Title 12 — Banks and Banking
Chapter 13 — National Housing
§ 1715d. Insurance of mortgages on property in Alaska, Guam, Hawaii, and Virgin Islands
Statutory text
If the Secretary of Housing and Urban Development finds that, because of higher costs prevailing in Alaska, Guam, Hawaii, or the Virgin Islands, it is not feasible to construct dwellings or manufactured home courts or parks on property located in Alaska, Guam, Hawaii, or the Virgin Islands without sacrifice of sound standards of construction, design, or livability, within the limitations as to maximum or maxima mortgage amounts provided in this chapter, the Secretary may, by regulations or otherwise, prescribe, with respect to dollar amount, a higher maximum or maxima for the principal obligation of mortgages insured under this chapter covering property located in Alaska, Guam, Hawaii, or the Virgin Islands in such amounts as he shall find necessary to compensate for such higher costs but not to exceed, in any event, the maximum or maxima otherwise applicable (including increased mortgage amounts in geographical areas where cost levels so require) by more than one-half thereof. No mortgage with respect to a project or property in Alaska, Guam, Hawaii, or the Virgin Islands shall be accepted for insurance under this chapter unless the Secretary finds that the project or property is an acceptable risk giving consideration to the acute housing shortage in Alaska, Guam, Hawaii, or the Virgin Islands: Provided, That any such mortgage may be insured or accepted for insurance without regard to any requirement in any other section of this chapter that the Secretary find the project or property to be economically sound or an acceptable risk. Notwithstanding any of the provisions of this chapter or any other law, the Alaska Housing Authority or the Government of Guam, the Virgin Islands, or Hawaii or any agency or instrumentality thereof shall be eligible as mortgagor or mortgagee, as the case may be, for any of the purposes of mortgage insurance under the provisions of this chapter. Upon application by the mortgagee (1) where the mortgagor is regulated or restricted pursuant to the last sentence of this section or (2) where the Alaska Housing Authority or the Government of Guam, the Virgin Islands, or Hawaii or any agency or instrumentality thereof is the mortgagor or mortgagee, for the insurance of a mortgage under any provisions of this chapter, the Secretary is authorized to insure the mortgage (including advances thereon where otherwise authorized), and to make commitments for the insuring of any such mortgages prior to the date of their execution or disbursement thereon, under such provision (and this section) without regard to any requirement that the mortgagor shall have paid a prescribed amount on account of such property. Without limiting the authority of the Secretary under any other provision of law, the Secretary is authorized, with respect to any mortgagor in such case (except where the Alaska Housing Authority is the mortgagor or mortgagee), to require the mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation to such an extent and in such manner as the Secretary determines advisable to provide reasonable rentals and sales prices and a reasonable return on the investment.
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.
June 27, 1934, ch. 847, title II, § 214, as added Apr. 23, 1949, ch. 89, § 2(a), 63 Stat. 57 · 63 Stat. 57
Enacted · 12 U.S.C. § 1715d
June 27, 1934, ch. 847, title II, § 214, as added Apr. 23, 1949, ch. 89, § 2(a), 63 Stat. 57
Source evidence
Code source credit
June 27, 1934, ch. 847, title II, § 214, as added Apr. 23, 1949, ch. 89, § 2(a), 63 Stat. 57Alaska Omnibus Act
Pub. L. 86–70 § 10(c) · 73 Stat. 141
Substituted · 12 U.S.C. § 1715d
Pub. L. 86–70 substituted “Alaska, Guam,” for “the Territory of Alaska or in Guam”
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 86–70 substituted “Alaska, Guam,” for “the Territory of Alaska or in Guam”.Enacted provision · exact public law section
(c) by striking out the words “the Territory of Alaska or in 63 Stat. 57. Guam” in section 214 (12 U.S.C., supp. V, sec. 1715d; 48 U.S.C., supp. V, sec. 484d), and inserting the words “Alaska, Guam,” in lieu thereof; andHousing Act of 1959
Pub. L. 86–372 title I § 106 · 73 Stat. 654
Inserted · 12 U.S.C. § 1715d
Pub. L. 86–372 inserted “(including increased mortgage amounts in geographical areas where cost levels so require)” after “maximum or maxima otherwise applicable”
Source evidence
Code amendment note
Pub. L. 86–372 inserted “(including increased mortgage amounts in geographical areas where cost levels so require)” after “maximum or maxima otherwise applicable”.Enacted provision · exact public law section
Sec. 106. increased mortgage amounts in alaska, guam, and hawaii The first sentence of section 214 of the National Housing 63 Stat. 57; 66 Stat. 603. 12 USC 1715d. Act is amended by inserting after “maximum or maxima otherwise applicable” the following: “(including increased mortgage amounts in geographical areas where cost levels so require)”.Pub. L. 90–19 § 1(a)(2) · 81 Stat. 17
Substituted · 12 U.S.C. § 1715d
Pub. L. 90–19 substituted “Secretary of Housing and Urban Development” for “Federal Housing Commissioner” respectively, wherever appearing
Substituted · 12 U.S.C. § 1715d
Pub. L. 90–19 substituted “Secretary” for “Commissioner” respectively, wherever appearing
Source evidence
Code amendment note
Pub. L. 90–19 substituted “Secretary of Housing and Urban Development” for “Federal Housing Commissioner” and “Secretary” for “Commissioner”, respectively, wherever appearing.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”;Housing and Urban Development Act of 1969
Pub. L. 91–152 title IV § 418(e) · 83 Stat. 379
Changed · 12 U.S.C. § 1715d
Pub. L. 91–152 extended to mobile home courts or parks the special provisions applicable to properties located in Alaska, Guam, or Hawaii
Source evidence
Code amendment note
Pub. L. 91–152 extended to mobile home courts or parks the special provisions applicable to properties located in Alaska, Guam, or Hawaii.Enacted provision · exact public law section
(e) Section 214 of such Act is amended by inserting in the first sentence after “construct dwellings” the words “or mobile home courts or parks”.Housing and Community Development Act of 1980
Pub. L. 96–399 title III § 308(c)(1) · 94 Stat. 1614
Substituted · 12 U.S.C. § 1715d
Pub. L. 96–399 substituted “manufactured” for “mobile”
Source evidence
Code amendment note
Pub. L. 96–399 substituted “manufactured” for “mobile”.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”.Housing and Community Development Technical Amendments Act of 1984
Pub. L. 98–479 title II § 204(a)(4) · 98 Stat. 2218
Substituted · 12 U.S.C. § 1715d
Pub. L. 98–479 substituted “Insurance of mortgages on property in Alaska, Guam, and Hawaii” for “Construction of dwellings or mobile home courts or parks in Alaska, Guam, and Hawaii; increased maximum for mortgage insurance; conditions and limitations” in section catchline
Substituted · 12 U.S.C. § 1715d
Pub. L. 98–479 substituted “Notwithstanding” for “Nowithstanding” at beginning of third sentence
Source evidence
Code amendment note
Pub. L. 98–479 substituted “Insurance of mortgages on property in Alaska, Guam, and Hawaii” for “Construction of dwellings or mobile home courts or parks in Alaska, Guam, and Hawaii; increased maximum for mortgage insurance; conditions and limitations” in section catchline, and substituted “Notwithstanding” for “Nowithstanding” at beginning of third sentence.Enacted provision · exact public law section
(4) (A) The National Housing Act is amended by inserting the 12 USC 1715d. following section heading for section 214: “insurance of mortgages on property in alaska, guam, and hawaii”. (B) The third sentence of section 214 of the National Housing Act is amended by striking out “Nowithstanding” and inserting in lieu thereof “Notwithstanding”.Housing and Community Development Act of 1987
Pub. L. 100–242 title IV § 406(b)(7) · 101 Stat. 1815
Struck · 12 U.S.C. § 1715d
Pub. L. 100–242 struck out “shall be the owner and occupant of the property or” before “shall have paid a prescribed amount” in fourth sentence
Source evidence
Code amendment note
Pub. L. 100–242 struck out “shall be the owner and occupant of the property or” before “shall have paid a prescribed amount” in fourth sentence.Enacted provision · exact public law section
(7) The fourth sentence of section 214 of the National Housing Act is amended by striking the following: “shall be the owner 12 USC 1715d. and occupant of the property or”.Effective date note
Amendment by Pub. L. 100–242 applicable only with respect to mortgages insured pursuant to conditional commitment issued on or after Feb. 5, 1988, or in accordance with direct endorsement program (24 CFR 200.163), if approved underwriter of mortgagee signs appraisal report for property on or after Feb. 5, 1988, see section 406(d) of Pub. L. 100–242, set out as a note under section 1709 of this title.Cranston-Gonzalez National Affordable Housing Act
Pub. L. 101–625 title III § 333 · 104 Stat. 4079
Amended · 12 U.S.C. § 1715d
Pub. L. 101–625 amended section catchline generally
Inserted · 12 U.S.C. § 1715d
Pub. L. 101–625 inserting reference to Virgin Islands
Substituted · 12 U.S.C. § 1715d
Pub. L. 101–625 substituted “Alaska, Guam, Hawaii, or the Virgin Islands,” for “Alaska, Guam, or Hawaii,” wherever appearing
Substituted · 12 U.S.C. § 1715d
Pub. L. 101–625 substituted “Alaska, Guam, Hawaii, or the Virgin Islands” for “Alaska or in Guam or Hawaii” wherever appearing
Inserted · 12 U.S.C. § 1715d
Pub. L. 101–625 inserted “, the Virgin Islands,” after “Government of Guam” wherever appearing
Source evidence
Code amendment note
Pub. L. 101–625 amended section catchline generally, inserting reference to Virgin Islands, substituted “Alaska, Guam, Hawaii, or the Virgin Islands,” for “Alaska, Guam, or Hawaii,” after “costs prevailing in”, “Alaska, Guam, Hawaii, or the Virgin Islands” for “Alaska or in Guam or Hawaii” wherever appearing, and inserted “, the Virgin Islands,” after “Government of Guam” wherever appearing.Enacted provision · exact public law section
SEC. 333. INSURANCE OF MORTGAGES ON PROPERTY IN VIRGIN ISLANDS. Section 214 of the National Housing Act (12 U.S.C. 1715d) is amended— (1) in the first sentence, by striking “Alaska, Guam, or Hawaii,” and inserting “Alaska, Guam, Hawaii, or the Virgin Islands,”; (2) by striking “Alaska or in Guam or Hawaii” each place it appears and inserting “Alaska, Guam, Hawaii, or the Virgin Islands”; (3) by inserting “, the Virgin Islands,” after “Government of Guam” each place it appears; and (4) by striking the section heading and inserting the following: “INSURANCE OF MORTGAGES ON PROPERTY IN ALASKA, GUAM, HAWAII, AND THE VIRGIN ISLANDS”.
14 of 15 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
This chapter, referred to in text, was in the original “this Act”, meaning act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables.
Codification
Section is comprised of section 214 of act , as added by section 2(a) of act , which insofar as Alaska, Hawaii, and Guam individually are concerned, was, formerly, also set out as sections 484d, 723, and 1425 of Title 48, Territories and Insular Possessions. Section 2(b) of act , which was formerly classified to sections 484e, 724 and 1426 of Title 48, was repealed by act Aug. 2, 1954, ch. 649, title II, § 205, 68 Stat. 622.
Amendments1951–1990 · 10 rounds
1990
Pub. L. 101–625 amended section catchline generally, inserting reference to Virgin Islands, substituted “Alaska, Guam, Hawaii, or the Virgin Islands,” for “Alaska, Guam, or Hawaii,” after “costs prevailing in”, “Alaska, Guam, Hawaii, or the Virgin Islands” for “Alaska or in Guam or Hawaii” wherever appearing, and inserted “, the Virgin Islands,” after “Government of Guam” wherever appearing.
1988
Pub. L. 100–242 struck out “shall be the owner and occupant of the property or” before “shall have paid a prescribed amount” in fourth sentence.
1984
Pub. L. 98–479 substituted “Insurance of mortgages on property in Alaska, Guam, and Hawaii” for “Construction of dwellings or mobile home courts or parks in Alaska, Guam, and Hawaii; increased maximum for mortgage insurance; conditions and limitations” in section catchline, and substituted “Notwithstanding” for “Nowithstanding” at beginning of third sentence.
1980
Pub. L. 96–399 substituted “manufactured” for “mobile”.
1969
Pub. L. 91–152 extended to mobile home courts or parks the special provisions applicable to properties located in Alaska, Guam, or Hawaii.
1967
Pub. L. 90–19 substituted “Secretary of Housing and Urban Development” for “Federal Housing Commissioner” and “Secretary” for “Commissioner”, respectively, wherever appearing.
1959
Pub. L. 86–372 inserted “(including increased mortgage amounts in geographical areas where cost levels so require)” after “maximum or maxima otherwise applicable”.
Pub. L. 86–70 substituted “Alaska, Guam,” for “the Territory of Alaska or in Guam”.
1953
Act , § 25(a), inserted “or Hawaii” after “Guam” wherever appearing.
Act , § 25(c), substituted in fourth sentence “Upon application by the mortgagee (1) where the mortgagor is regulated or restricted pursuant to the last sentence of this section or (2)” for “Upon application by the mortgagee,”; and inserted sentence beginning “Without limiting the authority”.
1952
Act , inserted “or in Guam” after “Alaska” wherever appearing, inserted “or maxima” after “maximum,” and inserted “or the Government of Guam or any agency or instrumentality thereof” after “Alaska Housing Authority” wherever appearing.
1951
Act , substituted “one-half” for “one-third” in first sentence.
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Amendment by Pub. L. 100–242 applicable only with respect to mortgages insured pursuant to conditional commitment issued on or after , or in accordance with direct endorsement program (24 CFR 200.163), if approved underwriter of mortgagee signs appraisal report for property on or after , see section 406(d) of Pub. L. 100–242, set out as a note under section 1709 of this title.
Study and Report Respecting Utilization of Factory-Built and Other Appropriate Types of Housing for Indian, etc., Housing Programs
Pub. L. 96–399, title III, § 323, , 94 Stat. 1647, directed Secretary of Housing and Urban Development to study feasibility of utilizing factory-built and other appropriate types of housing (other than the traditional type of site-built housing), to the extent practicable, in carrying out housing programs for Indians and Alaskan Natives, and not later than eighteen months after , to transmit a report to Congress containing the findings and conclusions of such study, including a comparison of costs and benefits of utilizing the traditional type of site-built housing and of utilizing other types of housing in situations in which either type of housing could be used.
Termination of Purchases of Obligations
No additional notes or obligations to be purchased after , from funds appropriated pursuant to the Alaska Housing Act, as amended, which is classified, in part, to this section, see section 1701g–5 of this title, and References in Text note thereunder.
Revolving Fund
Establishment of revolving fund under which to account for assets and liabilities in connection with notes and other obligations purchased pursuant to the Alaska Housing Act, as amended, which is classified, in part, to this section, see section 1701g–5 of this title, and References in Text note thereunder.
Executive Documents
Admission of Alaska and Hawaii to Statehood
Alaska was admitted into the Union on , on issuance of Proc. No. 3269, , 24 F.R. 81, 73 Stat. c16, and Hawaii was admitted into the Union on , on issuance of Proc. No. 3309, , 24 F.R. 6868. 73 Stat. c74. For Alaska Statehood Law, see Pub. L. 85–508, , 72 Stat. 339, set out as a note preceding section 21 of Title 48, Territories and Insular Possessions. For Hawaii Statehood Law, see Pub. L. 86–3, , 73 Stat. 4, set out as a note preceding section 491 of Title 48.
Credits
1934–1990 · 12 acts
- 1934June 27, 1934, ch. 847, title II, § 214, as added Apr. 23, 1949, ch. 89, § 2(a), 63 Stat. 57
- 1951amended Sept. 1, 1951, ch. 378, title VI, § 606, 65 Stat. 315
- 1952July 14, 1952, ch. 723, § 10(a)(3), 66 Stat. 603
- 1953June 30, 1953, ch. 170, § 25(a), (c), 67 Stat. 128
- 1959Pub. L. 86–70, § 10(c), , 73 Stat. 142
- 1959Pub. L. 86–372, title I, § 106, , 73 Stat. 657
- 1967Pub. L. 90–19, § 1(a)(2), (3), , 81 Stat. 17
- 1969Pub. L. 91–152, title IV, § 418(e), , 83 Stat. 402
- 1980Pub. L. 96–399, title III, § 308(c)(1), , 94 Stat. 1640
- 1984Pub. L. 98–479, title II, § 204(a)(4), , 98 Stat. 2232
- 1988Pub. L. 100–242, title IV, § 406(b)(7), , 101 Stat. 1901
- 1990Pub. L. 101–625, title III, § 333, , 104 Stat. 4141.
Show as published
(June 27, 1934, ch. 847, title II, § 214, as added Apr. 23, 1949, ch. 89, § 2(a), 63 Stat. 57; amended Sept. 1, 1951, ch. 378, title VI, § 606, 65 Stat. 315; July 14, 1952, ch. 723, § 10(a)(3), 66 Stat. 603; June 30, 1953, ch. 170, § 25(a), (c), 67 Stat. 128; Pub. L. 86–70, § 10(c), , 73 Stat. 142; Pub. L. 86–372, title I, § 106, , 73 Stat. 657; Pub. L. 90–19, § 1(a)(2), (3), , 81 Stat. 17; Pub. L. 91–152, title IV, § 418(e), , 83 Stat. 402; Pub. L. 96–399, title III, § 308(c)(1), , 94 Stat. 1640; Pub. L. 98–479, title II, § 204(a)(4), , 98 Stat. 2232; Pub. L. 100–242, title IV, § 406(b)(7), , 101 Stat. 1901; Pub. L. 101–625, title III, § 333, , 104 Stat. 4141.)