Title 12 — Banks and Banking
Chapter 13 — National Housing
§ 1747c. Rent schedules
Statutory text
The Secretary shall require that the rents for the dwellings in any project insured under this subchapter shall be established in accordance with a rent schedule approved by the Secretary, and that the investor shall not charge or collect rents for any dwellings in the project in excess of the appropriate rents therefor as shown in the latest rent schedule approved pursuant to this section. Prior to approving the initial or any subsequent rent schedule pursuant to this section, the Secretary shall find that such schedule affords reasonable assurance that the rents to be established thereunder are (1) not lower than necessary, together with all other income to be derived from or in connection with the project, to produce reasonably stable revenues sufficient to provide for the payment of the operating expenses, the minimum annual amortization charge, and the minimum annual return; and (2) not higher than necessary to meet the need for dwellings for families of moderate income.
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, § 704, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1277 · 62 Stat. 1277
Enacted · 12 U.S.C. § 1747c
June 27, 1934, ch. 847, title VII, § 704, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1277
Source evidence
Code source credit
June 27, 1934, ch. 847, title VII, § 704, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1277Pub. L. 90–19 § 1(a)(3) · 81 Stat. 17
Substituted · 12 U.S.C. § 1747c
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”;
1 of 2 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments1950–1967 · 2 rounds
1967
Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing.
1950
Act , substituted “Commissioner” for “Administrator” wherever appearing.
Credits
1934–1967 · 3 acts
- 1934June 27, 1934, ch. 847, title VII, § 704, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1277
- 1950amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59
- 1967Pub. L. 90–19, § 1(a)(3), , 81 Stat. 17.
Show as published
(June 27, 1934, ch. 847, title VII, § 704, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1277; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Pub. L. 90–19, § 1(a)(3), , 81 Stat. 17.)