such reallocated funds in the metropolitan area as the amount of funds awarded to the city or county for the fiscal year in which the reallocated funds become available bears to the total amount of funds awarded to all metropolitan cities and urban counties in the same metropolitan area for that fiscal year, except that— “(A) in determining the amounts awarded to cities or counties for purposes of calculating shares pursuant to this sentence, there shall be excluded from the award of any city or county any amounts which become available as a result of actions against such city or county under section 111; “(B) in reallocating amounts resulting from an action under section 104(d) or section 111, the city or county against whom any such action was taken shall be excluded from the calculation of shares for purposes of reallocating the amounts becoming available as a result of such action; and “(C) in no event may the share of reallocated funds for any metropolitan city or urban county exceed 25 per centum of the amount awarded to the city or county under section 106(b) for the 42 USC 5306. fiscal year in which the reallocated funds under this paragraph become available. Any amounts allocated under section 106(b) which become available for reallocation and for which no metropolitan city or urban county qualifies under this paragraph shall be added to amounts available for allocation under such section 106(b) in the succeeding fiscal year. “(2) Notwithstanding any other provision of this title, the Secretary shall make grants from amounts authorized for use under section 106(b) by the Department of Housing and Urban Development—Independent Agencies Appropriation Act, 1981, in accordance with 94 Stat. 3044. the provisions of this title which governed grants with respect to such amounts, as such provisions existed prior to the effective date of the Housing and Community Development Amendments of 1981, except Ante, p. 384. that any such amounts which are not obligated before January 1, 1982, shall be reallocated in accordance with paragraph (1).”. (d) Section 106(d)(1) of such Act, as redesignated by subsection (b) of this section, is amended— Ante, p. 388. (1) by striking out “section 103(a)” and all that follows through “nonmetropolitan areas of each State” in the first sentence and inserting in lieu thereof the following: “section 103 for grants in any year (excluding the amounts provided for use in accordance with section 107 and section 119), 30 per centum shall be Post, pp. 391, 392. allocated among the States for use in nonentitlement areas. The allocation for each State shall be”; and (2) by striking out “nonmetropolitan” wherever it appears and inserting in lieu thereof “nonentitlement”. (e) Section 106(d) of such Act, as redesignated by subsection (b) of this section, is amended by striking out paragraphs (2) and (3) and inserting in lieu thereof the following: “(2) (A) Amounts allocated under paragraph (1) shall be distributed to units of general local government located in nonentitlement areas of the State to carry out activities in accordance with the provisions of this title— “(i) by the State, consistent with the statement submitted under section 104(a); or Ante, p. 384. “(ii) by the Secretary, in any case described in subparagraph (B), for use by units of general local government in accordance with paragraph (3)(B). Notwithstanding any provision of this title, the Secretary shall make grants from amounts authorized for use in nonentitlement areas by the Department of Housing and Urban Development—Independent Agencies Appropriation Act, 1981, in accordance with the provisions 94 Stat. 3044. of this title which governed grants with respect to such amounts, as such provisions existed prior to the effective date of the Housing and Community Development Amendments of 1981. Any amounts under Ante, p. 384. the preceding sentence (except amounts for which preapplications have been approved by the Secretary prior to October 1, 1981, and which have been obligated by January 1, 1982) which are or become available for obligation after fiscal year 1981 shall be available for distribution in the State in which the grants from such amounts were made, by the State or by the Secretary, whichever is distributing the State allocation in the fiscal year in which such amounts are or become available. “(B) The Secretary shall distribute amounts allocated under paragraph (1) where— “(i) the State has elected, in such manner and before such time as the Secretary may prescribe, not to distribute such amounts; or “(ii) the State has failed to submit the certifications described in subparagraph (C). “(C) To receive and distribute amounts allocated under paragraph (1), the Governor must certify that the State, with respect to units of general local government in nonentitlement areas— “(i) engages or will engage in planning for community development activities; “(ii) provides or will provide technical assistance to units of general local government in connection with community development programs; “(iii) will provide, out of State resources, funds for community development activities in an amount which is at least 10 per centum of the amounts allocated for use in the State pursuant to paragraph (1); and “(iv) has consulted with local elected officials from among units of general local government located in nonentitlement areas of that State in determining the method of distribution of funds required by subparagraph (A). “(3) (A) If the State receives and distributes such amounts, it shall be responsible for the administration of funds so distributed. The State shall pay from its own resources all administrative expenses incurred by the State in carrying out its responsibilities under this title, except that from the amounts received for distribution in nonentitlement areas, the State may deduct an amount not to exceed 50 per centum of the costs incurred by the State in carrying out such responsibilities. Amounts so deducted shall not exceed 2 per centum of the amount so received. “(B) If the Secretary distributes such amounts, the distribution shall be made in accordance with determinations of the Secretary pursuant to statements submitted and the other requirements of Ante, p. 384. section 104 (other than subsection (c)) and in accordance with regulations and procedures prescribed by the Secretary. “(C) Any amounts allocated for use in a State under this subsection Ante, p. 386. 42 USC 5311. which become available as a result of actions under section 104(d) or 111 shall— “(i) in the case of actions against units of general local government in nonentitlement areas, be added to amounts available for distribution in the State in the fiscal year in which the amounts become so available; or “(ii) in the case of actions against the State, be added to amounts available for distribution in the State in the succeeding fiscal year. Amounts reallocated under this subparagraph shall be available for distribution by the State or by the Secretary, whichever is distributing the State allocation in the fiscal year in which such reallocated amounts are added. “(4) In computing amounts under paragraph (1), Indian tribes shall be excluded.”. (f) Section 106(f), as redesignated by subsection (b) of this section, is amended by striking out “(1)” and all that follows through “106(e)” and inserting in lieu thereof “all basic grant entitlement amounts”. Sec. 305. discretionary fund Section 107 of the Housing and Community Development Act of 1974 is amended to read as follows: 42 USC 5307. “Sec. 107. “discretionary fund (a) Of the total amount approved in appropriation Acts under section 103 for each of the fiscal years 1982 and 1983, not more Ante, p. 384. than $60,000,000 for each of the fiscal years 1982 and 1983 may be set aside in a special discretionary fund for grants under subsection (b). Grants under this section are in addition to any other grants which may be made under this title to the same entities for the same purposes. “(b) From amounts set aside under subsection (a), the Secretary is authorized to make grants— “(1) in behalf of new communities assisted under title VII of the Housing and Urban Development Act of 1970 or title IV of 42 USC 4501. 42 USC 3901. the Housing and Urban Development Act of 1968 or in behalf of new community projects assisted under title X of the National Housing Act which meet the eligibility standards set forth in 12 USC 1749aa. title VII of the Housing and Urban Development Act of 1970 and which were the subject of an application or preapplication under such title prior to January 14, 1975; “(2) in Guam, the Virgin Islands, American Samoa, the Northern Mariana Islands, and the Trust Territory of the Pacific Islands; “(3) to Indian tribes; and “(4) to States, units of general local government, Indian tribes, Technical Assistance. or areawide planning organizations for the purpose of providing technical assistance in planning, developing, and administering assistance under this title, and to States and units of general local government for implementing special projects otherwise authorized under this title. The Secretary may also provide, directly or through contracts, technical assistance under this paragraph to such governmental units, or to a group designated by such a governmental unit for the purpose of assisting that governmental unit to carry out assistance under this title. “(c) Amounts set aside for use under subsection (b) in any fiscal year but not used in that year shall remain available for use in subsequent fiscal years in accordance with the provisions of that subsection. “(d) (1) Except as provided in paragraph (2), no grant may be made under this section or section 119 unless the applicant provides Post, p. 392. satisfactory assurances that its program will be conducted and administered in conformity with Public Law 88–352 and Public Law 90–284. 42 USC 2000a note; 82 Stat. 73. “(2) No grant may be made to an Indian tribe under this section or section 119 unless the applicant provides satisfactory assurances that its program will be conducted and administered in conformity with title II of Public Law 90–284. The Secretary may waive, in connection Waiver. 25 USC 1301. 42 USC 5309, 5310. with grants to Indian tribes, the provisions of section 109 and section 110. “(3) The Secretary may accept a certification from the applicant that it has complied with the requirements of paragraph (1) or (2), as appropriate.” . Sec. 306. nondiscrimination Section 109(a) of the Housing and Community Development 42 USC 5309. Act of 1974 is amended by adding the following new sentence at the end thereof: “Any prohibition against discrimination on the basis 42 USC 6101 note. of age under the Age Discrimination Act of 1975 or with respect to an otherwise qualified handicapped individual as provided in section 504 29 USC 794. of the Rehabilitation Act of 1973 shall also apply to any such program or activity.”. Sec. 307. “transitional provisions (a) Any amounts appropriated for any fiscal year before fiscal year 1982 in a Department of Housing and Urban Development— Independent Agencies Appropriation Act or a Supplemental Appropriation Act under the head “community development grants” which are or become available for obligation on or after October 1, 1981, shall remain available as provided by law, and shall be used in accordance with the following: (1) funds authorized for use under section 106(b) of the Housing 42 USC 5306. and Community Development Act of 1974 (“such Act”) before October 1, 1981, shall be available for use as provided by section Ante, p. 388. 42 USC 5307. 106(c) of such Act as amended by this Act; (2) funds authorized for use under section 107 of such Act before October 1, 1981, shall be available for use as provided by Ante, p. 391. section 107(a) of such Act as amended by this Act; and (3) funds authorized for use under section 106(c) or (e) of such Act before October 1, 1981, shall be available for use as provided Ante, p. 389. by section 106(d)(2)(A) of such Act as amended by this Act. (b) Any grant or loan which, prior to the effective date of any provision of this part, was obligated and governed by any authority amended by any provision of this part shall continue to be governed by the provisions of such authority as they existed immediately before such effective date. Sec. 308. urban development action grants (a) Section 119 of the Housing and Community Development 42 USC 5318. Act of 1974 is amended to read as follows: “Sec. 119. “urban development action grants (a) The Secretary is authorized to make urban development action grants to cities and urban counties which are experiencing severe economic distress to help stimulate economic development activity needed to aid in economic recovery. Of the total amount 42 USC 5303. approved in appropriation Acts under section 103 for each of the fiscal years 1982 and 1983, not more than $500,000,000 shall be available for each of the fiscal years 1982 and 1983 for grants under this section. “(b) (1) Urban development action grants shall be made only to cities and urban counties which have, in the determination of the Secretary, demonstrated results in providing housing for low- and moderate-income persons and in providing equal opportunity in housing and employment for low- and moderate-income persons and Regulations. members of minority groups. The Secretary shall issue regulations establishing criteria in accordance with the preceding sentence and setting forth minimum standards for determining the level of economic distress of cities and urban counties for eligibility for such grants. These standards shall take into account factors such as the age of housing; the extent of poverty; the extent of population lag; growth of per capita income; and, where data are available, the extent of unemployment and job lag. “(2) A city or urban county which fails to meet the minimum standards established pursuant to paragraph (1) shall be eligible for assistance under this section if it meets the requirements of the first sentence of such paragraph and— “(A) in the case of a city with a population of fifty thousand persons or more or an urban county, contains an area (i) composed of one or more contiguous census tracts, enumeration districts, or block groups, as defined by the United States Bureau of the Census, having at least a population of ten thousand persons or 10 per centum of the population of the city or urban county; (ii) in which at least 70 per centum of the residents have incomes below 80 per centum of the median income of the city or urban county; and (iii) in which at least 30 per centum of the residents have incomes below the national poverty level; or “(B) in the case of a city with a population of less than fifty thousand persons, contains an area (i) composed of one or more contiguous census tracts, enumeration districts, or block groups or other areas defined by the United States Bureau of the Census or for which data certified by the United States Bureau of the Census are available having at least a population of two thousand five hundred persons or 10 per centum of the population of the city, whichever is greater; (ii) in which at least 70 per centum of the residents have incomes below 80 per centum of the median income of the city; and (iii) in which at least 30 per centum of the residents have incomes below the national poverty level. The Secretary shall use up to, but not more than, 20 per centum of the funds appropriated for use in any fiscal year under this section for the purpose of making grants to cities and urban counties eligible under this paragraph. “(c) Applications for assistance under this section shall— Contents. “(1) in the case of an application for a grant under subsection (b)(2), include documentation of grant eligibility in accordance with the standards described in that subsection; “(2) set forth the activities for which assistance is sought, including (A) an estimate of the costs and general location of the activities; (B) a summary of the public and private resources which are expected to be made available in connection with the activities, including how the activities will take advantage of unique opportunities to attract private investment; and (C) an analysis of the economic benefits which the activities are expected to produce; “(3) contain a certification satisfactory to the Secretary that the applicant, prior to submission of its application, (A) has held public hearings to obtain the views of citizens, particularly residents of the area in which the proposed activities are to be carried out, and (B) has analyzed the impact of these proposed activities on the residents, particularly those of low and moderate income, of the residential neighborhood, and on the neighborhood in which they are to be carried out; and “(4) contain a certification satisfactory to the Secretary that the applicant, prior to submission of its application, (A) has identified all properties, if any, which are included on the National Register of Historic Places and which, as determined by the applicant, will be affected by the project for which the application is made; (B) has identified all other properties, if any, which will be affected by such project and which, as determined by the applicant, may meet the criteria established by the Secretary of the Interior for inclusion on such Register, together with documentation relating to the inclusion of such properties on the Register; (C) has determined the effect, as determined by the applicant, of the project on the properties identified pursuant to clauses (A) and (B); and (D) will comply with the requirements 94 Stat. 1620. 42 USC 5320. Selection criteria, establishment. of section 121. “(d) (1) Except in the case of a city or urban county eligible under subsection (b)(2), the Secretary shall establish selection criteria for grants under this section which must include (A) as the primary criterion, the comparative degree of economic distress among applicants, as measured (in the case of a metropolitan city or urban county) by the differences in the extent of growth lag, the extent of poverty, and the adjusted age of housing in the metropolitan city or urban county; (B) other factors determined to be relevant by the Secretary in assessing the comparative degree of economic deterioration in cities and urban counties; and (C) at least the following other criteria: demonstrated performance of the city or urban county in housing and community development programs; the extent to which the grant will stimulate economic recovery by leveraging private investment; the number of permanent jobs to be created and their relation to the amount of grant funds requested; the proportion of permanent jobs accessible to lower income persons and minorities, including persons who are unemployed; the impact of the proposed activities on the fiscal base of the city or urban county and its relation to the amount of grant funds requested; the extent to which State or local government funding or special economic incentives have been committed; and the feasibility of accomplishing the proposed activities in a timely fashion within the grant amount available. “(2) For the purpose of making grants with respect to areas described in subsection (b)(2), the Secretary shall establish selection criteria, which must include (A) factors determined to be relevant by the Secretary in assessing the comparative degree of economic deterioration among eligible areas, and (B) such other criteria as the Secretary may determine, including at a minimum the criteria listed in paragraph (1)(C) of this subsection. “(e) The Secretary may not approve any grant to a city or urban county eligible under subsection (b)(2) unless— “(1) the grant will be used in connection with a project located in an area described in subsection (b)(2), except that the Secretary may waive this requirement where the Secretary determines (A) that there is no suitable site for the project within that area, (B) the project will be located directly adjacent to that area, and (C) the project will contribute substantially to the economic development of that area; “(2) the city or urban county has demonstrated to the satisfaction of the Secretary that basic services supplied by the city or urban county to the area described in subsection (b)(2) are at least equivalent, as measured by per capita expenditures, to those supplied to other areas within the city or urban county which are similar in population size and physical characteristics and which have median incomes above the median income for the city or urban county; “(3) the grant will be used in connection with a project which will directly benefit the low- and moderate-income families and individuals residing in the area described in subsection (b)(2); and “(4) the city or urban county makes available, from its own funds or from funds received from the State or under any Federal program which permits the use of financial assistance to meet the non-Federal share requirements of Federal grant-in-aid programs, an amount equal to 20 per centum of the grant to be available under this section to be used in carrying out the activities described in the application. “(f) Activities assisted under this section may include such activities, in addition to those authorized under section 105(a), as the 42 USC 5305. Secretary determines to be consistent with the purposes of this section. “(g) The Secretary shall, at least on an annual basis, make reviews Reviews and audits. and audits of recipients of grants under this section as necessary to determine the progress made in carrying out activities substantially in accordance with approved plans and timetables. The Secretary may adjust, reduce, or withdraw grant funds, or take other action as appropriate in accordance with the findings of these reviews and audits, except that funds already expended on eligible activities under this title shall not be recaptured or deducted from future grants made to the recipient. “(h) No assistance may be provided under this section for projects Industrial or commercial plants or facilities, assistance. intended to facilitate the relocation of industrial or commercial plants or facilities from one area to another, unless the Secretary finds that the relocation does not significantly and adversely affect the unemployment or economic base of the area from which the industrial or commercial plant or facility is to be relocated. “(i) Not less than 25 per centum of the funds made available for grants under this section shall be used for cities with populations of less than fifty thousand persons which are not central cities of a metropolitan statistical area. “(j) A grant may be made under this section only where the Secretary determines that there is a strong probability that (1) the non-Federal investment in the project would not be made without the grant, and (2) the grant would not substitute for non-Federal funds which are otherwise available to the project. “(k) In making grants under this section, the Secretary shall take such steps as the Secretary deems appropriate to assure that the amount of the grant provided is the least necessary to make the project feasible. “(l) For purposes of this section, the Secretary may reduce or waive the requirement in section 102(a)(5)(B)(ii) that a town or township be 42 USC 5302. closely settled. “(m) In the case of any application which identifies any property in accordance with subsection (c)(4)(B), the Secretary may not commit funds with respect to an approved application unless the applicant has certified to the Secretary that the appropriate State historic preservation officer and the Secretary of the Interior have been provided an opportunity to take action in accordance with the provisions of section 121(b). 94 Stat. 1620. 42 USC 5320. “City.” “(n) (1) For the purposes of this section, the term ‘city’ includes Guam, the Virgin Islands, and Indian tribes. “(2) The Secretary may not approve a grant to an Indian tribe under this section unless the tribe (A) is located on a reservation or in an Alaskan Native Village, and (B) is an eligible recipient under the State and Local Fiscal Assistance Act of 1972. 31 USC 1221 note. “(o) If no amounts are set aside under, or amounts are precluded from being appropriated for this section for fiscal years after fiscal year 1983, any amount which is or becomes available for use under this section after fiscal year 1983 shall be added to amounts appropriated 42 USC 5303. under section 103.”. (b) Section 121 of such Act is amended by striking out “subsection (c)(7)(B)” in subsection (b) and inserting in lieu thereof “subsection (c)(4)(B)”. (c) The amendments made by subsections (a) and (b) shall become effective on the effective date of regulations implementing such subsections. As soon as practicable, but not later than January 1, 1982, the Secretary shall issue such final rules and regulations as the Secretary determines are necessary to carry out such subsections. Sec. 309. community development technical amendments (a) Section 102(a) of the Housing and Community Development 42 USC 5302. Act of 1974 is amended— (1) by striking out paragraphs (18) and (19); (2) by inserting immediately after paragraph (6) the following: “(7) The term ‘nonentitlement area’ means an area which is not a metropolitan city or part of an urban county.”; and (3) by redesignating the remaining paragraphs accordingly. (b) Section 102(c) of such Act is amended by striking out “a Community Development Program in whole or in part” and inserting in lieu thereof “activities assisted under this title”. (c) The first sentence of section 102(d) of such Act is amended— (1) by striking out “103(a)(1)” and inserting in lieu thereof “103”; and (2) by striking out “unless the application by the urban county is disapproved or withdrawn prior to or during such three-year period” and inserting in lieu thereof “unless the urban county does not receive a grant for any year during such three-year period”. (d) Section 104(j) of such Act is amended by striking out “planning a joint community development program, meeting the application requirements of this section, and implementing such program” and inserting in lieu thereof “submitting a statement under section 104(a) and carrying out activities under this title”. (e) The caption of section 105 of such Act is amended to read as follows: “eligible activities”. (f) Section 105(a) of such Act is amended— (1) by striking out the first sentence and “These activities” in the second sentence and inserting in lieu thereof “Activities assisted under this title”; (2) by striking out “program” in paragraph (6); (3) by striking out “the Community Development Program” in paragraph (9) and inserting in lieu thereof “activities assisted under this title”; (4) by striking out “to the community development program” in paragraph (11); (5) by striking out “(as specifically” and all that follows through “104(a)(1)” in paragraph (14) and inserting in lieu thereof “which are carried out by public or private nonprofit entities”; and (6) by striking out “(as specifically described in the application submitted pursuant to section 104)” in paragraph (15). (g) Section 105(b) of such Act is amended by striking out “a grant” and inserting in lieu thereof “assistance”. (h) The second sentence of section 106(b)(4) of such Act is amended by striking out “for a grant under subsection (c) or (e)” and inserting in lieu thereof the following: “to receive assistance under subsection (d)”. (i) Section 108(d)(2) of such Act is amended by striking out 42 USC 5308. “approved or”. (j) The first sentence of section 110 of such Act is amended by 42 USC 5310. striking out “grants” and inserting in lieu thereof “assistance”. (k) The first sentence of section 112(a) of such Act is amended by 42 USC 5312. striking out “103(a)” and inserting in lieu thereof “103”. (l) Section 113(a)(2) of such Act is amended by striking out “as 42 USC 5813. approved by the Secretary”. (m) Section 116(b) of such Act is amended to read as follows: 94 Stat. 1622. 42 USC 5316. “(b) In the case of funds available for any fiscal year, the Secretary shall not consider any statement under section 104(a), unless such statement is submitted on or prior to such date (in that fiscal year) as the Secretary shall establish as the final date for submission of statements in that year.”. Sec. 310. community development miscellaneous amendments (a) Section 102(a)(4) of the Housing and Community Development Act of 1974 is amended by inserting the following before 42 USC 5302. the period at the end thereof: “or until September 30, 1982, whichever is later”. (b) Section 102(a)(6) of such Act is amended by inserting at the end thereof the following: “Any urban county (A) which qualified as an urban county in fiscal year 1981, (B) the population of which includes all of the population of the county (other than the population of metropolitan cities therein), and (C) the population of which for fiscal year 1982 falls below the amount required by clause (B) of the preceding sentence by reason of the 1980 decennial census shall be considered as meeting the population requirements of such clause for fiscal year 1982 and shall not be subject to the provisions of section 102(d) in that fiscal year.”. Sec. 311. rehabilitation loans (a) Subsection (a)(1)(D) of section 312 of the Housing Act of 1964 is amended by striking out “an approved community development 42 USC 1452b. program” and inserting in lieu thereof “community development activities”. (b) Subsection (d) of such section is amended— 94 Stat. 1622. (1) by inserting “and” after “October 1, 1979,” in the first sentence; (2) by striking out “and not to exceed $129,000,000 for the fiscal year beginning on October 1, 1981,” in the first sentence; and (3) by striking out the last sentence. (c) Subsection (h) of such section is amended by striking out “1982” each place it appears and inserting in lieu thereof “1983”. (d) Subsection (j)(1) of such section is amended by striking out the second sentence. Sec. 312. urban homesteading The first sentence of section 810(h) of the Housing and Community Development Act of 1974 is amended by striking out 12 USC 1706e. “and not to exceed $26,000,000 for the fiscal year 1979” and inserting in lieu thereof “not to exceed $26,000,000 for the fiscal year 1979, and not to exceed $13,467,000 for the fiscal year 1983”. Sec. 313. repealers (a) Title VII of the Housing and Community Development 42 USC 8121 note. 94 Stat. 1662. 40 USC 461. Amendments of 1978 is hereby repealed. (b) Section 701 of the Housing Act of 1954 is hereby repealed. Sec. 314. neighborhood reinvestment corporation Section 608(a) of the Neighborhood Reinvestment Corporation 94 Stat. 1645. 42 USC 8107. Act is amended— (1) by striking out “and” after “1980,”; and (2) by inserting the following before the period at the end thereof: “, and not to exceed $14,950,000 for fiscal year 1982”. Sec. 315. report on block grant program Not later than 270 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall report to the Congress on administrative and legislative steps that can be taken to— (1) require all grantees to concentrate their block grant funds in distressed geographic areas small enough so that visible improvements can be achieved in a reasonable time period and to ensure that claimed benefits to low- and moderate-income persons are, in actuality, occurring; (2) reduce the broad list of activities currently eligible so that funds can be focused on those activities which meet the cities’ most urgent revitalization needs; (3) develop overall income eligibility requirements for recipients of block grant supported rehabilitation; and (4) limit eligible rehabilitation work to that which is essential to restore the housing unit to a decent, safe, and sanitary or energy efficient condition, specifically prohibiting nonessential and luxury items, so that more homes needing basic repairs can be rehabilitated. PART 2— HOUSING ASSISTANCE PROGRAMS Sec. 321. housing authorizations (a) The first sentence of section 5(c)(1) of the United States Housing Act of 1937 is amended by inserting immediately after “1980” the following: “, and by $906,985,000 on October 1, 1981”. (b) The second sentence of section 5(c)(1) of such Act is amended by striking out “Acts;” and all that follows through the period and inserting in lieu thereof the following: “Acts. In addition, the aggregate amount which may be obligated over the duration of the contracts may not exceed $31,200,000,000 with respect to the additional authority provided on October 1, 1980, and $18,087,370,000 with respect to the additional authority provided on October 1, 1981.”. (c) Section 5(c) of such Act is amended by— (1) redesignating paragraphs (3), (4), and (5) as paragraphs (4), (5), and (6), respectively; and (2) inserting immediately after paragraph (2) the following: “(3) (A) Of the additional authority approved in appropriation Acts and made available on October 1, 1981, the Secretary shall make available at least $75,000,000 for assistance to projects under section 94 Stat. 1625. 42 USC 1437l. 14. “(B) Of the balance of the additional authority referred to in the preceding subparagraph which remains after deducting the amount to be provided for assistance to projects under section 14, the 94 Stat. 1625. 42 USC 1437l. Secretary shall allocate such authority for use in different areas and communities in accordance with section 213(d) of the Housing and Community Development Act of 1974, except that on a national basis 42 USC 1439. the Secretary may not enter into contracts aggregating— “(i) more than 45 per centum of such balance for existing units assisted under this Act; and “(ii) more than 55 per centum of such balance for newly constructed and substantially rehabilitated units assisted under this Act. “(C) After making allocations referred to in subparagraph (B), the General local government preferences, accommodation. Secretary shall, to the extent allowable within the percentage limitations contained in such subparagraph and within the available contract and budget authority, accommodate the preferences of units of general local government, which preferences shall be established after consultation with the appropriate public housing agencies, regarding (i) the mix among newly constructed, substantially rehabilitated, existing, or moderately rehabilitated units; (ii) the programs under which assistance is to be provided; and (iii) the extent to which such allocation should be used for comprehensive improvement assistance under section 14.”. (d) Section 9(c) of such Act is amended— 42 USC 1437g. (1) by striking out “and” after “on or after October 1, 1979,”; and (2) by inserting before the period at the end thereof the following: “, and not to exceed $1,500,000,000 on or after October 1, 1981”. (e) Section 213(d) of the Housing and Community Development Act Financial assistance, retention. 42 USC 1439. of 1974 is amended by adding at the end thereof a new paragraph to read as follows: “(4) Notwithstanding any other provision of law, with respect to fiscal years beginning after September 30, 1981, the Secretary of Housing and Urban Development may not retain more than 15 per centum of the financial assistance which becomes available under programs described in subsection (a)(1) during any fiscal year. Any Allocation use. such financial assistance which is retained shall be available for subsequent allocation to specific areas and communities, and may only be used for— “(A) unforeseeable housing needs, especially those brought on by natural disasters or special relocation requirements; “(B) support for the needs of the handicapped or for minority enterprise; “(C) providing for assisted housing as a result of the settlement of litigation; “(D) small research and demonstration projects; “(E) lower-income housing needs described in housing assistance plans, including activities carried out under areawide housing opportunity plans; and “(F) innovative housing programs or alternative methods for meeting lower-income housing needs approved by the Secretary, including assistance for infrastructure in connection with the Indian Housing Program.”. (f) (1) The first sentence of section 201(h) of the Housing and Community Development Amendments of 1978 is amended— 12 USC 1715z–1a. (A) by striking out “and” after “the fiscal year 1980,”; (B) by inserting before the period at the end thereof the following: “, and not to exceed $4,000,000 for the fiscal year 1982”; and (C) by striking out the comma immediately following “Act” and inserting in lieu thereof a closed parenthesis. (2) Section 201 of the Housing and Community Development 12 USC 1715Z–1 and note, 1715z–1a. Amendments of 1978 is amended— (A) by redesignating subsections (h) and (i) as subsections (j) and (k), respectively; and (B) by inserting the following new subsection after subsection (g): “(h) The Secretary may not use any of the assistance available under this section during any fiscal year beginning on or after October 1, 1981, to supplement any contract to make rental assistance payments which was made pursuant to section 101 of the 12 USC 1701s, 42 USC 1451. Housing and Urban Development Act of 1965.”. (3) The third sentence of section 236(f)(3) of the National Housing Post, p. 403. Act, as redesignated by section 322(f)(7) of this part, is amended by striking out “September 30, 1981” and inserting in lieu thereof “September 30, 1982”. Sec. 322. tenant rental payments (a) Section 3 of the United States Housing Act of 1937 is amended to read as follows: “Sec. 3. “rental payments; definitions (a) Dwelling units assisted under this Act shall be rented only to families who are lower income families at the time of their initial occupancy of such units. A family shall pay as rent for a dwelling unit assisted under this Act the highest of the following amounts, rounded to the nearest dollar: “(1) 30 per centum of the family’s monthly adjusted income; “(2) 10 per centum of the family’s monthly income; or “(3) if the family is receiving payments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the family’s actual housing costs, is specifically designated by such agency to meet the family’s housing costs, the portion of such payments which is so designated. “(b) When used in this Act: “(1) The term ‘lower income housing’ means decent, safe, and sanitary dwellings assisted under this Act. The term ‘public housing’ means lower income housing, and all necessary appurtenances thereto, assisted under this Act other than under section 8. When used in reference to public housing, the term ‘lower income housing project’ or ‘project’ means (A) housing developed, acquired, or assisted by a public housing agency under this Act, and (B) the improvement of any such housing. “(2) The term ‘lower income families’ means those families whose incomes do not exceed 80 per centum of the median income for the area, as determined by the Secretary with adjustments for smaller and larger families, except that the Secretary may establish income ceilings higher or lower than 80 per centum of the median for the area on the basis of the Secretary’s findings that such variations are necessary because of prevailing levels of construction costs or unusually high or low family incomes. The term ‘very low-income families’ means lower income families whose incomes do not exceed 50 per centum of the median family income for the area, as determined by the Secretary with adjustments for smaller and larger families. “(3) The term ‘families’ includes families consisting of a single person in the case of (A) a person who is at least sixty-two years of age or is under a disability as defined in section 223 of the Social Security Act or in section 102 of the Developmental Disabilities Services and 42 USC 423. 42 USC 6001. Facilities Construction Amendments of 1970, or is handicapped, (B) a displaced person, (C) the remaining member of a tenant family, and (D) other single persons in circumstances described in regulations of the Secretary. In no event shall more than 15 per centum of the units under the jurisdiction of any public housing agency be occupied by single persons under clause (D). In determining priority for admission to housing under this Act, the Secretary shall give preference to those single persons who are elderly, handicapped, or displaced before those eligible under clause (D). The term ‘elderly families’ means families whose heads (or their spouses), or whose sole members, are persons described in clause (A). A person shall be considered handicapped if such person is determined, pursuant to regulations issued by the Secretary, to have an impairment which is expected to be of long-continued and indefinite duration, substantially impedes such person’s ability to live independently, and is of such a nature that such ability could be improved by more suitable housing conditions. The term ‘displaced person’ means a person displaced by governmental action, or a person whose dwelling has been extensively damaged or destroyed as a result of a disaster declared or otherwise formally recognized pursuant to Federal disaster relief laws. Notwithstanding the preceding provisions of this subsection, the term ‘elderly families’ includes two or more elderly, disabled, or handicapped individuals living together, or one or more such individuals living with one or more persons determined under regulations of the Secretary to be essential to their care or well being. “(4) The term ‘income’ means income from all sources of each member of the household, as determined in accordance with criteria prescribed by the Secretary. “(5) The term ‘adjusted income’ means the income which remains after excluding such amounts or types of income as the Secretary may prescribe. In determining amounts to be excluded from income, the Secretary may, in the Secretary’s discretion, take into account the number of minor children in the household and such other factors as the Secretary may determine are appropriate. “(6) The term ‘public housing agency’ means any State, county, municipality, or other governmental entity or public body (or agency or instrumentality thereof) which is authorized to engage in or assist in the development or operation of lower income housing. “(7) The term ‘State includes the several States, the District of Columbia, the Commonwealth of Puerto Rico, the territories and possessions of the United States, the Trust Territory of the Pacific Islands, and Indian tribes, bands, groups, and Nations, including Alaska Indians, Aleuts, and Eskimos, of the United States. “(8) The term ‘Secretary’ means the Secretary of Housing and Urban Development. “(c) When used in reference to public housing: “(1) The term ‘development’ means any or all undertakings necessary for planning, land acquisition, demolition, construction, or equipment, in connection with a lower income housing project. The term ‘development cost’ comprises the costs incurred by a public housing agency in such undertakings and their necessary financing (including the payment of carrying charges), and in otherwise carry-ing out the development of such project. Construction activity in connection with a lower income housing project may be confined to the reconstruction, remodeling, or repair of existing buildings. “(2) The term ‘operation’ means any or all undertakings appropriate for management, operation, services, maintenance, security (including the cost of security personnel), or financing in connection with a lower income housing project. The term also means the financing of tenant programs and services for families residing in lower income housing projects, particularly where there is maximum feasible participation of the tenants in the development and operation of such tenant programs and services. As used in this paragraph, the term ‘tenant programs and services’ includes the development and maintenance of tenant organizations which participate in the management of lower income housing projects; the training of tenants to manage and operate such projects and the utilization of their services in project management and operation; counseling on household management, housekeeping, budgeting, money management, child care, and similar matters; advice as to resources for job training and placement, education, welfare, health, and other community services; services which are directly related to meeting tenant needs and providing a wholesome living environment; and referral to appropriate agencies in the community when necessary for the provision of such services. To the maximum extent available and appropriate, existing public and private agencies in the community shall be used for the provision of such services. “(3) The term ‘acquisition cost’ means the amount prudently required to be expended by a public housing agency in acquiring property for a lower income housing project.”. (b) Sections 4, 5, 9, and 11 of such Act are amended by striking out “low-income” where it appears in the caption accompanying each such section and by inserting in lieu thereof “low-income”. (c) Sections 2, 4, 5, 6, 9, 11, 12, and 14 of such Act are amended by striking out “low income” and “low-income” wherever they appear and inserting in lieu thereof “lower income”. (d) Section 6(c)(2) of such Act is amended by striking out the phrase “at intervals of two years (or at shorter intervals where the Secretary deems it desirable)” and inserting in lieu thereof “no less frequently than annually”. (e) Section 8 of such Act is amended— (1) by striking out paragraph (3) of subsection (c) and inserting in lieu thereof the following: “(3) The amount of the monthly assistance payment with respect to any dwelling unit shall be the difference between the maximum monthly rent which the contract provides that the owner is to receive for the unit and the rent the family is required to pay under section Ante, p. 400. 3(a) of this Act. Reviews of family income shall be made no less frequently than annually.”; (2) by striking out paragraph (7) of subsection (c) and redesignating paragraph (8) of such subsection as paragraph (7); (3) by striking out paragraphs (1), (2), and (3) of subsection (f) and redesignating paragraphs (4), (6), and (6) of such subsection as paragraphs (1), (2), and (3), respectively; (4) by striking out “The provisions of section 3(1), 5(e), and 6” in subsection (h) and inserting in lieu thereof “Sections 5(e) and 6”; (5) by striking out the comma after the word “Act” in subsection (h); and (6) by striking out “25 per centum of one-twelfth of the annual income of such family” in paragraph (3) of subsection (j) and inserting in lieu thereof “the rent the family is required to pay under section 3(a) of this Act”. Ante, p. 400. (f) Section 236 of the National Housing Act is amended— 12 USC 1715z–1. (1) by striking out “two years” in subsection (e) and inserting in lieu thereof “one year”; (2) by striking out “25 per centum of the tenant’s income” in the second sentence of subsection (f)(1) and inserting in lieu thereof “30 per centum of the tenant’s adjusted income”; (3) by striking out clause (ii) in the third sentence of subsection (f)(1) and inserting in lieu thereof the following: “(ii) to permit the charging of a rental for such dwelling units at such an amount less than 30 per centum of a tenant’s adjusted income as the Secretary determines represents a proportionate decrease for the utility charges to be paid by such tenant, but in no case shall such rental be lower than 25 per centum of a tenant’s adjusted income.” (4) by striking out “25 per centum of their income” in paragraph (2) of subsection (f) and inserting in lieu thereof “30 per centum of their adjusted income”; (5) by striking out “25 per centum of the tenant’s income” in paragraph (2) of subsection (f) and inserting in lieu thereof “the highest of the following amounts, rounded to the nearest dollar: “(A) 30 per centum of the tenant’s monthly adjusted income; “(B) 10 per centum of the tenant’s monthly income; or “(C) if the family is receiving payments for welfare assistance from a public agency and a part of such payments, adjusted in accordance with the family’s actual housing costs, is specifically designated by such agency to meet the family’s housing costs, the portion of such payments which is so designated”; (6) by striking out the third sentence in paragraph (2) of subsection (f); (7) by striking out subparagraph (A) of subsection (f)(3) and redesignating subsection (f)(3)(B) as subsection (f)(3); and (8) by striking out subsection (m) and inserting in lieu thereof the following: “(m) For the purpose of this section the term ‘income’ means income from all sources of each member of the household, as determined in accordance with criteria prescribed by the Secretary. In determining amounts to be excluded from income, the Secretary may, in the Secretary’s discretion, take into account the number of minor children in the household and such other factors as the Secretary may determine are appropriate.”. (g) Section 101 of the Housing and Urban Development Act of 1965 12 USC 1701s, 42 USC 1451. is amended— (1) by striking out paragraph (2) in subsection (c) and inserting in lieu thereof the following: “(2) ‘income’ means income from all sources of each member of the household, as determined in accordance with criteria prescribed by the Secretary. In determining amounts to be excluded from income, the Secretary may, in the Secretary’s discretion, take into account the number of minor children in the household and such other factors as the Secretary may determine are appropriate.”; (2) by striking out the first sentence of subsection (d) and inserting in lieu thereof the following: “The amount of the annual payment with respect to any dwelling unit shall be the lesser of (1) 70 per centum of the fair market rent, or (2) the amount by which the fair market rental for such unit exceeds 30 per centum of the tenant’s adjusted income.”; and (3) by striking out “, except the elderly, at intervals of two years (or at shorter intervals in cases where the Secretary may deem it desirable)” in paragraph (2) of subsection (e), and by inserting in lieu thereof “no less frequently than annually”. (h) Title II of the Housing and Community Development Amendments of 1979 is amended— (1) by striking out subsection (c) in section 202; and (2) by striking out subsection (c) in section 203. (i) (1) In determining the rent to be paid by tenants who are occupying housing assisted under the authorities amended by this section on the effective date of this Act, the Secretary, notwithstanding any other provision of this section, may provide for delayed applicability, or for staged implementation, of the procedures for determining rent required by the provisions of subsections (a) through (h) of this section if the Secretary determines that immediate application of such procedures would be impracticable, would violate the terms of existing leases, or would result in extraordinary hardship for any class of tenants. The Secretary shall provide that the amount of rent paid by any family shall not increase, as a result of the amendments made by this section and as a result of any other provision of Federal law redefining which governmental benefits are required to or may be considered as income, by more than 10 per centum during any 12-month period unless the increase above such 10 per centum is attributed solely to increases in income which are not caused by such amendments or by such redefinitions. The limitation contained in the preceding sentence shall remain in effect and may not be changed or superceded except by another provision of law which amends this subsection. Notwithstanding any other provision of this section, application of the procedures for determining rent contained in this section shall not result in a reduction in the amount of rent paid by any tenant below the amount paid by such tenant immediately preceding the effective date of this Act. (2) Tenants of housing assisted under the provisions of law amended by this section whose occupancy begins after the effective date of this Act shall be subject to immediate rent payment determinations in accordance with the amendments contained in subsections (a) through (h), except that the Secretary may provide for delayed applicability, or for staged implementation, of these requirements for such tenants if the Secretary determines that immediate application of the requirements of this section would be impracticable, or that uniform procedures for assessing rents would significantly decrease administrative costs and burdens. (3) The Secretary’s actions and determinations and the procedures for making determinations pursuant to this subsection shall not be reviewable in any court. The provisions of subsections (a) through (h) shall be implemented and fully applicable to all affected tenants no later than five years following the date of enactment of this Act, except that the Secretary may extend the time for implementation if the Secretary determines that full implementation would result in extraordinary hardship for any class of tenants. Sec. 323. income eligibility The United States Housing Act of 1937 is amended by adding at the end thereof the following: “Sec. 16. “income eligibility for assisted housing (a) Not more than 10 per centum of the dwelling units 42 USC 1437n. which were available for occupancy under public housing annual contributions contracts and section 8 housing assistance payments contracts under this Act before the effective date of the Housing and Community Development Amendments of 1981, and which will be Ante, p. 384. leased on or after such effective date shall be available for leasing by lower income families other than very low-income families. “(b) Not more than 5 per centum of the dwelling units which become available for occupancy under public housing annual contributions contracts and section 8 housing assistance payments contracts under this Act on or after the effective date of the Housing and Community Development Amendments of 1981 shall be available for leasing by lower income families other than very low-income families.”. Sec. 324. cost reduction in assisted housing Section 8 of the United States Housing Act of 1937 is 42 USC 1437f. amended— (1) by inserting after the first sentence of subsection (b)(2) the following: “To increase housing opportunities for very low-income families, the Secretary shall assure that newly constructed housing to be assisted under this section is modest in design.”; (2) by adding at the end of subsection (c)(2) the following: Contract rents, increases, limitation. “(D) Notwithstanding the foregoing, the Secretary shall limit increases in contract rents for newly constructed or substantially rehabilitated projects assisted under this section to the amount of operating cost increases incurred with respect to comparable rental dwelling units of various sizes and types in the same market area which are suitable for occupancy by families assisted under this section. Where no comparable dwelling units exist in the same market area, the Secretary shall have authority to approve such increases in accordance with the best available data regarding operating cost increases in rental dwelling units.”; and (3) by adding at the end thereof the following: “(l) After selection of a proposal involving newly constructed or substantially rehabilitated units for assistance under this section, the Secretary shall limit cost and rent increases, except for adjustments in rent pursuant to section 8(c)(2), to those approved by the Secretary. The Secretary may approve those increases only for unforeseen factors beyond the owner’s control, design changes required by the Secretary or the local government, or changes in financing approved by the Secretary. “(m) For the purpose of achieving the lowest cost in providing units in newly constructed projects assisted under this section, the Secretary shall give a preference in entering into contracts under this section for projects which are to be located on specific tracts of land provided by States or units of local government if the Secretary determines that the tract of land is suitable for such housing, and that affording such preference will be cost effective. “(n) In making assistance available under subsection (e)(5) and subsection (i), the Secretary may provide assistance with respect to residential properties in which some or all of the dwelling units do not contain bathroom or kitchen facilities, if— “(1) the property is located in an area in which there is a significant demand for such units, as determined by the Secretary; and “(2) the unit of general local government in which the property is located and the local public housing agency approve of such units being utilized for such purpose. Waiver The Secretary may waive, in appropriate cases, the limitation and preference described in the second and third sentences of section Ante, p. 400. 3(b)(3) with respect to the assistance made available under this subsection.”. Sec. 325. aid for eligible families Section 8 of the United States Housing Act of 1937 is amended— (1) by adding at the end of subsection (b)(2) the following: “Each contract to make assistance payments for newly constructed or substantially rehabilitated housing assisted under this section entered into after the date of enactment of the Housing and Ante, p. 384. Community Development Amendments of 1981 shall provide that during the term of the contract the owner shall make available for occupancy by families which are eligible for assistance under this section, at the time of their initial occupancy, the number of units for which assistance is committed under the contract.”; and (2) by inserting after “nonhandicapped persons” in the second sentence of subsection (c)(5) the following: “which are not subject to mortgages purchased under section 305 of the National Housing 12 USC 1720. Act”. Sec. 326. miscellaneous housing assistance provisions (a) Section 8(c) of the United States Housing Act of 1937 is amended by adding at the end thereof the following: “(8) Each contract under this section shall provide that the owner will notify tenants at least 90 days prior to the expiration of the contract of any rent increase which may occur as a result of the expiration of such contract.”. (b) (1) Within one year after the date of enactment of this Act, the Secretary of Housing and Urban Development shall conduct a survey to determine the number of projects which are assisted under section 8 of the United States Housing Act of 1937 and are owned by developers or sponsors with five-year annual contributions contracts who plan to withdraw from the section 8 program when their contracts expire and who will increase rents in those projects to levels that the current residents of those projects will not be able to afford. Where such survey indicates that an owner intends to withdraw from the program, the Secretary shall notify affected residents of possible rent increases. (2) Not later than one year after the date of the enactment of this Act, the Secretary shall transmit to the Congress a report indicating alternative methods which may be utilized for recapturing the cost to the Federal Government of front-end investment in those units which are removed from the section 8 program. (c) The Secretary of Housing and Urban Development, after consultation with the Attorney General, shall develop regulations to prevent possible conflicts of interest on the part of Federal, State, and local government officials with regard to participation in projects assisted under section 8 of the United States Housing Act of 1937, and shall make such regulations effective not later than 180 days after the date of enactment of this Act. (d) (1) The Secretary of Housing and Urban Development shall 42 USC 1437f note. permit public housing agencies to retain, out of judgments obtained by them in recovering amounts wrongfully paid as a result of fraud and abuse in the housing assistance program under section 8 of the United States Housing Act of 1937, an amount equal to the greater of 42 USC 1437f. (A) the legal expenses incurred in obtaining such judgments, or (B) 50 per centum of the amount actually collected on the judgments. (2) The Secretary of Housing and Urban Development shall include in the annual report under section 8 of the Department of Hawing and Urban Development Act a summary of cases brought to its attention by public housing authorities for prosecution or civil action, and shall describe the handling of such cases by such authorities and by the Department of Housing and Urban Development and the resolution of such cases in the court system. (e) (1) Section 8(d)(1)(B) of the United States Housing Act of 1937 is amended to read as follows: “(B) (i) the lease between the tenant and the owner shall be for at least one year or the term of such contract, whichever is shorter, and shall contain other terms and conditions specified by the Secretary; and “(ii) the owner shall not terminate the tenancy except for serious or repeated violation of the terms and conditions of the lease, for violation of applicable Federal, State, or local law, or for other good cause;”. (2) The amendment made by paragraph (1) shall apply with respect 42 USC 1437f note. to leases entered into on or after October 1, 1981. Sec. 327. rent supplements (a) Section 101(l) of the Housing and Urban Development Act of 1965 is amended to read as follows: 12 USC 1701s. “(l) Notwithstanding the provisions of subsection (a) and any other provision of law, the Secretary may utilize additional authority under section 5(c) of the United States Housing Act of 1937 made available 94 Stat. 1624. 42 USC 1437c. by appropriation Acts on or after October 1, 1979, to supplement assistance authority available under this section.”. (b) The second sentence of section 101(d) of such Act is repealed. Sec. 328. section 235 amendments (a) Section 235(c)(2)(A) of the National Housing Act is 94 Stat. 1630. 12 USC 1715z. amended by striking out “ceases for a period of 90 continuous days or more making payments required under the mortgage, loan, or advance of credit secured by such a property, or”. (b) Section 235(h)(1) of such Act is amended by adding the following new sentences at the end thereof: “The Secretary shall not enter into new contracts for assistance payments under this section after March 31, 1982, except pursuant to a firm commitment issued on or before March 31, 1982, or pursuant to other commitments issued by the Secretary prior to June 30, 1981, reserving funds for housing to be assisted under this section where such housing is included in a project pursuant to section 119 of the Housing and Community Development Act of 1974. In no event may the Secretary enter into any new 42 USC 5318. contract for assistance payments under this section after September 30, 1983.”. (c) Section 235(q)(14) of such Act is amended by striking out “ceases for a period of 90 continuous days or more making payments on the mortgage, loan, or advance of credit secured by the property, or”. Sec. 329. restriction on use of assisted housing (a) Section 214 of the Housing and Community Development 94 Stat. 1637. 42 USC 1436a. Act of 1980 is amended to read as follows: “Sec. 214. “restriction on use of assisted housing (a) Notwithstanding any other provision of law, the Secretary of Housing and Urban Development may not make financial assistance available for the benefit of any alien unless that alien is a resident of the United States and is— “(1) an alien lawfully admitted for permanent residence as an immigrant as defined by sections 101(a)(15) and 101(a)(20) of the Immigration and Nationality Act (8 U.S.C. 1101(a)(15) and 8 U.S.C. 1101(a)(20)), excluding, among others, alien visitors, tourists, diplomats, and students who enter the United States temporarily with no intention of abandoning their residence in a foreign country; “(2) an alien who entered the United States prior to June 30, 1948, or such subsequent date as is enacted by law, has continuously maintained his or her residence in the United States since then, and is not ineligible for citizenship, but who is deemed to be lawfully admitted for permanent residence as a result of an exercise of discretion by the Attorney General pursuant to section 249 of the Immigration and Nationality Act (8 U.S.C. 1259); “(3) an alien who is lawfully present in the United States pursuant to an admission under section 207 of the Immigration 94 Stat. 103. and Nationality Act (8 U.S.C. 1157) or pursuant to the granting of asylum (which has not been terminated) under section 208 of 94 Stat. 105. such Act (8 U.S.C. 1158); “(4) an alien who is lawfully present in the United States as a result of an exercise of discretion by the Attorney General for emergent reasons or reasons deemed strictly in the public interest pursuant to section 212(d)(5) of the Immigration and Nationality 94 Stat. 107. Act (8 U.S.C. 1182(d)(5)); or “(5) an alien who is lawfully present in the United States as a result of the Attorney General’s withholding deportation pursuant to section 243(h) of the Immigration and Nationality Act (8 94 Stat. 107. U.S.C. 1253(h)). “(b) For purposes of this section the term ‘financial assistance’ means financial assistance made available pursuant to the United 42 USC 1437 note. 12 USC 1715z, 1715z–1. States Housing Act of 1937, section 235 or 236 of the National Housing Act, or section 101 of the Housing and Urban Development Act of 1965.”. (b) An alien who is lawfully present in the United States as a result of being granted conditional entry pursuant to section 203(a)(7) of the Immigration and Nationality Act (8 U.S.C. 1153(a)(7)) before April 1, 1980, because of persecution or fear of persecution on account of race, religion, or political opinion or because of being uprooted by catastrophic natural calamity shall be deemed, for purposes of section 214 of the Housing and Community Development Act of 1980, to be an Supra. alien described in section 214(a)(3) of such Act. Sec. 329A. payment for development managers The Secretary of Housing and Urban Development shall 42 USC 1437j–i. develop and implement a revised fee schedule for development managers of lower income housing projects assisted under the United States Housing Act of 1937 so that the percentage limitation applicable 42 USC 1437 note. to fees chargeable in connection with smaller projects is increased to a minimum level which is practicable. Sec. 329B. review of operating subsidy formula The Secretary of Housing and Urban Development shall review the administration of the operating subsidy program under section 9 of the United States Housing Act of 1937, including an 42 USC 1437g. examination of alternative methods for distributing operating subsidies which provide incentives for efficient management, full rent collection, and improved maintenance of projects developed under the United States Housing Act of 1937. Not later than March 1, 1982, Report to Congress. the Secretary of Housing and Urban Development shall transmit a report to the Congress on the results of such review. Sec. 329C. energy efficiency efforts Section 201 of the Housing and Community Development Amendments of 1978 is amended— 12 USC 1715z–1a. (1) in subsection (f)(1), by striking out “and” at the end of subparagraph (B), by striking out the period at the end of subparagraph (C) and inserting in lieu thereof “; and”, and by adding at the end thereof the following: “(D) an amount determined by the Secretary to be necessary to carry out a plan to upgrade the project to meet cost-effective energy efficiency standards prescribed by the Secretary.”; and (2) by inserting after subsection (h) the following: “(i) Notwithstanding any other provision of law, in exercising any authority relating to the approval or disapproval of rentals charged tenants residing in projects which are eligible for assistance under this section, the Secretary— “(1) shall consider whether the mortgagor could control increases in utility costs by securing more favorable utility rates, by undertaking energy conservation measures which are financially feasible and cost effective, or by taking other financially feasible and cost-effective actions to increase energy efficiency or to reduce energy consumption; and “(2) may, in his discretion, adjust the amount of a proposed rental increase where he finds the mortgagor could exercise such control.”. Sec. 329D. recognition of kansas department of economic development The Secretary of Housing and Urban Development shall permit the Kansas Department of Economic Development to participate as a public housing agency for the purposes of programs carried out under the United States Housing Act of 1937 and as a State 42 USC 1437 note. agency for the purpose of section 883.203 of title 24 of the Code of Federal Regulations as in effect June 1, 1981. Sec. 329E. purchase of pha obligations In addition to any authority provided before October 1, 1981, the Secretary of Housing and Urban Development may, on and after October 1, 1981, enter into contracts for periodic payments to the Federal Financing Bank to offset the costs to the Bank of purchasing obligations (as described in the first sentence of section 12 USC 2294. 16(b) of the Federal Financing Bank Act of 1973) issued by local public housing agencies for purposes of financing public housing projects 94 Stat. 1624. 42 USC 1437c. authorized by section 5(c) of the United States Housing Act of 1937. Notwithstanding any other provision of law, such contracts may be entered into only to the extent approved in appropriation Acts, and the aggregate amount which may be obligated over the duration of such contracts may not exceed $400,000,000. There are hereby authorized to be appropriated any amounts necessary to provide for such payments. The authority to enter into contracts under this subsection shall be in lieu of any authority (except for authority provided specifically to the Secretary before October 1, 1981) of the Secretary to enter into contracts for such purposes under section 16(b) of the Federal Financing Bank Act of 1973. Sec. 329F. tenant participation Section 202(b)(1) of the Housing and Community Development 12 USC 1715z–1b. Amendments of 1978 is amended by striking out “owner’s action” and inserting in lieu thereof “owner’s request for rent increase, conversion of residential rental units to any other use (including commercial use or use as a unit in any condominium or cooperative project), partial release of security, or major physical alterations”. Sec. 329G. fire safety Section 14(i)(1) of the United States Housing Act of 1937 is amended by inserting the following before the period at the end of the first sentence thereof: “, especially emergency and special purpose needs which relate to fire safety standards”. Sec. 329H. section 8 assistance for manufactured homes (a) Section 8(j) of the United States Housing Act of 1937 is amended to read as follows: “(j) (1) The Secretary may enter into contracts to make assistance payments under this subsection to assist lower income families by making rental assistance payments on behalf of any such family which utilizes a manufactured home as its principal place of residence. Such payments may be made with respect to the rental of the real property on which there is located a manufactured home which is owned by any such family or with respect to the rental by such family of a manufactured home and the real property on which it is located. In carrying out this subsection, the Secretary may— “(A) enter into annual contributions contracts with public housing agencies pursuant to which such agencies may enter into contracts to make such assistance payments to the owners of such real property, or “(B) enter into such contracts directly with the owners of such real property. “(2) (A) A contract entered into pursuant to this paragraph shall establish the maximum monthly rent (including maintenance and management charges) which the owner is entitled to receive for the space on which a manufactured home is located and with respect to which assistance payments are to be made. The maximum monthly rent shall not exceed by more than 10 per centum the fair market rental established by the Secretary periodically (but not less than annually) with respect to the market area for the rental of real property suitable for occupancy by families assisted under this paragraph. “(B) The amount of any monthly assistance payment with respect to any family which rents real property which is assisted under this paragraph, and on which is located a manufactured home which is owned by such family shall be the difference between the rent the family is required to pay under section 3(a) of this Act and the sum 42 USC 1437a. of— “(i) the monthly payment made by such family to amortize the cost of purchasing the manufactured home; “(ii) the monthly utility payments made by such family, subject to reasonable limitations prescribed by the Secretary; and “(iii) the maximum monthly rent permitted with respect to the real property which is rented by such family for the purpose of locating its manufactured home; except that in no case may such assistance exceed the total amount of such maximum monthly rent. “(3) (A) Contracts entered into pursuant to this paragraph shall Maximum monthly rent. establish the maximum monthly rent permitted with respect to the manufactured home and the real property on which it is located and with respect to which assistance payments are to be made. The maximum monthly rent shall not exceed by more than 10 per centum the fair market rental established by the Secretary periodically (but not less than annually) with respect to the market area for the rental of a manufactured home and the real property on which it is located suitable for occupancy by families assisted under this paragraph, except that the maximum monthly rent may exceed the fair market rental by more than 10 but not more than 20 per centum where the Secretary determines that special circumstances warrant such higher maximum rent. “(B) The amount of any monthly assistance payment with respect to any family which rents a manufactured home and the real property on which it is located and which is assisted under this paragraph shall be the difference between the rent the family is required to pay under section 3(a) of this Act and the sum of— “(i) the monthly utility payments made by such family, subject to reasonable limitations prescribed by the Secretary; and “(ii) the maximum monthly rent permitted with respect to the manufactured home and the real property on which it is located. “(4) The provisions of subsection (c)(2) of this section shall apply to the adjustments of maximum monthly rents under this subsection. “(5) Each contract entered into under this subsection shall be for a Contract terms. term of not less than one month and not more than 180 months, except that in any case in which the manufactured home park is substantially rehabilitated or newly constructed, such term may not be less than 240 months, nor more than the maximum term for a manufactured home loan permitted under section 2(b) of the National Housing Act. Post, p. 414. “(6) The Secretary may carry out this subsection without regard to whether the manufactured home park is existing, substantially rehabilitated, or newly constructed. “(7) In the case of any substantially rehabilitated or newly constructed manufactured home park containing spaces with respect to which assistance is made under this subsection, the principal amount of the mortgage attributable to the rental spaces within the park may not exceed an amount established by the Secretary which is equal to or less than the limitation for manufactured home parks described in Post, p. 416. section 207(c)(3) of the National Housing Act, and the Secretary may increase such limitation in high cost areas in the manner described in such section. “(8) The Secretary may prescribe other terms and conditions which are necessary for the purpose of carrying out the provisions of this subsection and which are consistent with the purposes of this subsection.”. Sec. 329I. homeownership and fire safety studies (a) (1) The Secretary of Housing and Urban Development shall conduct a study of— (A) the extent, if any, to which section 8(c)(7) of the United 42 USC 1437f. States Housing Act of 1937 has been utilized; (B) the results of any such utilization; (C) if such section has not been utilized or utilized only on a very restricted basis, the reasons why it has not been utilized more extensively; and (D) different methods by which such section could be utilized for increasing homeownership opportunities for lower income families. (2) As a result of such study, the Secretary shall, not later than January 1, 1982, transmit to the Congress recommendations regarding the establishment of a demonstration project in which the Secretary would use section 8(c)(7) of such Act for the purpose of increasing homeownership opportunities for lower income families. Such proposal shall include, but not be limited to, provisions for— (A) targeting such project so that existing housing may be preserved to the maximum extent practicable; and (B) recovering assistance in the case of resale of the property or in other appropriate cases. (b) The Secretary shall conduct a study to the extent to which lower income housing projects do not meet applicable fire safety standards and report to the Congress with respect to such study not later than one year after the date of the enactment of this Act. PART 3— PROGRAM AMENDMENTS AND EXTENSIONS Sec. 331. federal housing administration extensions (a) Section 2(a) of the National Housing Act is amended by striking out “October 1, 1981” in the first sentence and inserting in lieu thereof “October 1, 1982”. (b) Section 217 of such Act is amended by striking out “September 30, 1981” and inserting in lieu thereof “September 30, 1982”. (c) Section 221(f) of such Act is amended by striking out “September 30, 1981” in the fifth sentence and inserting in lieu thereof “September 30, 1982”. (d) (1) Section 235(m) of such Act is amended by striking out “September 30, 1981” and inserting in lieu thereof “September 30, 1982”. (2) Section 235(q)(1) of such Act is amended by striking out “June 1, 94 Stat. 1631. 12 USC 1715z. 1981,” in the fourth sentence thereof and inserting in lieu thereof “September 30, 1982,”. (e) Section 236(n) of such Act is amended by striking out “September 94 Stat. 1638. 12 USC 1715z–1. 30, 1981” and inserting in lieu thereof “September 30, 1982”. (f) Section 244(d) of such Act is amended— 12 USC 1715z–9. (1) by striking out “September 30, 1981” in the first sentence and inserting in lieu thereof “September 30, 1982”; and (2) by striking out “October 1, 1981” in the second sentence and inserting in lieu thereof “October 1, 1982”. (g) Section 245(a) of such Act is amended by striking out “September 12 USC 1715z–10. 30, 1981” and inserting in lieu thereof “September 30, 1982”. (h) (1) Section 809(f) of such Act is amended by striking out “September 12 USC 1748h–1. 30, 1981” in the second sentence and inserting in lieu thereof “September 30, 1982”. (2) Section 810(k) of such Act is amended by striking out “September 94 Stat. 1639. 12 USC 1748h–2. 30, 1981” in the second sentence and inserting in lieu thereof “September 30, 1982”. (i) Section 1002(a) of such Act is amended by striking out “September 12 USC 1749bb. 30, 1981” in the second sentence and inserting in lieu thereof “September 30, 1982”. (j) Section 1101(a) of such Act is amended by striking out “September 12 USC 1749aaa. 30, 1981” in the second sentence and inserting in lieu thereof “September 30, 1982”. Sec. 332. flexible interest rates Section 3(a)(1) of Public Law 90–301 is amended by striking 94 Stat. 1639. 12 USC 1709–1. out “October 1, 1981” and inserting in lieu thereof “October 1, 1982”. Sec. 333. government national mortgage association (a) (1) Section 305(c) of the Federal National Mortgage Association Charter Act is amended— 12 USC 1720. (A) by striking out “and” after “1978,”; and (B) by inserting the following before the period at the end thereof: “, and by $1,100,000,000 on October 1, 1981”. (2) Section 305 of such Act is amended by adding the following new subsection at the end thereof: “(k) During fiscal year 1982, the Association may not enter into Mortgage purchases. commitments to purchase under this section mortgages with an aggregate principal amount in excess of $1,973,000,000, except that the Association may not enter into commitments to purchase mortgages secured by projects which do not contain units assisted under section 8 of the United States Housing Act of 1937 with an aggregate 42 USC 1437f. principal amount in excess of $580,000,000.”. (3) Section 306(g) of such Act is amended— 12 USC 1721. (A) by inserting “(1)” after “(g)”; (B) by striking out “(1)” and “(2)” in the first sentence and inserting in lieu thereof “(i)” and “(ii)”, respectively; and (C) by adding the following new paragraph at the end thereof: “(2) During fiscal year 1982, the Association may not enter into commitments to issue guarantees under this subsection in an aggregate amount in excess of $69,542,000,000.”. (b) (1) In entering into commitments to purchase below-market, 12 USC 1720 note. tandem plan mortgages during the period beginning on the date of the enactment of this Act and ending October 1, 1982, under section 305 of the Federal National Mortgage Association Charter Act, the Government National Mortgage Association may enter into such commitments only with respect to multifamily projects for which firm commitments for mortgage insurance under title II of the 12 USC 1707. National Housing Act have been issued. (2) The Secretary of Housing and Urban Development shall continue to process applications for mortgage insurance for multifamily projects under title 11 of the National Housing Act for a period of at least 90 days beginning on October 1, 1981. Sec. 334. general insurance fund Section 519(f) of the National Housing Act is amended by inserting the following before the period at the end thereof: “, which amount shall be increased by $126,673,000 on October 1, 1981”. Sec. 335. limitation on insurance authority Title V of the National Housing Act is amended by adding the following new section at the end thereof: “Sec. 531. “limitation on insurance authority During fiscal year 1982, the Secretary may not enter into commitments to insure under this Act loans and mortgages with an aggregate principal amount in excess of $41,000,000,000.”. Sec. 336. housing for the elderly Section 202(a)(4)(C) of the Housing Act of 1959 is amended by inserting the following before the period at the end of the second sentence: “, and not more than $850,848,000 may be approved in appropriation Acts for such loans with respect to fiscal year 1982”. Sec. 337. research authorizations The second sentence of section 501 of the Housing and 94 Stat. 1639. 12 USC 1701z–1. Urban Development Act of 1970 is amended 17 striking out “and not to exceed $51,000,000 for the fiscal year 1981” and inserting in lieu thereof “not to exceed $51,000,000 for the fiscal year 1981, and not to exceed $35,000,000 for the fiscal year 1982”. Sec. 338. property improvement and manufactured home loans (a) Section 2(b) of the National Housing Act is amended to read as follows: “(b) (1) No insurance shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it if the amount of such loan, advance of credit, or purchase exceeds— “(A) $17,500 ($20,000 where financing the installation of a solar energy system is involved) if made for the purpose of financing alterations, repairs and improvements upon or in connection with existing single-family structures or manufactured homes; “(B) $43,750 or an average amount of $8,750 per family unit ($50,000 and $10,000, respectively, where financing the installation of a solar energy system is involved) if made for the purpose of financing the alteration, repair, improvement, or conversion of an existing structure used or to be used as an apartment house or a dwelling for two or more families; “(C) $22,500 ($35,000 in the case of a manufactured home composed of two or more modules) if made for the purpose of financing the purchase of a manufactured home; “(D) $35,000 ($47,500 in the case of a manufactured home composed of two or more modules) if made for the purpose of financing the purchase of a manufactured home and a suitably developed lot on which to place the home; “(E) such an amount as may be necessary, but not exceeding $12,500, if made for the purpose of financing the purchase, by an owner of a manufactured home which is the principal residence of that owner, of a suitably developed lot on which to place that manufactured home, and if the owner certifies that he or she will place the manufactured home on the lot acquired with such loan within six months after the date of such loan; “(F) $15,000 per family unit if made for the purpose of financing the preservation of an historic structure; and “(G) such principal amount as the Secretary may prescribe if made for the purpose of financing fire safety equipment for a nursing home, extended health care facility, intermediate health care facility, or other comparable health care facility. “(2) Because of prevailing higher costs, the Secretary may, by regulation, in Alaska, Guam, or Hawaii, increase any dollar amount limitation on manufactured homes or manufactured home lot loans contained in this subsection by not to exceed 40 per centum. In other areas where needed to meet higher costs of land acquisition, site development, and construction of a permanent foundation in connection with the purchase of a manufactured home or lot, the Secretary may, by regulation, increase any dollar amount limitation otherwise applicable by an additional $7,500. “(3) No insurance shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it if the term to maturity of such loan, advance of credit or purchase exceeds— “(A) fifteen years and thirty-two days if made for the purpose of financing alterations, repairs, and improvements upon or in connection with an existing single-family structure or manufactured home; “(B) fifteen years and thirty-two days if made for the purpose of financing the alteration, repair, improvement or conversion of an existing structure used or to be used as an apartment house or a dwelling for two or more families; “(C) twenty years and thirty-two days (twenty-three years and thirty-two days in the case of a manufactured home composed of two or more modules) if made for the purpose of financing the purchase of a manufactured home; “(D) twenty years and thirty-two days (twenty-five years and thirty-two days in the case of a manufactured home composed of two or more modules) if made for the purpose of financing the purchase of a manufactured home and a suitably developed lot on which to place the home; “(E) fifteen years and thirty-two days if made for the purpose of financing the purchase, by the owner of a manufactured home which is the principal residence of that owner, of a suitably developed lot on which to place that manufactured home; “(F) fifteen years and thirty-two days if made for the purpose of financing the preservation of an historic structure; “(G) such term to maturity as the Secretary may prescribe if made for the purpose of financing the construction of a new structure for use in whole or in part for agricultural purposes; and “(H) such term to maturity as the Secretary may prescribe if made for the purpose of financing fire safety equipment for a nursing home, extended health care facility, intermediate health care facility, or other comparable health care facility. “(4) For the purpose of this subsection— “(A) the term ‘developed lot’ includes an interest in a condominium project (including any interest in the common areas) or a share in a cooperative association; “(B) a loan to finance the purchase of a manufactured home or a manufactured home and lot may also finance the purchase of a garage, patio, carport, or other comparable appurtenance; and “(C) a loan to finance the purchase of a manufactured home or a manufactured home and lot shall be secured by a first lien upon such home or home and lot, its furnishings, equipment, accessories, and appurtenances. “(5) No insurance shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it unless the obligation bears such interest, has such maturity, and contains such other terms, conditions, and restrictions as the Secretary shall prescribe, in order to make credit available for the purpose of this title. Any such obligation with respect to which insurance is granted under this section shall bear interest and insurance premium charges not exceeding (A) an amount, with respect to so much of the net proceeds thereof as does not exceed $2,500, equivalent to $5.50 discount per $100 of original face amount of a one-year note payable in equal monthly installments, plus (B) an amount, with respect to any portion of the net proceeds thereof in excess of $2,500, equivalent to $4.50 discount per $100 of original face amount of such note. The amounts referred to in clauses (A) and (B) of the preceding sentence, when correctly based on tables of calculations issued by the Secretary or adjusted to eliminate minor errors in computation in accordance with requirements of the Secretary, shall be deemed to comply with such sentence. “(6) (A) Any obligation with respect to which insurance is granted under this section may be refinanced and extended in accordance with such terms and conditions as the Secretary may prescribe, but in no event for an additional amount or term in excess of any applicable maximum provided for in this subsection. “(B) The owner of a manufactured home lot purchased without assistance under this section but otherwise meeting the requirements of this section may refinance such lot under this section in connection with the purchase of a manufactured home if the borrower certifies that the home and lot is or will be his or her principal residence within six months after the date of the loan.”. (b) Section 207(f)(3) of the National Housing Act is amended by striking out “$8,000” and inserting in lieu thereof “$9,000”. Sec. 339. mortgage insurance for condominiums (a) The first sentence of section 234(b) of the National 12 USC 1715y. Housing Act is amended by inserting “, including a project in which the dwelling units are attached, semi-attached, or detached,” after “multifamily project”. Sec. 339A. housing counseling Section 106(a)(3) of the Housing and Urban Development Act of 1968 is amended by inserting the following before the period at 12 USC 1701x. the end of the first sentence: “; except that for the fiscal year 1982, there are authorized to be appropriated not to exceed $4,000,000 for such purposes”. Sec. 339B. technical amendments (a) The last sentence of section 207(c)(3), section 213(p), the last proviso in section 220(d)(3)(B)(iii), section 221(k), the proviso in section 231(c)(2), and section 234(j) of the National Housing Act are 12 USC 1713, 1715e, 1715k, 1715l, 1715v, 1715y. amended— (1) by inserting “therein” immediately after “installation” wherever it appears; and (2) by striking out “therein” before the punctuation at the end thereof. (b) Section 223(f) of such Act is amended— 94 Stat. 1650. 12 USC 1715n. (1) by inserting “and” immediately after the semicolon at the end of paragraph (2)(A); and (2) by redesignating paragraph (5) as paragraph (4). (c) For purposes of paragraphs (1) and (4) of section 308(c) of the Definitions. 94 Stat. 1640. 12 USC 1701 et seq., 5401 et seq. Housing and Community Development Act of 1980, the term “mobile home” and the term “manufactured home” shall be deemed to include the term “mobile homes” and the term “manufactured homes”, respectively. (d) (1) The material preceding the proviso in clause (2) of the first sentence of section 234(c) of the National Housing Act is amended to 12 USC 1715y. read as follows: “(2) the project is or has been covered by a mortgage insured under any section (except section 213(a) (1) and (2)) of this Act 12 USC 1715e. or the project was approved for a guarantee, insurance, or a direct loan under chapter 37 of title 38, United States Code, notwithstanding 38 USC 1801 et seq. any requirements in any such section that the project be constructed or rehabilitated for the purpose of providing rental housing;”. (2) Section 318 of the Housing and Community Development Act of Repeal. 94 Stat. 1646. 1980 is repealed. Sec. 339C. lower cost technology The Secretary of Housing and Urban Development is 12 USC 1701z–14. authorized to develop and implement a demonstration program utilizing lower cost building technology for projects located on inner-city vacant land. Sec. 339D. reduction of 1981 authority (a) Notwithstanding any other provision of law, the authorizations for appropriations for programs and activities administered by the Secretary for Housing and Urban Development in fiscal year 1981 are reduced by $5,359,000,000. (b) This section takes effect upon the date of enactment of this Act. Effective date. Sec. 339E. national institute of building sciences (a) Section 809(h) of the Housing and Community Development Act of 1974 is amended by striking out “through 1982 12 USC 1701j–2. (with” and inserting in lieu thereof “through 1984 (with not more than $500,000 to be appropriated for each of the fiscal years 1982, 1983, and 1984 and with”. (b) Section 809(c)(4) of such Act is amended by inserting the following before the period at the end thereof: “; except that., notwithstanding any such rules and procedures as may be adopted by the Institute, the President of the United States, by and with the advice and consent of the Senate, shall appoint, as representative of the public interest, two of the members of the Board of Directors selected each year for terms commencing in that year”. Sec. 339F. new communities Section 717(b) of the National Urban Policy and New 42 USC 4518. Community Development Act of 1970 is amended by adding the following new sentence at the end thereof: “With respect to fiscal year 1982, the Secretary may not issue obligations under this section in an aggregate amount in excess of $33,250,000.”. Sec. 339G. purchaser-broker arrangement Title V of the National Housing Act is amended by adding the following new section at the end thereof: “Sec. 532. “purchaser-broker arrangement In carrying out the provisions of title II of this Act with respect to insuring mortgages secured by a one- to four-family residence, the Secretary may not exclude from the principal amount which may be insured under such title any sum solely on the basis that such sum is to be paid by the purchaser to a broker who has been the purchaser’s agent in the purchase of the residence, but the principal amount of the mortgage, when such sum is added, shall not exceed the limitation as to maximum mortgage amount provided in title II.”. Sec. 339H. mortgage insurance for hospitals Section 242(d)(5) of the National Housing Act is amended by adding at the end thereof the following: “This paragraph shall not limit the authority of the Secretary to approve a mortgage increase on any mortgage eligible for insurance under this paragraph at any time prior to final endorsement of the loan for insurance; except that such mortgage increase may not be approved for the cost of constructing any improvements not included in the original plans and specifications approved by the Department of Health and Human Services unless approved by the Secretary of Housing and Urban Development and by the Secretary of Health and Human Services.”. PART 4— FLOOD, CRIME, AND RIOT INSURANCE Sec. 341. flood insurance (a) Section 1376(c) of the National Flood Insurance Act of 94 Stat. 1639. 42 USC 4127. 1968 is amended— (1) by striking out “and” after “1980,”; and (2) by inserting the following before the period at the end thereof “, and not to exceed $42,600,000 for the fiscal year 1982”. (b) (1) Section 1319 of the National Flood Insurance Act of 1968 is amended by striking out “September 30, 1981” and inserting in lieu thereof “September 30, 1982”. (2) Section 1336(a) of such Act is amended by striking out “September 42 USC 4056. 30, 1981” and inserting in lieu thereof “September 30, 1982”. (c) (1) Section 1310(a) of such Act is amended by inserting “as 42 USC 4017. described in subsection (f)” after “which shall be available”. (2) Section 1310 of such Act is amended by adding the following new subsection at the end thereof: “(f) The fund shall be available, with respect to any fiscal year beginning on or after October 1, 1981, only to the extent approved in appropriation Acts; except that the fund shall be available for the purpose described in subsection (d)(1) without such approval.”. (d) (1) Chapter I of such Act is amended by adding the following new section at the end thereof: “Sec. 1321. “undeveloped coastal barriers (a) No new flood insurance coverage shall be provided 42 USC 4028. under this title on or after October 1, 1983, for any new construction or substantial improvements of structures located on undeveloped coastal barriers which shall be designated by the Secretary of the Interior. “(b) For purposes of this section— “(1) the term ‘coastal barrier’ means— “Coastal barrier.” “(A) a depositional geologic feature (such as a bay barrier, tombolo, barrier spit, or barrier island) which— “(i) consists of unconsolidated sedimentary materials, “(ii) is subject to wave, tidal, and wind energies, and “(iii) protects landward aquatic habitats from direct wave attack; and “(B) all associated aquatic habitats including the adjacent wetlands, marshes, estuaries, inlets, and nearshore waters; “(2) a coastal barrier or any portion thereof shall be treated as an undeveloped coastal barrier for purposes of subsection (a) only if there are few manmade structures on the barrier or portion thereof and these structures and man’s activities on the barrier do not significantly impede geomorphic and ecological processes; and “(3) a coastal barrier which is included within the boundaries of an area established under Federal, State, or local law, or held by a qualified organization as defined in section 170(h)(3) of the Internal Revenue Code of 1954, primarily for wildlife refuge, 26 USC 170. sanctuary, recreational, or natural resource conservation purposes shall not be designated as an undeveloped coastal barrier for purposes of subsection (a). “(c) A federally insured financial institution may make loans secured by structures which are not eligible for flood insurance under this title by reason of subsection (a).”. (2) The Secretary of the Interior shall conduct a study for the Study. 42 USC 4028 note. Report to Congress. purpose of designating the undeveloped coastal barriers which will be affected by the amendment made by paragraph (1). Not later than one year after the date of enactment of this Act, the Secretary shall transmit to the Congress a report of the findings and conclusions of such study together with a proposed designation of the undeveloped coastal barriers and any recommendation regarding the definition of the term “coastal barrier” as enacted by such amendment. (e) Section 1345 of such Act is amended by adding at the end thereof 42 USC 4081. the following: “(c) The Director of the Federal Emergency Management Agency shall hold any agent or broker selling or undertaking to sell flood insurance under this title harmless from any judgment for damages against such agent or broker as a result of any court action by a policyholder or applicant arising out of an error or omission on the part of the Federal Emergency Management Agency, and shall provide any such agent or broker with indemnification, including court costs and reasonable attorney fees, arising out of and caused by an error or omission on the part of the Federal Emergency Management Agency and its contractors. The Director of the Federal Emergency Management Agency may not hold harmless or indemnify an agent or broker for his or her error or omission.”. Sec. 342. crime and riot insurance (a) Section 1201(b) of the National Housing Act is amended— (1) by striking out “September 30, 1981” in paragraph (1) and inserting in lieu thereof “September 30, 1982”; and (2) by striking out “September 30, 1984” in paragraph (1)(A) and inserting in lieu thereof “September 30, 1985”. (b) Section 1211(b) of the National Housing Act is amended— (1) by inserting “and” at the end of paragraph (9); (2) by striking out “; and” at the end of paragraph (10) and inserting in lieu thereof a period; and (3) by striking out paragraph (11). PART 5— RURAL HOUSING Sec. 351. authorizations (a) Section 513 of the Housing Act of 1949 is amended— (1) by striking out “not to exceed $3,797,600,000 with respect to the fiscal year ending September 30, 1981” in subsection (a) and inserting in lieu thereof “not to exceed $3,700,600,000 with respect to the fiscal year ending September 30, 1982”; (2) by striking out “not less than $3,120,000,000” in subsection (a)(1) and inserting in lieu thereof “not less than $3,170,000,000”; (3) by striking out “not more than $100,000,000” in subsection (a)(4) and inserting in lieu thereof “none”; (4) by striking out subsection (b)(2) and inserting in lieu thereof the following: “(2) not to exceed $50,000,000 for loans and grants pursuant to 42 USC 1474. section 504 for the fiscal year ending September 30, 1982, of which not more than $25,000,000 shall be available for grants;”; (5) by striking out subsection (b)(3) and inserting in lieu thereof the following: “(3) not to exceed $25,000,000 for financial assistance pursuant 42 USC 1486. to section 516 for the fiscal year ending September 30, 1982;”; (6) by striking out “September 30, 1981” in subsection (b)(4) and inserting in lieu thereof “September 30, 1982”; and (7) by striking out “and” at the end of subsection (b)(4), by striking out the period at the end of subsection (b)(5) and inserting in lieu thereof “; and”, and by adding at the end thereof the following: “(6) not to exceed $2,000,000 for the purposes of section 509(c) for the fiscal year ending September 30, 1982.”. (b) Section 515(b)(5) of such Act is amended by striking out “September 30, 1981” and inserting in lieu thereof “September 30, 1982”. (c) Section 517(a)(1) of such Act is amended by striking out “September 94 Stat. 1668. 42 USC 1487. 30, 1981” and inserting in lieu thereof “September 30, 1982”. (d) Section 521(a)(2)(D) of such Act is amended— 94 Stat. 1668. 42 USC 1490a. (1) by striking “$493,000,000” and inserting in lieu thereof “$398,000,000”; and (2) by striking out “1981, except that” and all that follows through the period at the end thereof and inserting in lieu thereof “1982.”. (e) Section 523 of such Act is amended— 94 Stat. 1668. 42 USC 1490c. (1) by striking out “September 30, 1981” each place it appears in subsection (f) and inserting in lieu thereof “September 30, 1982”; (2) by striking out “not to exceed $2,500,000 for fiscal year 1981” in the first sentence of subsection (g) and inserting in lieu thereof “not to exceed $3,000,000 for fiscal year 1982”; (3) by inserting the following after “shall be available” in the second sentence of subsection (g): “, to the extent approved in appropriation Acts,”; and (4) by inserting the following before the period at the end of the second sentence of subsection (g): “; except that not more than $5,000,000 may be made available during fiscal year 1982”. Sec. 352. interest subsidy program Section 521(a)(1)(B) of the Housing Act of 1949 is amended 94 Stat. 1669. 42 USC 1490a. by striking out “shall” and inserting in lieu thereof “may”. Sec. 353. reports The Secretary of Agriculture shall transmit a report to Transmittal to Congress. the Congress not later than March 1, 1982, setting forth— (1) various options for presenting the budget of the Farmers Home Administration and alternatives to the use of Federal Financing Bank financing for rural housing programs; (2) workable definitions of “low income” which will target Farmers Home Administration housing assistance programs to a population substantially equivalent to the population served by the Department of Housing and Urban Development’s assisted housing programs; (3) the effect of a requirement that 30 per centum of assistance provided by the Farmers Home Administration be provided to families with incomes at 50 per centum of area median income and recommendations for contribution requirements which will achieve equity with the contribution requirements of the Department of Housing and Urban Development’s assisted housing programs; (4) recommendations for ensuring that subsidy levels for assisted families are minimized and that assisted families with similar circumstances in different regions of the country are treated equally; and (5) the Farmers Home Administration’s efforts to minimize the cost of housing subsidized under its programs and the Farmers Home Administration’s use of existing lower cost housing technology. PART 6— MULTIFAMILY MORTGAGE FORECLOSURE Sec. 361. short title This part may be cited as the “Multifamily Mortgage Foreclosure Act of 1981”. Sec. 362. findings and purpose (a) The Congress finds that— (1) disparate State laws under which the Secretary of Housing and Urban Development forecloses real estate mortgages which the Secretary holds pursuant to title II of the National Housing 12 USC 1707. 42 USC 1452b. Act or section 312 of the Housing Act of 1964 covering multiunit residential and nonresidential properties burden the programs administered by the Secretary pursuant to these authorities, and cause detriment to the residents of the affected projects and the community generally; (2) long periods to complete the foreclosure of these mortgages under certain State laws lead to deterioration in the condition of the properties involved; necessitate substantial Federal management and holding expenditures; increase the risk of vandalism, fire loss, depreciation, damage, and waste with respect to the properties; and adversely affect the residents of the projects and the neighborhoods in which the properties are located; (3) these conditions seriously impair the Secretary’s ability to protect the Federal financial interest in the affected properties and frustrate attainment of the objectives of the underlying Federal program authorities, as well as the national housing goal of “a decent home and a suitable living environment for every American family”; (4) application of State redemption periods to these mortgages following their foreclosure would impair the salability of the properties involved and discourage their rehabilitation and improvement, thereby compounding the problems referred to in clause (3); (5) the availability of a uniform and more expeditious procedure for the foreclosure of these mortgages by the Secretary and continuation of the practice of not applying postsale redemption periods to such mortgages will tend to ameliorate these conditions; and (6) providing the Secretary with a nonjudicial foreclosure procedure will reduce unnecessary litigation by removing many foreclosures from the courts where they contribute to overcrowded calendars. (b) The purpose of this part is to create a uniform Federal foreclosure remedy for multiunit residential and nonresidential mortgages held by the Secretary of Housing and Urban Development pursuant to title II of the National Housing Act or section 312 of the Housing Act of 1964. Sec. 363. definitions As used in this part— (1) “mortgage” means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which any interest in property, real, personal or mixed, or any interest in property including leaseholds, life estates, reversionary interests, and any other estates under applicable State law, is conveyed in trust, mortgaged, encumbered, pledged, or otherwise rendered subject to a lien, for the purpose of securing the payment of money or the performance of an obligation; (2) “multifamily mortgage” means a mortgage held by the Secretary pursuant to title II of the National Housing Act or section 312 of the Housing Act of 1964 covering any property, 12 USC 1707. 12 USC 1452b. except a property on which there is located a one- to four-family residence; (3) “mortgage agreement” means the note or debt instrument and the mortgage instrument, deed of trust instrument, trust deed, or instrument or instruments creating the mortgage, including any instrument incorporated by reference therein (including any applicable regulatory agreement), and any instrument or agreement amending or modifying any of the foregoing; (4) “mortgagor” means the obligor, grantor, or trustor named in the mortgage agreement and, unless the context otherwise indicates, includes the current owner of record of the security property whether or not personally liable on the mortgage debt; (5) “person” includes any individual, group of individuals, association, partnership, corporation, or organization; (6) “record” and “recorded” include “register” and “registered” in the instance of registered land; (7) “security property” means the property, real, personal or mixed, or an interest in property, including leaseholds, life estates, reversionary interests, and any other estates under applicable State law, together with fixtures and other interests subject to the lien of the mortgage under applicable State law; (8) “State” means the several States, the District of Columbia, the Commonwealth of Puerto Rico, the territories and possessions of the United States, and the Trust Territory of the Pacific Islands, and Indian tribes as defined by the Secretary; (9) “county” means county as defined in section 2 of title I, United States Code; and 1 USC 2. (10) “Secretary” means the Secretary of Housing and Urban Development. Sec. 364. applicability Multifamily mortgages held by the Secretary encumbering 12 USC 3703. real estate located in any State may be foreclosed by the Secretary in accordance with this part, or pursuant to other foreclosure procedures available, at the option of the Secretary. Sec. 365. designation of foreclosure commissioner A foreclosure commissioner or commissioners designated 12 USC 3704. pursuant to this part shall have a nonjudicial power of sale as provided in this part. Where the Secretary is the holder of a multifamily mortgage, the Secretary may designate a foreclosure commissioner and, with or without cause, may designate a substitute foreclosure commissioner to replace a previously designated foreclosure commissioner, by executing a duly acknowledged, written designation stating the name and business or residential address of the commissioner or substitute commissioner. The designation shall be effective upon execution. Except as provided in section 368(b), a copy of the designation shall be mailed with each copy of the notice of default and foreclosure sale served by mail in accordance with section 369(1). The foreclosure commissioner, if a natural person, shall be a resident of the State in which the security property is located and, if not a natural person, the foreclosure commissioner must be duly authorized to transact business under the laws of the State in which the security property is located. The foreclosure commissioner shall be a person who is responsible, financially sound and competent to conduct the foreclosure. More than one foreclosure commissioner may be designated. If a natural person is designated as foreclosure commissioner or substitute foreclosure commissioner, such person shall be designated by name, except that where such person is designated in his or her capacity as an official or employee of the government of the State or subdivision thereof in which the security property is located, such person may be designated by his or her unique title or position instead of by name. The Secretary shall be a guarantor of payment of any judgment against the foreclosure commissioner for damages based upon the commissioner’s failure properly to perform the commissioner’s duties. As between the Secretary and the mortgagor, the Secretary shall bear the risk of any financial default by the foreclosure commissioner. In the event that the Secretary makes any payment pursuant to the preceding two sentences, the Secretary shall be fully subrogated to the rights satisfied by such payment. Sec. 366. prerequisites to foreclosure Foreclosure by the Secretary under this part of a multifamily mortgage may be commenced, as provided in section 368, upon the breach of a covenant or condition in the mortgage agreement for which foreclosure is authorized under the mortgage, except that no such foreclosure may be commenced unless any previously pending proceeding, judicial or nonjudicial, separately instituted by the Secretary to foreclose the mortgage other than under this part has been withdrawn, dismissed, or otherwise terminated. No such separately instituted foreclosure proceeding on the mortgage shall be instituted by the Secretary during the pendency of foreclosure pursuant to this part. Nothing in this part shall preclude the Secretary from enforcing any right, other than foreclosure, under applicable State law, including any right to obtain a monetary judgment. Nothing in this part shall preclude the Secretary from foreclosing under this part where the Secretary has obtained or is seeking any other remedy available pursuant to Federal or State law or under the mortgage agreement, including, but not limited to, the appointment of a receiver, mortgagee-in-possession status or relief under an assignment of rents. Sec. 367. notice of default and foreclosure sale (a) The notice of default and foreclosure sale to be served in accordance with this part shall be subscribed with the name and address of the foreclosure commissioner and the date on which subscribed, and shall set forth the following information: (1) the names of the Secretary, the original mortgagee and the original mortgagor; (2) the street address or a description of the location of the security property, and a description of the security property, or so much thereof as is to be offered for sale, sufficient to identify the property to be sold; (3) the date of the mortgage, the office in which the mortgage is recorded, and the liber and folio or other description of the location of recordation of the mortgage; (4) the failure to make payment, including the due date of the earliest installment payment remaining wholly unpaid as of the date the notice is subscribed, or the description of other default or defaults upon which foreclosure is based, and the acceleration of the secured indebtedness; (5) the date, time, and place of the foreclosure sale; (6) a statement that the foreclosure is being conducted pursuant to this part; (7) the types of costs, if any, to be paid by the purchaser upon transfer of title; and (8) the amount and method of deposit to be required at the foreclosure sale (except that no deposit shall be required of the Secretary), the time and method of payment of the balance of the foreclosure purchase price and other appropriate terms of sale. (b) (1) Except as provided in paragraph (2)(A), the Secretary may require, as a condition and term of sale, that the purchaser at a foreclosure sale under this part agree to continue to operate the security property in accordance with the terms, as appropriate, of the loan program under section 312 of the Housing Act of 1964, the 42 USC 1452b. program under which insurance under title II of the National Housing Act was originally provided with respect to such property, or 12 USC 1707. any applicable regulatory or other agreement in effect with respect to such property immediately prior to the time of foreclosure sale. (2) (A) In any case where the majority of the residential units in a property subject to such a sale are occupied by residential tenants at the time of the sale, the Secretary shall require, as a condition and term of sale, any purchaser (other than the Secretary) to operate the property in accordance with such terms, as appropriate, of the programs referred to in paragraph (1). (B) In any case where the Secretary is the purchaser of a multifamily project, the Secretary shall manage and dispose of such project in accordance with the provisions of section 203 of the Housing and Community Development Amendments of 1978. 12 USC 1715z–11. Sec. 368. commencement of foreclosure (a) If the Secretary as holder of a multifamily mortgage 12 USC 3707. determines that the prerequisites to foreclosure set forth in section 366 are satisfied, the Secretary may request the foreclosure commissioner to commence foreclosure of the mortgage. Upon such request, the foreclosure commissioner shall commence foreclosure of the mortgage, by commencing service of a notice of default and foreclosure sale in accordance with section 369. (b) Subsequent to commencement of a foreclosure under this part, the Secretary may designate a substitute foreclosure commissioner at any time up to forty-eight hours prior to the time of foreclosure sale, and the foreclosure shall continue without prejudice, unless the substitute commissioner, in his or her sole discretion, finds that continuation of the foreclosure sale will unfairly affect the interests of the mortgagor. In the event that the substitute commissioner makes such a finding, the substitute commissioner shall cancel the foreclosure sale, or adjourn such sale in the manner provided in section 369B(c). Upon designation of a substitute foreclosure commissioner, a copy of the written notice of such designation referred to in section 365 shall be served upon the persons set forth in section 369(1) of this part (1) by mail as provided in such section 369 (except that the minimum time periods between mailing and the date of foreclosure sale prescribed in such section shall not apply to notice by mail pursuant to this subsection), or (2) in any other manner, which in the substitute commissioner’s sole discretion, is conducive to achieving timely notice of such substitution. In the event a substitute foreclosure commissioner is designated less than forty-eight hours prior to the time of the foreclosure sale, the pending foreclosure shall be terminated and a new foreclosure shall be commenced by commencing service of a new notice of default and foreclosure sale. Sec. 369. service of notice of default and foreclosure sale The foreclosure commissioner shall serve the notice of default and foreclosure sale provided for in section 367 upon the following persons and in the following manner, and no additional notice shall be required to be served notwithstanding any notice requirements of any State or local law— (1) Notice by mail.— The notice of default and foreclosure sale, together with the designation required by section 365, shall be sent by certified or registered mail, postage prepaid and return receipt requested, to the following persons: (A) the current security property owner of record, as the record exists forty-five days prior to the date originally set for foreclosure sale, whether or not the notice describes a sale adjourned as provided in this part; (B) the original mortgagor and all subsequent mortgagors of record or other persons who appear of record or in the mortgage agreement to be liable for part or all of the mortgage debt, as the record exists forty-five days prior to the date originally set for foreclosure sale, whether or not the notice describes a sale adjourned as provided in this part, except any such mortgagors or persons who have been released; and (C) all persons holding liens of record upon the security property, as the record exists forty-five days prior to the date originally set for foreclosure sale, whether or not the notice describes a sale adjourned as provided in this part. Notice under clauses (A) and (B) of this paragraph shall be mailed at least twenty-one days prior to the date of foreclosure sale, and shall be mailed to the owner or mortgagor at the address stated in the mortgage agreement, or, if none, to the address of the security property, or, at the discretion of the foreclosure commissioner, to any other address believed to be that of such owner or mortgagor. Notice under clause (C) of this paragraph shall be mailed at least ten days prior to the date of foreclosure sale, and shall be mailed to each such lienholder’s address as stated of record or, at the discretion of the foreclosure commissioner, to any other address believed to be that of such lienholder. Notice by mail pursuant to this subsection or section 368(b) of this part shall be deemed duly given upon mailing, whether or not received by the addressee and whether or not a return receipt is received or the letter is returned. (2) Publication.— A copy of the notice of default and foreclosure sale shall be published, as provided herein, once a week during three successive calendar weeks, and the date of last publication shall be not less than four nor more than twelve days prior to the sale date. The information included in the notice of default and foreclosure sale pursuant to section 367(a)(4) may be omitted, in the foreclosure commissioner’s discretion, from the Newspaper notice. published notice. Such publication shall be in a newspaper or newspapers having general circulation in the county or counties in which the security property being sold is located. To the extent practicable, the newspaper or newspapers chosen shall be a newspaper or newspapers, if any is available, having circulation conducive to achieving notice of foreclosure by publication. Should there be no newspaper published at least weekly which Posting in public place. has a general circulation in one of the counties in which the security property being sold is located, copies of the notice of default and foreclosure sale shall be posted in at least three public places in each such county at least twenty-one days prior to the date of sale. (3) Posting.— A copy of the notice of default and foreclosure sale shall be posted in a prominent place at or on the real property to be sold at least seven days prior to the foreclosure sale, and entry upon the premises for this purpose shall be privileged as against all persons. If the property consists of two or more noncontiguous parcels of land, a copy of the notice of default and foreclosure sale shall be posted in a prominent place on each such parcel. If the security property consists of two or more separate buildings, a copy of the notice of default and foreclosure sale shall be posted in a prominent place on each such building. Posting at or on the premises shall not be required where the foreclosure commissioner, in the commissioner’s sole discretion, finds that the act of posting will likely cause a breach of the peace or that posting may result in an increased risk of vandalism or damage to the property. Sec. 369A. presale reinstatement (a) Except as provided in sections 368(b) and 369B(c), the Sale cancellation conditions. 12 USC 3709. foreclosure commissioner shall withdraw the security property from foreclosure and cancel the foreclosure sale only if— (1) the Secretary so directs the commissioner prior to or at the time of sale; (2) the commissioner finds, upon application of the mortgagor at least three days prior to the date of sale, that the default or defaults upon which the foreclosure is based did not exist at the time of service of the notice of default and foreclosure sale; or (3) (A) in the case of a foreclosure involving a monetary default, there is tendered to the foreclosure commissioner before public auction is completed the entire amount of principal and interest which would be due if payments under the mortgage had not been accelerated; (B) in the case of a foreclosure involving a nonmonetary default, the foreclosure commissioner, upon application of the mortgagor before the date of foreclosure sale, finds that such default is cured; and (C) there is tendered to the foreclosure commissioner before public auction is completed all amounts due under the mortgage agreement (excluding additional amounts which would have been due if mortgage payments had been accelerated), all amounts of expenditures secured by the mortgage and ail costs of foreclosure incurred for which payment from the proceeds of foreclosure is provided in section 369C, except that the Secretary shall have discretion to refuse to cancel a foreclosure pursuant to this paragraph (3) if the current mortgagor or owner of record has on one or more previous occasions caused a foreclosure of the mortgage, commenced pursuant to this part or otherwise, to be canceled by curing a default. (b) Prior to withdrawing the security property from foreclosure in the circumstances described in subsection (a)(2) or (a)(3), the foreclosure commissioner shall afford the Secretary a reasonable opportunity to demonstrate why the security property should not be so withdrawn. (c) In any case in which a foreclosure commenced under this part is canceled, the mortgage shall continue in effect as though acceleration had not occurred. (d) If the foreclosure commissioner cancels a foreclosure sale under this part a new foreclosure may be subsequently commenced as provided in this part. Sec. 369B. conduct of sale; adjournment (a) The date of foreclosure sale set forth in the notice of default and foreclosure sale shall not be prior to thirty days after the due date of the earliest installment wholly unpaid or the earliest occurrence of any uncured nonmonetary default upon which foreclosure Public auction. is based. Foreclosure sale pursuant to this part shall be at public auction, and shall be scheduled to begin between the hours of 9 o’clock ante meridian and 4 o’clock post meridian local time on a day other than Sunday or a public holiday as defined by section 6103(a) of title 5, United States Code, or State law. The foreclosure sale shall be held at a location specified in the notice of default and foreclosure sale, which shall be a location where foreclosure real estate auctions are customarily held in the county or one of the counties in which the property to be sold is located, or at a courthouse therein, or at or on the property to be sold. Sale of security property situated in two or more counties may be held in any one of the counties in which any part of the security property is situated. (b) The foreclosure commissioner shall conduct the foreclosure sale in accordance with the provisions of this part and in a manner fair to both the mortgagor and the Secretary. The foreclosure commissioner shall attend the foreclosure sale in person, or, if there are two or more commissioners, at least one shall attend the foreclosure sale. In the event that no foreclosure commissioner is a natural person, the foreclosure commissioner shall cause its duly authorized employee to Written one-price sealed bids. attend the foreclosure sale to act on its behalf. Written one-price sealed bids shall be accepted by the foreclosure commissioner from the Secretary and other persons for entry by announcement by the commissioner at the sale. The Secretary and any other person may bid at the foreclosure sale, including the Secretary or any other person who has submitted a written one-price bid, except that the foreclosure commissioner or any relative, related business entity or employee of such commissioner or entity shall not be permitted to bid in any manner on the security property subject to foreclosure sale. The foreclosure commissioner may serve as auctioneer, or, in accordance with regulations of the Secretary, may employ an auctioneer to be paid from the commission provided for in section 369C(5). (c) The foreclosure commissioner shall have discretion, prior to or at the time of sale, to adjourn or cancel the foreclosure sale if the commissioner determines, in the commissioner’s sole discretion, that circumstances are not conducive to a sale which is fair to the mortgagor and the Secretary or that additional time is necessary to determine whether the security property should be withdrawn from foreclosure as provided in section 369A. The foreclosure commissioner may adjourn a sale to a later hour the same day without the giving of further notice, or may adjourn the foreclosure sale for not less than nine nor more than twenty-four days, in which case the commissioner shall serve a notice of default and foreclosure sale revised to recite that the foreclosure sale has been adjourned to a specified date and to include any corrections the foreclosure commissioner deems appropriate. Such notice shall be served by publication, mailing and posting in accordance with section 369, except that publication may be made on any of three separate days prior to the revised date of foreclosure sale, and mailing may be made at any time at least seven days prior to the date to which the foreclosure sale has been adjourned. Sec. 369C. foreclosure costs The following foreclosure costs shall be paid from the 12 USC 3711. sale proceeds prior to satisfaction of any other claim to such sale proceeds: (1) necessary advertising costs and postage incurred in giving notice pursuant to sections 369 and 369B; (2) mileage for posting notices and for the foreclosure commissioner’s attendance at the sale at the rate provided in section 1921 of title 28, United States Code, for mileage by the most reasonable road distance; (3) reasonable and necessary costs actually incurred in connection with any necessary search of title and lien records; (4) necessary out-of-pocket costs incurred by the foreclosure commissioner to record documents; and (5) a commission for the foreclosure commissioner for the conduct of the foreclosure to the extent authorized by regulations issued by the Secretary. Sec. 369D. disposition of sale proceeds Money realized from a foreclosure sale shall be made 12 USC 3712. available for obligation and expenditure— (1) first to cover the costs of foreclosure provided for in section 369C; (2) then to pay valid tax liens or assessments prior to the mortgage; (3) then to pay any liens recorded prior to the recording of the mortgage which are required to be paid in conformity with the terms of sale in the notice of default and foreclosure sale; (4) then to service charges and advancements for taxes, assessments, and property insurance premiums; (5) then to the interest; (6) then to the principal balance secured by the mortgage (including expenditures for the necessary protection, preservation, and repair of the security property as authorized under the mortgage agreement and interest thereon if provided for in the mortgage agreement); and (7) then to late charges. Any surplus after payment of the foregoing shall be paid to holders of Surplus proceeds. liens recorded after the mortgage and then to the appropriate mortgagor. If the person to whom such surplus is to be paid cannot be located, or if the surplus available is insufficient to pay all claimants and the claimants cannot agree on the allocation of the surplus, or if any person claiming an interest in the mortgage proceeds does not agree that some or all of the sale proceeds should be paid to a claimant as provided in this section, that part of the sale proceeds in question may be deposited by the foreclosure commissioner with an appropriate official or court authorized under law to receive disputed funds in such circumstances. If such a procedure for the deposit of disputed funds is not available, and the foreclosure commissioner files a bill of interpleader or is sued as a stakeholder to determine entitlement to such funds, the foreclosure commissioner’s necessary costs in taking or defending such action shall be deductible from the disputed funds. Sec. 369E. transfer of title and possession (a) The foreclosure commissioner shall deliver a deed or deeds to the purchaser or purchasers and obtain the balance of the purchase price in accordance with the terms of sale provided in the notice of default and foreclosure sale. (b) Subject to subsection (c), the foreclosure deed or deeds shall convey all of the right, title, and interest in the security property covered by the deed which the Secretary as holder, the foreclosure commissioner, the mortgagor, and any other persons claiming by, through, or under them, had on the date of execution of the mortgage, together with all of the right, title, and interest thereafter acquired by any of them in such property up to the hour of sale, and no judicial proceeding shall be required ancillary or supplementary to the procedures provided in this part to assure the validity of the conveyance or confirmation of such conveyance. (c) A purchaser at a foreclosure sale held pursuant to this part shall be entitled to possession upon passage of title to the mortgaged property, subject to an interest or interests senior to that of the mortgage and subject to the terms of any lease of a residential tenant for the remaining term of the lease or for one year, whichever period is shorter. Any other person remaining in possession after the sale and any residential tenant remaining in possession after the applicable period shall be deemed a tenant at sufferance. (d) There shall be no right of redemption, or right of possession based upon right of redemption, in the mortgagor or others subsequent to a foreclosure pursuant to this part. (e) When conveyance is made to the Secretary, no tax shall be imposed or collected with respect to the foreclosure commissioner’s deed, whether as a tax upon the instrument or upon the privilege of conveying or transferring title to the property. Failure to collect or pay a tax of the type and under the circumstances stated in the preceding sentence shall not be grounds for refusing to record such a deed, for failing to recognize such recordation as imparting notice or for denying the enforcement of such a deed and its provisions in any State or Federal court. Sec. 369F. record of foreclosure and sale (a) To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser or prepare an affidavit or addendum to the deed stating— (1) that the mortgage was held by the Secretary; (2) the particulars of the foreclosure commissioner’s service of notice of default and foreclosure sale in accordance with sections 369 and 369B; (3) that the foreclosure was conducted in accordance with the provisions of this part and with the terms of the notice of default and foreclosure sale; (4) a correct statement of the costs of foreclosure, calculated in accordance with section 369C; and (5) the name of the successful bidder and the amount of the successful bid. (b) The deed executed by the foreclosure commissioner, the foreclosure commissioner’s affidavit and any other instruments submitted for recordation in relation to the foreclosure of the security property under this part shall be accepted for recordation by the registrar of deeds or other appropriate official of the county or counties in which the security property is located upon tendering of payment of the usual recording fees for such instruments. Sec. 369G. computation of time Periods of time provided for in this part shall be 12 USC 3715. calculated in consecutive calendar days including the day or days on which the actions or events occur or are to occur for which the period of time is provided and including the day on which an event occurs or is to occur from which the period is to be calculated. Sec. 369H. separability If any clause, sentence, paragraph or part of this part 12 USC 3716. shall, for any reason, be adjudged by a court of competent jurisdiction to be invalid or invalid as applied to a class of cases, such judgment shall not affect, impair, or invalidate the remainder thereof and of this part, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered. Sec. 369I. regulations The Secretary is authorized to issue such regulations as 12 USC 3717. may be necessary to carry out the provisions of this part. PART 7— EFFECTIVE DATE Sec. 371. effective date (a) Except as otherwise provided in this subtitle, the 12 USC 3701 note. provisions of this subtitle shall take effect on October 1, 1981. (b) The amendments made by sections 324, 325, and 326(a) shall Ante, pp. 405, 406. apply only with respect to contracts entered into on and after October 1, 1981. Subtitle B— Banking and Related Programs Sec. 380. short title This subtitle may be cited as the “Banking and Related Programs Authorization Adjustment Act”. Sec. 381. export-import bank of the united states (a) Section 7(a) of the Export-Import Bank Act of 1945 (12 U.S.C. 635e(a)) is amended— (1) by inserting “(1)” after “Sec. 7. (a)”; and (2) by adding at the end thereof the following: “(2) Within the limits of funds and borrowing authority available to the Bank pursuant to this Act, gross obligations for the principal amount of direct loans authorized by the Bank during fiscal years 1982 and 1983 shall not exceed $10,478,000,000, of which amount $5,065,000,000 is designated for fiscal year 1982 and $5,413,000,000 is designated for fiscal year 1983.”. (b) On or before December 15, 1981, the Secretary of the Treasury shall transmit a report to both Houses of the Congress regarding the status of negotiations within the Organization for Economic Cooperation and Development on improving the International Arrangement on Guidelines for Officially Supported Export Credits and on the status of any other multilateral or bilateral negotiations or discussions for the purpose of improving any other arrangements, standstills, minutes, and practices involving official export financing in which the United States participates. Such report shall include— (1) an assessment of the progress, if any, that has been made in these negotiations, and of the prospects for a successful conclusion to these negotiations within a reasonable time; and (2) a recommendation by the Secretary of the Treasury as to whether the Congress, in order to improve the prospects for a successful conclusion to these negotiations, should enact legislation for the purpose of enhancing the ability of the Export-Import Bank of the United States to offer or support export credit fully competitive with the subsidized official export credit offered or supported by other governments. Sec. 382. department of the treasury (a) Section 5 of the Act of November 8, 1978 (92 Stat. 3092; Public Law 95–612), is amended— (1) in subsection (a), by striking out “$24,000,000 for fiscal year 1979 and $22,375,000 for fiscal year 1980,” and inserting in lieu thereof “$22,896,000 for fiscal year 1982, and such sums as may be necessary for each fiscal year thereafter”; and (2) in subsection (b), by striking out “for fiscal year 1980 not to exceed $800,000” and inserting in lieu thereof “not to exceed $1,000,000 for fiscal year 1982, and such sums as may be necessary for each fiscal year thereafter,”. (b) The last sentence of section 3552 of the Revised Statutes (31 U.S.C. 369) is amended to read as follows: “There are authorized to be appropriated for fiscal year 1982 not to exceed $54,706,000 for all expenditures (salaries and expenses) of the mints and assay offices not herein otherwise provided for.”. (2) The amendment made by paragraph (1) shall take effect on October 1, 1981. Sec. 383. council on wage and price stability Section 6 of the Council on Wage and Price Stability Act (12 U.S.C. 1904 note) is hereby repealed. Sec. 384. usury provision Section 501(a)(1)(C)(vi) of the Depository Institutions Deregulation and Monetary Control Act of 1980 (12 U.S.C. 1735f–7 note) is amended by inserting “or a residential manufactured home” after “residential real property”. Sec. 385. reserve requirements (a) Section 19(b)(8)(E) of the Federal Reserve Act (12 U.S.C. 461(b)(8)(E)) is amended by striking out the first two sentences thereof 94 Stat. 133. and inserting in lieu thereof the following: “This subparagraph applies to any depository institution that, on August 1, 1978, (i) was engaged in business as a depository institution in a State outside the continental limits of the United States, and (ii) was not a member of the Federal Reserve System at any time on or after such date. Such a depository institution shall not be required to maintain reserves against its deposits held or maintained at its offices located in a State outside the continental limits of the United States until the first day of the sixth calendar year which begins after the effective date of the Monetary Control Act of 1980.”. (b) The third sentence of section 19(b)(8)(E) of such Act (12 U.S.C. 461(b)(8)(E)) is amended by striking out “its deposits” and inserting in lieu thereof “such deposits”. Subtitle C— National Consumer Cooperative Bank Act Amendments Sec. 390. short title This subtitle may be cited as the “National Consumer 12 USC 3001 note. Cooperative Bank Act Amendments of 1981”. Sec. 391. acceleration of final government equity redemption date (a) (1) The National Consumer Cooperative Bank Act (12 U.S.C. 3001 et seq.) is amended by inserting after section 115 the Post, p. 436. following: “Sec. 116. “acceleration of final government equity redemption date (a) (1) (A) The Final Government Equity Redemption Date 12 USC 3026. shall occur on December 31, 1981, or not later than 10 days after the date of the enactment of the first Act providing for appropriations for fiscal year 1982 (other than continuing appropriations) for the Department of Housing and Urban Development and Independent Agencies, whichever occurs later. “(B) Not later than 5 days after the Final Government Equity Publication in Federal Register. Redemption Date, the Secretary of the Treasury shall publish a notice in the Federal Register indicating the day on which the Final Government Equity Redemption Date occurred. “(2) (A) Before the Final Government Equity Redemption Date, the Secretary of the Treasury shall purchase all class A stock for which the Congress has appropriated funds. “(B) After the Final Government Equity Redemption Date, the Secretary of the Treasury shall not purchase any class A stock. “(3) (A) On the Final Government Equity Redemption Date, all class A stock held by the Secretary of the Treasury on such date shall be redeemed by the Bank in exchange for class A notes which are issued by the Bank to the Secretary of the Treasury on behalf of the United States and which have a total face value equal to the total par value of the class A stock which is so redeemed, plus any unpaid dividends on such stock. “(B) During the period beginning on the Final Government Equity Redemption Date and ending on December 31, 1990, not less than 30 percent of the revenue derived from the sale of stock by the Bank, other than the sale of class B stock or class C stock, shall be used, upon receipt, to retire class A notes. “(C) After December 31, 1990, the Bank shall maintain a repayment schedule for class A notes which will assure full repayment of all class A notes not later than December 31, 2020. The requirement specified in the previous sentence is in addition to the requirement regarding the redemption of class A notes which is specified in section 12 USC 3014. 104(c). “(b) (1) The United States shall not be responsible for any obligation of the Bank which is incurred after the Final Government Equity Redemption Date. “(2) As soon as practicable after the date of the enactment of this section, the Board shall adopt bylaws which will assist in expediting and coordinating the activities which will occur with respect to the Final Government Equity Redemption Date.”. (2) The amendment made by paragraph (1) shall take effect on the date of the enactment of this Act. (b) (1) Only for purposes of section 107(a) of the National Consumer Cooperative Bank Act (12 U.S.C. 3017(a)), class A notes shall be deemed to be paid-in capital of the Bank. (2) This subsection shall take effect on the day after the Final Government Equity Redemption Date. Sec. 392. tax status of the sank (a) Section 109 of the National Consumer Cooperative Bank Act (12 U.S.C. 3019) is amended— (1) by striking out “Until the Final Government Equity Redemption Date, but not thereafter, the Bank” and inserting in lieu thereof “(a) The Bank”; and (2) by adding at the end thereof the following: “(b) Notwithstanding any other provision of law, for purposes of 26 USC 1381. subchapter T of the Internal Revenue Code of 1954— “(1) the Bank shall be treated as a corporation operating on the cooperative basis within the meaning of section 1381(a)(2) of such Code; “(2) the term ‘patronage dividend’, as defined in section 1388(a) of such Code includes, only as such section applies to the Bank, any patronage refunds in the form of class B or class C stock or allocated surplus that are distributed or set aside by the Bank 12 USC 3014. pursuant to section 104(i) of this Act; “(3) the terms ‘written notice of allocation’ and ‘qualified written notices of allocation’, as defined in sections 1388 (b) and (c) of such Code, include (to the extent of par value), only as such sections apply to the Bank, any class B or class C stock distributed by the Bank pursuant to section 104(i) of this Act and shall also include any allocated surplus set aside by the Bank pursuant to section 104(i) of this Act; “(4) patrons of the Bank shall be deemed to have consented under section 1388(c)(2) of such Code to the inclusion in their incomes of any qualified written notices of allocation received by such patrons from the Bank; and “(5) any amounts required to be included in the incomes of patrons of the Bank with respect to class B or class C stock or allocated surplus shall be treated as earnings from business done by such patrons of the Bank with or for their own patrons.”. (b) The amendments made by subsection (a) shall take effect on the Effective date. 12 USC 3019 note. day after the Final Government Equity Redemption Date. Sec. 393. board of directors (a) Subsections (a), (b), (c), and (d) of section 103 of such Act (12 U.S.C. 3013) are amended to read as follows: “(a) The Bank shall be governed by a Board of Directors (hereinafter in this Act referred to as the ‘Board’) which shall consist of 15 members. All members shall serve for a term of 3 years. After the expiration of the term of any member, such member may continue to serve until his successor has been elected or has been appointed and qualified. Any member appointed by the President may be removed Removal. for cause by the President. “(b) (1) The President shall appoint, by and with the advice and Appointment. consent of the Senate— “(A) one member who shall be selected from among proprietors of small business concerns, as defined under section 3 of the Small Business Act, which are manufacturers or retailers; 12 USC 371. “(B) one member who shall be selected from among the officers of the agencies and departments of the United States; and “(C) one member who shall be selected from among persons having extensive experience in the cooperative field representing low-income cooperatives eligible to borrow from the Bank. “(2) Twelve members of the Board shall be elected by the holders of class B stock and class C stock in accordance with the provisions of subsection (d) and the bylaws of the Bank. “(c) (1) On the day after the Final Government Equity Redemption Resignation. Date, all members of the Board of Directors of the Bank who were appointed by the President shall resign, except that— “(A) the member who shall have been appointed by the President from among proprietors of small business concerns, and “(B) one member who shall be designated by the President and who shall have been appointed by the President from among the officers and employees of the agencies and departments of the United States Government, may continue to serve until their successors have been appointed and qualified. “(2) Any member of the Board of Directors of the Bank who was elected by the holders of class B or class C stock before the Final Government Equity Redemption Date shall serve the remainder of the term for which such member was elected. “(3) Any member appointed pursuant to subsection (b)(1) shall be entitled to sit on any committee of the Board, but not more than one member so appointed may sit on any one committee. “(d) (1) All elections of members of the Board by the holders of class B stock and class C stock shall be conducted in accordance with the bylaws of the Bank. Such bylaws shall conform to the requirements of this section. Nominations for such elections shall be made by the following classes of cooperatives: (A) housing, (B) consumer goods, (C) low-income cooperatives, (D) consumer services, and (E) all other eligible cooperatives. “(2) (A) Vacant shareholder directorships shall be filled so that at Vacant shareholder directorships. any time when there are three or more shareholder directors on the Board, there shall be at least one director representing each of the following classes of cooperatives: (i) housing cooperatives, (ii) low-income cooperatives, and (ill) consumer goods and services cooperatives. “(B) Each nominee for a shareholder directorship of a particular class shall have at least three years experience as a director or senior officer in the class of cooperatives to be represented. “(C) No one class of cooperatives specified in paragraph (1) shall be represented on the Board by more than three directors.”, (b) Section 103(h) of such Act (12 U.S.C. 3013(h)) is amended— (1) in the second sentence thereof, by striking out “, until the Final Government Equity Redemption Date” and all that follows through “class B and class C stock” and inserting in lieu thereof “the member of the Board appointed pursuant to subsection (b)(1)(C)”; and (2) by adding at the end thereof the following: “The members of the Board who are elected by the holders of class B stock and class C stock shall be compensated in accordance with the bylaws of the Bank. All compensation and expenses paid to the members of the Board of Directors shall be paid by the Bank.”. (c) The amendments made by subsections (a) and (b) shall take effect on the day after the Final Government Equity Redemption Date. Sec. 394. examinations and audits; conforming amendments (a) (1) Section 115 of the National Consumer Cooperative Bank Act (12 U.S.C. 3025) is amended to read as follows: “Sec. 115. “examination and audit The Farm Credit Administration and the General Accounting Office are hereby authorized and directed to examine and Reports to Congress. audit the Bank. Reports regarding such examinations and audits shall be promptly forwarded to both Houses of the Congress. The Bank shall reimburse the Farm Credit Administration for the costs of any examination or audit conducted by the Farm Credit Administration.”. (2) The amendment made by paragraph (1) shall take effect on the day after the Final Government Equity Redemption Date. (b) The second sentence of section 108(a) of such Act (12 U.S.C. 3018(a)) is amended by striking out “October 1, 1983” and inserting in lieu thereof “October 1, 1985”. (c) (1) The first sentence of section 104(a) of such Act (12 U.S.C. 3014(a)) is amended by inserting “by other public or private investors,” after “by public bodies,”. (2) The amendment made by paragraph (1) shall take effect on the day after the Final Government Equity Redemption Date. (d) (1) The last sentence of section 102 of such Act (12 U.S.C. 3012) is amended to read as follows: “In determining whether a public offering is taking place for the purpose of the Securities Act of 1933, there shall be excluded from consideration all class B and class C stock purchases which took place prior to the date of the enactment of the National Consumer Cooperative Bank Act Amendments of 1981.”. (2) The amendment made by paragraph (1) shall take effect on the day after the Final Government Equity Redemption Date. (e) (1) The first sentence of section 105(a) of such Act (12 U.S.C. 3015(a)) is amended by striking out “entirely owned” and inserting in lieu thereof “primarily owned”. (2) The amendment made by paragraph (1) shall take effect on the Effective date. 12 USC 3015 note. day after the Final Government Equity Redemption Date. (f) Section 105(a)(5) of such Act (12 U.S.C. 3015(a)(5)) is amended by inserting “(except that this requirement shall not apply to any housing cooperative in existence on March 21, 1980, which did not meet such requirement on such date)” after “one vote per person basis”. (g) (1) The second sentence of section 107(a) of such Act (12 U.S.C. 3017(a)) is amended by striking out “after consultation with the Secretary of the Treasury”. (2) The amendment made by paragraph (1) shall take effect on the Effective date. 12 USC 3017 note. day after the Final Government Equity Redemption Date. Sec. 395. nonprofit corporation (a) The National Consumer Cooperative Bank Act (12 U.S.C. 3001 et seq.) is amended by inserting after section 210 the following: “Sec. 211. “establishment of nonprofit corporation (a) (1) Upon the incorporation of the nonprofit corporation 12 USC 3051. described in subsection (b), the Office of Self-Help Development and Technical Assistance is hereby abolished. “(2) (A) If the nonprofit corporation described in subsection (b) agrees to accept the liabilities of the Office, the Bank, notwithstanding any other provision of law, shall transfer all assets, liabilities, and property of the Office to such nonprofit corporation on the day on which such nonprofit corporation is incorporated. “(B) Such assets shall include all sums which are appropriated to the Office by the Congress and all sums which are contained in the Account established pursuant to section 202. If any such sums are 12 USC 3042. appropriated after the date on which the transfer described in subparagraph (A) occurs, the Bank shall promptly transfer such sums to such nonprofit corporation. “(b) (1) As soon as possible after the date of the enactment of this section, the Board shall establish a nonprofit corporation under the laws of the District of Columbia and, notwithstanding the laws of the District of Columbia, name the directors of such nonprofit corporation. “(2) Notwithstanding the laws of the District of Columbia, the Board of Directors of such nonprofit corporation shall— “(A) select an executive director who shall be responsible for the administration of such nonprofit corporation; “(B) set the compensation of such executive director and the other employees of such nonprofit corporation; “(C) promulgate and publish the policies of such nonprofit corporation and make such policies available at all times to eligible cooperatives; and “(D) perform the functions specified in subparagraphs (A) and (C) of paragraph (3). “(3) Such nonprofit corporation shall only perform— Functions. “(A) the functions which are authorized to be performed pursuant to sections 203 through 208 and section 210; 12 USC 3043–3048, 3050. “(B) such functions as are necessary to comply with the laws under which it was incorporated in the District of Columbia; and “(C) such functions as are necessary to remain qualified as an organization described in section 501(c)(3) of the Internal Revenue Code of 1954. 26 USC 501. “(4) Notwithstanding any other provision of law— “(A) the Bank may provide administrative or staff support to such nonprofit corporation; and “(B) any member of the Board of Directors of the Bank may serve as a member of the Board of Directors of such nonprofit corporation. “(c) (1) Notwithstanding any other provision of law, such nonprofit corporation shall be deemed to be, and treated as, qualified as an organization described in section 501(c)(3) of the Internal Revenue 26 USC 501. Code of 1954 from the date on which such nonprofit corporation is established under the laws of the District of Columbia until the date on which the Internal Revenue Service makes a final determination on the application which such nonprofit corporation will submit to the Internal Revenue Service seeking status as an organization qualifying under such section. “(2) When performed by such nonprofit corporation, the functions described in subsection (b)(3)(A) shall be deemed to be performed for ‘charitable purposes’ within the meaning of section 501(c)(3) of the Internal Revenue Code of 1954. “(d) (1) The Board of Directors of the Bank may make contributions to the nonprofit corporation in such amounts as the Board of Directors of the Bank deems appropriate, except that— “(A) such contributions may be made only out of the Bank’s earnings, determined in accordance with generally accepted accounting principles; and “(B) the Bank shall set aside amounts sufficient to satisfy its obligations to the Secretary of the Treasury for payments of principal and interest on class A notes and other debt before making any contributions to such nonprofit corporation. “(2) During any period in which the nonprofit corporation described in subsection (b) is qualified as an organization described in section 501(c)(3) of the Internal Revenue Code of 1954, contributions made by the Bank pursuant to paragraph (1) shall be treated as charitable contributions within the meaning of section 170(c)(2) of the 26 USC 170. Internal Revenue Code of 1954, and may be deducted notwithstanding the provisions of section 170(b)(2) of such Code. “(3) During any period in which the nonprofit corporation described in subsection (b) is qualified as an organization described in section 501(c)(3) of the Internal Revenue Code of 1954, contributions to such nonprofit corporation by any person shall qualify as charitable contributions, as defined in section 170(c) of such Code, for purposes of the charitable contribution deduction provided for in section 170(a) of such Code, and shall also qualify for the deductions for estate and gift tax purposes provided for in sections 2055 and 2522 26 USC 2055, 2522. of the Internal Revenue Code of 1954. “(e) Notwithstanding the laws of the District of Columbia, the Board of Directors of such nonprofit corporation shall adopt and publish its own conflict of interest rules which shall be no less stringent in effect than the conflict of interest provisions adopted by 12 USC 3024. the Board of Directors of the Bank pursuant to section 114.”. (b) (1) The first sentence of section 202 of the National Consumer Cooperative Bank Act (12 U.S.C. 3042) is amended by striking out “$10,000,000 for the fiscal year ending September 30, 1979, and for the next two succeeding fiscal years an aggregate amount not to exceed $65,000,000, for the purpose of making advances under section 12 USC 3043. 203 of this Act” and by inserting in lieu thereof “for the purpose of making advances under section 203 of this Act an amount not to exceed $14,000,000 for fiscal year 1982”. (2) Section 104(a) of such Act (12 U.S.C. 3014(a)) is amended by Appropriation authorization. striking out the second and third sentences thereof and inserting in lieu thereof the following: “There are authorized, to be appropriated not to exceed $47,000,000 for fiscal year 1982 for purposes of purchasing class A stock.”. (3) The amendments made by paragraphs (1) and (2) shall take Effective date. 12 USC 3014 note. effect on October 1, 1981. Sec. 396. conforming amendments; definitions (a) For purposes of this subtitle, the term “Final Government 12 USC 3012 note. Equity Redemption Date” shall have the same meaning given such term in section 101(5) of the National Consumer Cooperative Bank Act (12 U.S.C. 3011(5)). (b) The first sentence of section 101 of the National Consumer Cooperative Bank Act (12 U.S.C. 3011) is amended to read as follows: “The Congress of the United States hereby creates and charters a body corporate to be known as the National Consumer Cooperative Bank (hereinafter in this Act referred to as the ‘Bank’).”. (c) (1) Section 104(b) of such Act (12 U.S.C. 3014(b)) is amended— (A) in the first sentence, by striking out “class A, class B,” and inserting in lieu thereof “class B”; and (B) by amending the second and third sentences to read as follows: “Class A notes which are held by the United States shall have first preference with respect to assets and interest payments over all classes of stock issued by the Bank. So long as any class A notes are outstanding, the Bank shall not pay any dividend on any class of stock at a rate greater than the statutory interest rate payable on class A notes.”. (2) Section 104(c) of such Act (12 U.S.C. 3014(c)) is amended— (A) by striking out the first sentence thereof; (B) in the second sentence— (i) by striking out “class A stock” and inserting in lieu thereof “class A notes”; (ii) by striking out “dividends” each place it appears therein and inserting in lieu thereof “interest payments”; and (iii) by striking out “: Provided, That” and inserting in lieu thereof “, except that”; (C) in the third sentence, by striking out “dividends” and inserting in lieu thereof “interest payments”; (D) by amending the fourth sentence to read as follows: “Any such interest payment may be deferred by the Board of Directors with the approval of the Secretary of the Treasury, except that any interest payment so deferred shall bear interest at a rate equal to the rate determined pursuant to the first sentence of this subsection.”; (E) in the fifth sentence, by striking out “any other class of stock” and all that follows through the end thereof and inserting in lieu thereof “any class of stock at any time when the deferred interest payments on class A notes shall not have been paid in full, together with any unpaid interest on such notes.”; (F) in the sixth sentence— (i) by striking out “class A stock” each place it appears therein and inserting in lieu thereof “class A notes”; (ii) by striking out “other”; (iii) by striking out “dividends” and inserting in lieu thereof “interest payments”; and (iv) by striking out “par value” and inserting in lieu thereof “face value”; and (G) in the seventh sentence— (i) by striking out “class A stock” each place it appears therein and inserting in lieu thereof “class A notes”; (ii) by striking out “cumulative dividends” and inserting in lieu thereof “interest payments”; (iii) by striking out “: Provided, That” and inserting in lieu thereof “, except that”; (iv) by striking out “of shares” after “fiscal year a number”; and (v) by striking out “par value” each place it appears therein and inserting in lieu thereof “face value”. (3) Section 104(e) of such Act (12 U.S.C. 3014(e)) is amended— (A) by striking out “class A stock” each place it appears therein and inserting in lieu thereof “class A notes”; and (B) in the last sentence thereof, by striking out “statutory dividend” and inserting in lieu thereof “statutory interest payment”. (4) Section 104(f) of such Act (12 U.S.C. 3014(f)) is amended— (A) by striking out “class A stock is” and inserting in lieu thereof “class A notes are”; and (B) by striking out “class A stock as to dividends” and inserting in lieu thereof “class A notes as to dividends, interest payments,”. (5) Section 104(g)(2)(B) of such Act (12 U.S.C. 3014(g)(2)(B)) is amended by striking out “section 103(c)” and inserting in lieu thereof “section 103(d)(2)(A).”. (6) The second sentence of section 104(h) of such Act (12 U.S.C. 3014(h)) is hereby repealed. (7) The first sentence of section 104(i) of such Act (12 U.S.C. 3014(i)) is amended— (A) by striking out “cumulative dividends on class A stock” and inserting in lieu thereof “interest payments on class A notes”; and (B) by striking out “class A stock in” and inserting in lieu thereof “class A notes in”. (d) Section 107 of such Act (12 U.S.C. 3017) is amended— (1) by striking out subsection (b); and (2) by redesignating subsections (c) and (d) as subsections (b) and (c), respectively. (e) The second sentence of section 108(b) of such Act (12 U.S.C. 3018(b)) is amended by striking out “, but so long as” and all that follows through “class B stock in the Bank”. (f) The last sentence of section 114 of such Act (12 U.S.C. 3024) is hereby repealed. (g) Section 203 of such Act (12 U.S.C. 3043) is amended by striking out “out of the Account” each place it appears therein. (h) (1) Section 201 of the Government Corporation Control Act (31 U.S.C. 856) is amended by striking out “(7) the Rural Telephone Bank” and all that follows through the end thereof and inserting in lieu thereof “(7) the Rural Telephone Bank, (8) the United States Railway Association, and (9) the National Credit Union Administration Central Liquidity Facility.”. (2) Section 302 of the Government Corporation Control Act (31 U.S.C. 867) is amended— (A) by inserting “or” after “the Regional Banks for Cooperatives,”; and (B) by striking out “or the National Consumer Cooperative Bank,”. (3) The second sentence of section 303(d) of the Government Corporation Control Act (31 U.S.C. 868(d)) is amended by striking out “National Consumer Cooperative Bank,”. (4) Section 5315 of title 5, United States Code, is amended by striking out “Director, Office of Self-Help Development and Technical Assistance, National Consumer Cooperative Bank.”. (i) The amendments made by subsections (b) through (h) shall take Effective date. 12 USC 3011 note. effect on the day after the Final Government Equity Redemption Date.

84. 1982

    Pub. L. 97–377 title I § 101(g) · 96 Stat. 1830

    Inserted · 12 U.S.C. § 1713(c)(3)

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

    Source evidence

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

    Enacted provision · exact public law section
    Sec. 101. further continuing appropriations act, 1983 (a) (1) Such amounts as may be necessary for continuing projects or activities (not otherwise specifically provided for in this joint resolution) which were conducted in the fiscal year 1982 and for which appropriations, funds, or other authority would be available in the following appropriations Act: Treasury, Postal Service, and General Government Appropriation Act, 1983. (2) Appropriations made by this subsection shall be available to the extent and in the manner which would be provided by the pertinent appropriation Act. (3) Whenever the amount which would be made available or the authority which would be granted under an Act listed in this subsection as passed the House as of December 17, 1982, is different from that which would be available or granted under such Act as passed by the Senate as of December 17, 1982, the pertinent project or activity shall be continued under the lesser amount or the more restrictive authority: Provided, That where an item is included in only one version of an Act as passed by both Houses as of December 17, 1982, the pertinent project or activity shall be continued under the appropriation, fund, or authority granted by the one House, but at a rate for operations of the current rate or the rate permitted by the action of the one House, whichever is lower, and under the authority and conditions provided in applicable appropriation Acts for the fiscal year 1982: Provided further, That for the purposes of this joint resolution, when an Act listed in this subsection has been reported to the House or the Senate but not passed by that House as of December 17, 1982, it shall be deemed as having been passed by that House. (4) Whenever an Act listed in this subsection has been passed by only the House as of December 17, 1982, the pertinent project or activity shall be continued under the appropriation, fund, or authority granted by the House, but at a rate for operations of the current rate or the rate permitted by the action of the House, whichever is lower, and under the authority and conditions provided in applicable appropriation Acts for the fiscal year 1982. (5) No provision which is included in an appropriation Act enumerated in this subsection but which was not included in the applicable appropriation Act of 1982, and which by its terms is applicable to more than one appropriation, fund, or authority shall be applicable to any appropriation, fund, or authority provided in the joint resolution unless such provision shall have been included in identical form in such bill as enacted by both the House and the Senate. (b) (1) Such amounts as may be necessary for continuing the activities of the Foreign Assistance Appropriations Act of 1982, Public Law 97–121, under the terms and conditions, and at the rate, 95 Stat. 1647. provided for in the Act, notwithstanding section 10 of Public Law 91–672, and section 15(a) of the State Department Basic Authorities 22 USC 2412. 22 USC 2680. Post, p. 1909. Act of 1956, or any other provision of law or section 102 of this joint resolution: Provided, That amounts allocated to each country under this paragraph shall not exceed those provided in fiscal year 1982 and new country programs shall not be initiated unless submitted through the regular reprograming procedures of the Committees on Appropriations: Provided further, That notwithstanding the provisions of this paragraph making amounts available or otherwise providing for levels of program authority, the following amounts only shall be available and the following levels of authority only shall be provided for the following accounts or under the following headings: $284,100,437 for payment to the “Inter-American Development Bank” and not to exceed $828,137,742 in callable capital subscriptions; $126,041,553 for payment to the “International Bank for Reconstruction and Development” and not to exceed $1,530,275,913 in callable capital subscriptions; $700,000,000 for payment to the “International Development Association”; $131,882,575 for payment to the “Asian Development Bank” and not to exceed $2,243,811 in callable capital subscriptions; $50,000,000 for payment to the “African Development Fund”; $249,002,000 for “International Organizations and Programs”; including the provisions of section 103(g) of the Foreign Assistance Act of 1961, except that such funds 22 USC 2151a. shall be made available only in accordance with the Joint Explanatory Statement of the Committee of Conference accompanying the conference report on this joint resolution (H.J. Res. 631); $140,288,000 for “Energy and selected development activities, Development Assistance”; $25,000,000 for “International disaster assistance”; $93,757,000 for “Sahel development program”, of which not less than $2,000,000 shall be available only for the African Development Foundation; $35,403,000 for “Payment to the Foreign Service Retirement and Disability Fund”; $1,700,000 in foreign currencies for “Overseas training and special development activities (foreign currency program)”; $2,576,000,000 for the “Economic Support Fund” (without applying prior year earmarking of funds for Sudan and Poland), of which not less than $785,000,000 shall be available for Israel and not less than $750,000,000 shall be available for Egypt; $31,100,000 for “Peacekeeping operations”; $335,000,000 for “Operating expenses of the Agency for International Development”; $10,500,000 for “Trade and development”; $109,000,000 for the “Peace Corps”, $395,000,000 for “Migration and Refugee Assistance” (without applying prior year earmarking of funds); $290,000,000 for necessary expenses to carry out the provisions of section 503 of the Foreign Assistance Act of 1961 and the provisions of title I of 22 USC 2311. S. 2608, as reported, of which not less than $110,000,000 shall be available for Turkey, not less than $37,500,000 shall be available for Portugal, and not less than $25,000,000 shall be available for Morocco; $45,000,000 for “International Military Education and Training”; $1,175,000,000 for necessary expenses to carry out sections 22 USC 2763, 2764. 23 and 24 of the Arms Export Control Act and the provisions of title I of S. 2608, as reported, of which not less than $750,000,000 shall be allocated to Israel ($1,700,000,000 of the amount provided for the total aggregate credit sale ceiling during the current fiscal year shall be allocated only to Israel) and not less than $425,000,000 shall be allocated to Egypt; $3,638,000,000 of contingent liability (of which not less than $290,000,000 shall be available for Turkey, not less than $52,500,000 shall be available for Portugal, not less than $75,000,000 shall be available for Morocco, and not less than $400,000,000 shall be available for Spain) for total commitments to guarantee loans under “Foreign Military Credit Sales”; not to exceed $125,000,000 are authorized to be made available for the “Special Defense Acquisition Fund”; and not to exceed $4,400,000,000 of gross obligations for the principal amount of direct loans and $9,000,000,000 of total commitments to guarantee loans under “Export-Import Bank of the United States”: Provided further, That none of the funds available under this paragraph may be made available for payment to the “International Finance Corporation”: Provided further, That in addition to the funds made available under this paragraph for the “Economic Support Fund” $85,000,000 is available for the “Economic Support Fund” to be transferred to the Agency for International Development for economic development assistance projects, under the terms and conditions of sections 22 USC 2151a–2151d. 103 through 106 of the Foreign Assistance Act of 1961, such projects to be approved through the established reprograming processes of the Appropriations Committee of the House of Representatives and of the Senate, except that none of the funds provided herein shall be available for nondevelopment activities including balance of payments support, commodity imports, sector loans, and program loans: Provided further, That notwithstanding any other provision of this joint resolution or any other Act, $5,500,000 of the funds provided for Honduras under the authority of this joint resolution shall not be made available until that country meets the final terms of the binding arbitration award established by the Inter-American Commercial Arbitration Commission as regards Construction Aggregates Corporation. (2) Notwithstanding section 102 of this joint resolution, chapter 1 of part I of the Foreign Assistance Act of 1961 is amended by adding at the end thereof the following new section: “Sec. 128. Targeting Assistance for Those Living in Absolute Poverty.— In carrying out this chapter, the President in fiscal year 1983, shall attempt to use not less than 40 per centum of the funds made available to carry out this chapter to finance productive facilities, goods, and services which will expeditiously and directly benefit those living in absolute poverty (as determined under the standards for absolute poverty adopted by the International Bank for Reconstruction and Development and the International Development Association). Such facilities, goods, and services may include, for example, irrigation facilities, extension services, credit for small farmers, roads, safe drinking water supplies, and health services. Such facilities, goods, and services may not include studies, reports, technical advice, consulting services, or any other items unless (A) they are used primarily by those living in absolute poverty themselves, or (B) they constitute research which produces or aims to produce techniques, seeds, or other items to be primarily used by those living in absolute poverty. Research shall not consititue the major part of such facilities, goods, and services.”: Provided further, Report to Congress. 22 USC 2151z note. That within six months after the date of approval of this joint resolution, the Administrator of the Agency for International Development shall report to Congress on the implementation of this provision, the types of projects determined to meet these requirements, and the effect on the overall United States foreign assistance program. (c) Notwithstanding any other provision of this joint resolution, such amounts as may be necessary for programs, projects or activities provided for in the Department of Defense Appropriation Act, 1983, at a rate of operations and to the extent and in the manner provided, to be effective as if it had been enacted into law as the regular appropriation Act, as follows:

85. 1983

    An Act to amend chapter 37 of title 38 of the United States Code with respect to the veterans’ home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes

    Pub. L. 98–181 § 407(c) · 97 Stat. 1153

    Inserted · 12 U.S.C. § 1713(a)(7)

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

    Source evidence

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

    Enacted provision · exact public law section
    (c) Section 207(a)(7) of such Act is amended by inserting “American 12 USC 1713. Samoa,” after “the Trust Territory of the Pacific Islands,”.

    Effective date note
    Pub. L. 98–181, title I [title IV, § 431(c)], Nov. 30, 1983, 97 Stat. 1220, provided that: “The amendments made in this section [amending this section and section 1715y of this title] shall not apply with respect to mortgages insured by the Secretary of Housing and Urban Development before the date of the enactment of this Act [Nov. 30, 1983].”

86. 1983

    Rural Housing Amendments of 1983

    Pub. L. 98–181 § 431(a)(3) · 97 Stat. 1153

    Struck · 12 U.S.C. § 1713(b)

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

    Source evidence

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

    Enacted provision · exact public law section
    (3) by striking out “and directed” in the second sentence of the first undesignated paragraph.

    Effective date note
    Pub. L. 98–181, title I [title IV, § 431(c)], Nov. 30, 1983, 97 Stat. 1220, provided that: “The amendments made in this section [amending this section and section 1715y of this title] shall not apply with respect to mortgages insured by the Secretary of Housing and Urban Development before the date of the enactment of this Act [Nov. 30, 1983].”

87. 1983

    Rural Housing Amendments of 1983

    Pub. L. 98–181 § 435 · 97 Stat. 1153

    Substituted · 12 U.S.C. § 1713(b)

    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”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    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”.

    Enacted provision · exact public law section
    Sec. 435. mortgage insurance for manufactured home parks for the elderly The first sentence of the second undesignated paragraph of section 207(b) of the National Housing Act is amended by striking out “no mortgage shall be insured hereunder” and inserting in lieu thereof the following: “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)”.

    Effective date note
    Pub. L. 98–181, title I [title IV, § 431(c)], Nov. 30, 1983, 97 Stat. 1220, provided that: “The amendments made in this section [amending this section and section 1715y of this title] shall not apply with respect to mortgages insured by the Secretary of Housing and Urban Development before the date of the enactment of this Act [Nov. 30, 1983].”

88. 1983

    Rural Housing Amendments of 1983

    Pub. L. 98–181 § 431(a)(1) · 97 Stat. 1153

    1. Substituted · 12 U.S.C. § 1713(b)(2)

       Pub. L. 98–181, § 431(a)(1), (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

    2. Substituted · 12 U.S.C. § 1713(b)(2)

       Pub. L. 98–181, § 431(a)(1), (2), substituted “any such regulations and restrictions” for “the regulations and restrictions”

    Source evidence

    Code amendment note
    Subsec. (b)(2). Pub. L. 98–181, § 431(a)(1), (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”.

    Enacted provision · exact public law section
    (1) by striking out “any other mortgagor approved by the Secretary” and all that follows through “reasonable return on the investment.” and inserting in lieu thereof the following: “any other mortgagor approved by the Secretary. The Secretary may, in the Secretary’s discretion, require any such mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation so as to provide reasonable rentals to tenants and a reasonable return on the investment. Any such regulations or restrictions shall continue for such period or periods as the Secretary, in the Secretary’s discretion, may require, including until the termination of all obligations of the Secretary under the insurance and during such further period of time as the Secretary shall be the owner, holder, or reinsurer of the mortgage.”;

    Effective date note
    Pub. L. 98–181, title I [title IV, § 431(c)], Nov. 30, 1983, 97 Stat. 1220, provided that: “The amendments made in this section [amending this section and section 1715y of this title] shall not apply with respect to mortgages insured by the Secretary of Housing and Urban Development before the date of the enactment of this Act [Nov. 30, 1983].”

89. 1983

    Rural Housing Amendments of 1983

    Pub. L. 98–181 § 446(a) · 97 Stat. 1153

    Inserted · 12 U.S.C. § 1713(c)

    Pub. L. 98–181, § 446(a), 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

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 98–181, § 446(a), 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.

    Enacted provision · exact public law section
    (a) The first sentence of the first undesignated paragraph 12 USC 1713. of section 207(c)(3) of the National Housing Act is amended by inserting immediately after “periodic payments” the following: “(unless otherwise approved by the Secretary)”.

    Effective date note
    Pub. L. 98–181, title I [title IV, § 431(c)], Nov. 30, 1983, 97 Stat. 1220, provided that: “The amendments made in this section [amending this section and section 1715y of this title] shall not apply with respect to mortgages insured by the Secretary of Housing and Urban Development before the date of the enactment of this Act [Nov. 30, 1983].”

90. 1983

    An Act to amend chapter 37 of title 38 of the United States Code with respect to the veterans’ home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes

    Pub. L. 98–181 § 404(b)(4) · 97 Stat. 1153

    Substituted · 12 U.S.C. § 1713(c)

    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

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    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.

    Enacted provision · exact public law section
    (4) The first sentence of the first undesignated paragraph of section 207(c)(3) of such Act is amended to read as follows: “The 12 USC 1713. mortgage shall provide for complete amortization by periodic payments within such term as the Secretary shall prescribe, and shall bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee.”.

    Effective date note
    Pub. L. 98–181, title I [title IV, § 431(c)], Nov. 30, 1983, 97 Stat. 1220, provided that: “The amendments made in this section [amending this section and section 1715y of this title] shall not apply with respect to mortgages insured by the Secretary of Housing and Urban Development before the date of the enactment of this Act [Nov. 30, 1983].”

91. 1984

    Housing and Community Development Technical Amendments Act of 1984

    Pub. L. 98–479 title II § 204(a)(3) · 98 Stat. 2218

    Substituted · 12 U.S.C. § 1713(i)

    Pub. L. 98–479 substituted “section 1715k(f), section 1715l(g), and section 1715x of this title” for “section 1715k(f), 1715l(g), and section 1715x of this title”

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 98–479 substituted “section 1715k(f), section 1715l(g), and section 1715x of this title” for “section 1715k(f), 1715l(g), and section 1715x of this title”.

    Enacted provision · exact public law section
    (3) The first sentence of section 207(i) of the National Housing Act is amended by inserting “section” before “221(g)”.

92. 1988

    Housing and Community Development Act of 1987

    Pub. L. 100–242 § 426(a) · 101 Stat. 1815

    1. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 100–242, § 426(a), (h), substituted “$25,350”, “$28,080”, “$33,540”, “$41,340”, and “$46,800” for “$19,500” “$25,200”, “$30,900”, “$38,700”, and “$43,758”, respectively

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 100–242, § 426(a), (h), substituted “$25,350”, “$28,080”, “$33,540”, “$41,340”, and “$56,885” for “$22,500” “$25,200”, “$30,900”, “$38,700”, and “$43,758”, respectively

    3. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 100–242, § 426(a), (h), 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 section 1720 of this title (as such section existed immediately before November 30, 1983) 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 section 1720 of this title by the Government National Mortgage Association in implementing its special assistance functions is involved) in such an area.”

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 100–242, § 426(a), (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 section 1720 of this title (as such section existed immediately before November 30, 1983) 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 section 1720 of this title by the Government National Mortgage Association in implementing its special assistance functions is involved) in such an area.”

    Enacted provision · exact public law section
    (a) Section 207 Limits.— Section 207(c)(3) of the National Housing Act is amended— 12 USC 1713. (1) by striking out “$19,500”, “$21,600”, “$25,800”, “$31,800”, and “$36,000” and inserting in lieu thereof “$25,350”, “$28,080”, “$33,540”, “$41,340”, and “$46,800”, respectively; and (2) by striking out “$22,500”, “$25,200”, “$30,900”, “$38,700”, and “$43,758” and inserting in lieu thereof “$29,250”, “$32,760”, “$40,170”, “$50,310”, and “$56,885”, respectively.

93. 1988

    Housing and Community Development Act of 1987

    Pub. L. 100–242 § 182 · 101 Stat. 1815

    Inserted · 12 U.S.C. § 1713(k)

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

    Source evidence

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

    Enacted provision · exact public law section
    SEC. 182. ACQUISITION OF INSURED MULTIFAMILY HOUSING PROJECTS. Section 207(k) of the National Housing Act is amended by inserting 12 USC 1713. after the second sentence the following new sentence: “In deter-mining the amount to be bid, the Secretary shall act consistently with the goal established in section 203(a)(1) of the Housing and Community Development Amendments of 1978.”.

94. 1992

    Housing and Community Development Act of 1992

    Pub. L. 102–550 § 509(a) · 106 Stat. 3672

    1. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 102–550, § 509(a), substituted “$30,420”, “$33,696”, “$40,248”, “$49,608”, and “$59,160” for “$25,350” “$32,760”, “$40,170”, “$50,310”, and “$56,885”, respectively

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 102–550, § 509(a), substituted “$30,420”, “$33,696”, “$40,248”, “$49,608”, and “$68,262” for “$29,250” “$32,760”, “$40,170”, “$50,310”, and “$56,885”, respectively

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 102–550, § 509(a), 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.

    Enacted provision · exact public law section
    (a) Section 207 Limits.— Section 207(c)(3) of the National Housing Act (12 U.S.C. 1713(c)(3)) is amended— (1) by striking “$25,350”, “$28,080”, “$33,540”, “$41,340”, and “$46,800” and inserting “$30,420”, “$33,696”, “$40,248”, “$49,608”, and “$59,160”, respectively; and (2) by striking “$29,250”, “$32,760”, “$40,170”, “$50,310”, and “$56,885” and inserting “$35,100”, “$39,312”, “$48,204”, “$60,372”, and “$68,262”, respectively.

95. 1992

    Housing and Community Development Act of 1992

    Pub. L. 102–550 § 516(b)(1) · 106 Stat. 3672

    Substituted · 12 U.S.C. § 1713(g)

    Pub. L. 102–550, § 516(b)(1), 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”

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 102–550, § 516(b)(1), 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”.

    Enacted provision · exact public law section
    (1) by striking in the second sentence of subsection (g) “, 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” and inserting the following: “issue to the mortgagee a certificate of claim as provided in subsection (h), and debentures having a par value”;

96. 1992

    Housing and Community Development Act of 1992

    Pub. L. 102–550 § 516(b)(2) · 106 Stat. 3672

    1. Substituted · 12 U.S.C. § 1713(i)

       Pub. L. 102–550, § 516(b)(2), (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”

    2. Substituted · 12 U.S.C. § 1713(i)

       Pub. L. 102–550, § 516(b)(2), (3), in first sentence, substituted “and, in the case of debentures issued in certificated registered form, such guaranty” for “and such guaranty”

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 102–550, § 516(b)(2), (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”.

    Enacted provision · exact public law section
    (2) by striking in the first sentence of subsection (i) “shall be signed by the Secretary, by either his written or engraved signature, shall be negotiable” and inserting the following: “shall be negotiable, and, if in book entry form, transferable, in the manner described by the Secretary in regulations”;

97. 1992

    Housing and Community Development Act of 1992

    Pub. L. 102–550 § 516(b)(4) · 106 Stat. 3672

    1. Added · 12 U.S.C. § 1713(j)

       Pub. L. 102–550, § 516(b)(4), added subsec. (j)

    2. Struck · 12 U.S.C. § 1713(j)

       Pub. L. 102–550, § 516(b)(4), 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.”

    Source evidence

    Code amendment note
    Subsec. (j). Pub. L. 102–550, § 516(b)(4), 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.”

    Enacted provision · exact public law section
    (4) by striking subsection (j) and inserting the following: “(j) Debentures issued under this section— (1) shall be in such form and amounts; (2) shall be subject to such terms and conditions; (3) 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 (4) 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”.

98. 1994

    Multifamily Housing Property Disposition Reform Act of 1994

    Pub. L. 103–233 title III § 306 · 108 Stat. 342

    Substituted · 12 U.S.C. § 1713(c)(3)

    Pub. L. 103–233 substituted “$56,160” for “$59,160”

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 103–233 substituted “$56,160” for “$59,160”.

    Enacted provision · exact public law section
    SEC. 306. CORRECTION OF FHA MULTIFAMILY MORTGAGE LIMITS. The National Housing Act (12 U.S.C. 1701 et seq.) is amended in sections 207(c)(3), 213(b)(2), 220(d)(3)(B)(iii), and 234(e)(3) by 12 USC 1713, 1715e, 1715k, 1715y. striking “$59,160” each place it appears and inserting “$56,160.”

99. 2001

    Pub. L. 107–73 title II § 213(a) · 115 Stat. 651

    1. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 107–73 substituted “$38,025”, “$42,120”, “$50,310”, “$62,010”, and “$70,200” for “$30,420” “$39,312”, “$48,204”, “$60,372”, and “$68,262”, respectively

    2. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 107–73 substituted “$38,025”, “$42,120”, “$50,310”, “$62,010”, and “$11,250” for “$9,000” “$39,312”, “$48,204”, “$60,372”, and “$68,262”, respectively

    3. Substituted · 12 U.S.C. § 1713(c)(3)

       Pub. L. 107–73 substituted “$38,025”, “$42,120”, “$50,310”, “$62,010”, and “$85,328” for “$35,100” “$39,312”, “$48,204”, “$60,372”, and “$68,262”, respectively

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 107–73 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.

    Enacted provision · exact public law section
    (a) Section 207 Limits.— Section 207(c)(3) of the National Housing Act (12 U.S.C. 1713(c)(3)) is amended—

100. 2002

     Pub. L. 107–326 § 5(b)(1)(B) · 116 Stat. 2792

     Substituted · 12 U.S.C. § 1713(c)(3)

     Pub. L. 107–326, § 5(b)(1)(B), 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 section 1712a of this title)” 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

     Source evidence

     Code amendment note
     Subsec. (c)(3). Pub. L. 107–326, § 5(b)(1)(B), 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 section 1712a of this title)” 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.

     Enacted provision · exact public law section
     (B) by striking “and accept that the Secretary” through and including “in this paragraph” and inserting in lieu thereof: “(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 section 206A of this Act)”.

101. 2002

     Pub. L. 107–326 § 5(b)(1)(A) · 116 Stat. 2792

     Inserted · 12 U.S.C. § 1713(c)(3)

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

     Target inherited from the preceding amendment note.

     Source evidence

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

     Enacted provision · exact public law section
     (A) by inserting “(A)” after “(3)”;

102. 2003

     FHA Multifamily Loan Limit Adjustment Act of 2003

     Pub. L. 108–186 § 302(c)(1) · 117 Stat. 2685

     Substituted · 12 U.S.C. § 1713(c)(3)(A)

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

     Source evidence

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

     Enacted provision · exact public law section
     (1) Section 207 limits.— Section 207(c)(3)(A) of the National Housing Act (12 U.S.C. 1713(c)(3)(A)) is amended by striking “$11,250” and inserting “$17,460”.

103. 2003

     FHA Multifamily Loan Limit Adjustment Act of 2003

     Pub. L. 108–186 § 302(b) · 117 Stat. 2685

     1. Substituted · 12 U.S.C. § 1713(c)(3)(B)

        Pub. L. 108–186, § 302(b), substituted “140 percent in” for “110 percent in”

     2. Inserted · 12 U.S.C. § 1713(c)(3)(B)

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

     Source evidence

     Code amendment note
     Subsec. (c)(3)(B). Pub. L. 108–186, § 302(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”.

     Enacted provision · exact public law section
     (b) Maximum Mortgage Amount Limit for Multifamily Housing in High-Cost Areas.— Sections 207(c)(3), 213(b)(2)(B)(i), 220(d)(3)(B)(iii)(III), 221(d)(3)(ii)(II), 221(d)(4)(ii)(II), 231(c)(2)(B), and 234(e)(3)(B) of the National Housing Act (12 U.S.C. 1713(c)(3), 1715e(b)(2)(B)(i), 1715k(d)(3)(B)(iii)(II), 1715l(d)(3)(ii)(III), 1715l(d)(4)(ii)(II), 1715v(c)(2)(B), and 1715y(e)(3)(B)) are each amended— (1) by striking “110 percent” and inserting “140 percent”; and (2) by inserting “, or 170 percent in high cost areas,” after “140 percent”.

104. 2007

     Department of Health and Human Services Appropriations Act, 2008

     Pub. L. 110–161 div. K title II § 221(1) · 121 Stat. 1844

     1. Substituted · 12 U.S.C. § 1713(c)(3)(B)

        Pub. L. 110–161 substituted “170 percent” for “140 percent”

     2. Substituted · 12 U.S.C. § 1713(c)(3)(B)

        Pub. L. 110–161 substituted “215 percent in high cost areas” for “170 percent in high cost areas”

     Source evidence

     Code amendment note
     Subsec. (c)(3)(B). Pub. L. 110–161 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”.

     Enacted provision · exact public law section
     Sec. 221. (transfer of funds) Of the amounts made available in this Act for the National Institutes of Health, 1 percent of the amount made available for National Research Service Awards (NRSA) shall be made available to the Administrator of the Health Resources and Services Administration to make NRSA awards for research in primary medical care to individuals affiliated with entities who have received grants or contracts under section 747 of the Public Health Service Act, and 1 percent of the amount made available for NRSA shall be made available to the Director of the Agency for Healthcare Research and Quality to make NRSA awards for health service research.

105. 2026

     Pub. L. 119–101 title II § 211(a)(2) · 140 Stat. 882

     1. Substituted · 12 U.S.C. § 1713(c)(3)(A)

        Pub. L. 119–101 substituted “$167,310” for “$38,025”

     2. Substituted · 12 U.S.C. § 1713(c)(3)(A)

        Pub. L. 119–101 substituted “$185,328” for “$42,120”

     3. Substituted · 12 U.S.C. § 1713(c)(3)(A)

        Pub. L. 119–101 substituted “$221,364” for “$50,310”

     4. Substituted · 12 U.S.C. § 1713(c)(3)(A)

        Pub. L. 119–101 substituted “$272,844” for “$62,010”

     5. Substituted · 12 U.S.C. § 1713(c)(3)(A)

        Pub. L. 119–101 substituted “$308,880” for “$70,200”

     6. Substituted · 12 U.S.C. § 1713(c)(3)(A)

        Pub. L. 119–101 substituted “$193,050” for “$43,875”

     7. Substituted · 12 U.S.C. § 1713(c)(3)(A)

        Pub. L. 119–101 substituted “$216,216” for “$49,140”

     8. Substituted · 12 U.S.C. § 1713(c)(3)(A)

        Pub. L. 119–101 substituted “$265,122” for “$60,255”

     9. Substituted · 12 U.S.C. § 1713(c)(3)(A)

        Pub. L. 119–101 substituted “$332,046” for “$75,465”

     10. Substituted · 12 U.S.C. § 1713(c)(3)(A)

         Pub. L. 119–101 substituted “$375,443” for “$85,328”

     11. Struck · 12 U.S.C. § 1713(c)(3)(A)

         Pub. L. 119–101 struck out “, or not to exceed $17,460 per space” before “; except that”

     Unresolved: Pub. L. 119–101 was not found in the local Statutes at Large index.

     Source evidence

     Code amendment note
     Subsec. (c)(3)(A). Pub. L. 119–101 substituted “$167,310” for “$38,025”, “$185,328” for “$42,120”, “$221,364” for “$50,310”, “$272,844” for “$62,010”, “$308,880” for “$70,200”, “$193,050” for “$43,875”, “$216,216” for “$49,140”, “$265,122” for “$60,255”, “$332,046” for “$75,465”, and “$375,443” for “$85,328”, and struck out “, or not to exceed $17,460 per space” before “; except that”.

94 of 178 references resolved to an enrolled provision · 26 partial · 58 unresolved