Title 12 — Banks and Banking
Chapter 13 — National Housing
§ 1747. Purpose of subchapter; authorization; terms and conditions; expiration of insurance contract
Statutory text
The purpose of this subchapter is to supplement the existing systems of mortgage insurance for rental housing under this chapter by a special system of insurance designed to encourage equity investment in rental housing at rents within the capacity of families of moderate income. To effectuate this purpose, the Secretary is authorized, upon application by the investor, to insure as hereinafter provided, and, prior to the execution of insurance contracts and upon such terms as the Secretary shall prescribe, to make commitments to insure, the minimum annual amortization charge and an annual return on the outstanding investment of such investor in any project which is eligible for insurance as hereinafter provided in an amount (herein called the “insured annual return”) equal to such rate of return, not exceeding 2¾ per centum per annum, on such outstanding investment as shall, after consultation with the Secretary of the Treasury, be fixed in the insurance contract or in the commitment to insure: Provided, That any insurance contract made pursuant to this subchapter shall expire as of the first day of the operating year for which the outstanding investment amounts to not more than 10 per centum of the established 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 VII, § 701, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1276 · 62 Stat. 1276
Enacted · 12 U.S.C. § 1747
June 27, 1934, ch. 847, title VII, § 701, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1276
Source evidence
Code source credit
June 27, 1934, ch. 847, title VII, § 701, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1276Housing Act of 1959
Pub. L. 86–372 title I § 118 · 73 Stat. 654
Struck · 12 U.S.C. § 1747
Pub. L. 86–372 struck out provisions which limited the aggregate amount of contingent liabilities outstanding at any one time under insurance contracts and commitments to insure made pursuant to this subchapter to not more than $1,000,000,000
Source evidence
Code amendment note
Pub. L. 86–372 struck out provisions which limited the aggregate amount of contingent liabilities outstanding at any one time under insurance contracts and commitments to insure made pursuant to this subchapter to not more than $1,000,000,000.Enacted provision · exact public law section
Sec. 118. investment insurance Section 701 of the National Housing Act is amended by striking out the colon at the end of the first proviso and everything that follows and inserting a period in lieu thereof.Pub. L. 90–19 § 1(a)(3) · 81 Stat. 17
Substituted · 12 U.S.C. § 1747
Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing
Source evidence
Code amendment note
Pub. L. 90–19 substituted “Secretary” for “Commissioner” 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”;
2 of 3 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments1950–1967 · 3 rounds
1967
Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing.
1959
Pub. L. 86–372 struck out provisions which limited the aggregate amount of contingent liabilities outstanding at any one time under insurance contracts and commitments to insure made pursuant to this subchapter to not more than $1,000,000,000.
1950
Act , substituted “Commissioner” for “Administrator” wherever appearing.
Statutory Notes and Related Subsidiaries
Separability
Act Aug. 10, 1948, ch. 832, title V, § 505, 62 Stat. 1285, provided that: “Except as may be otherwise expressly provided in this Act [sections 1701c, 1701e to 1701g–3, 1702, 1703, 1709, 1710, 1713, 1716, 1738, 1743 to 1746 and 1747 to 1747l of this title, section 846 of former Title 31, Money and Finance, section 694 of former Title 38, Pensions, Bonuses, and Veterans’ Relief, and section 1404a of Title 42, The Public Health and Welfare], all powers and authorities conferred by this Act shall be cumulative and additional to and not in derogation of any powers and authorities otherwise existing. Notwithstanding any other evidences of the intention of Congress, it is hereby declared to be the controlling intent of Congress that if any provisions of this Act, or the application thereof to any person or circumstances, shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act or its application to other persons and circumstances, but shall be confined in its operation to the provisions of this Act, or the application thereof to the persons and circumstances, directly involved in the controversy in which such judgment shall have been rendered.”
Inconsistent Provisions
Act Aug. 10, 1948, ch. 832, title V, § 504, 62 Stat. 1285, provided that: “Insofar as the provisions of any other law are inconsistent with the provisions of this Act [sections 1701c, 1701e to 1701g–3, 1702, 1703, 1709, 1710, 1713, 1716, 1738, 1743 to 1746 and 1747 to 1747l of this title, section 846 of former Title 31, Money and Finance, section 694 of former Title 38, Pensions, Bonuses, and Veterans’ Relief, and section 1404a of Title 42, The Public Health and Welfare], the provisions of this Act shall be controlling.”
Credits
1934–1967 · 4 acts
- 1934June 27, 1934, ch. 847, title VII, § 701, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1276
- 1950amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59
- 1959Pub. L. 86–372, title I, § 118, , 73 Stat. 664
- 1967Pub. L. 90–19, § 1(a)(3), , 81 Stat. 17.
Show as published
(June 27, 1934, ch. 847, title VII, § 701, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1276; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Pub. L. 86–372, title I, § 118, , 73 Stat. 664; Pub. L. 90–19, § 1(a)(3), , 81 Stat. 17.)