§ 1487. Rural Housing Insurance Fund

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. 1949

   Housing and Urban Development Act of 1965

   Pub. L. 89–117 title X § 1003(a) · 79 Stat. 451

   Enacted · 42 U.S.C. § 1487

   July 15, 1949, ch. 338, title V, § 517, as added Pub. L. 89–117, title X, § 1003(a), Aug. 10, 1965, 79 Stat. 498

   Source evidence

   Code source credit
   July 15, 1949, ch. 338, title V, § 517, as added Pub. L. 89–117, title X, § 1003(a), Aug. 10, 1965, 79 Stat. 498

   Enacted provision · exact public law section
   (a) Title V of the Housing Act of 1949 is amended by adding at the end thereof the following new sections: “Sec. 517. “insured rural housing loans (a) The Secretary may insure loans meeting the requirements of section 502, and may make loans in accordance with the requirements of such section to be sold and insured; except that such loans shall— “(1) if the borrowers are persons of low or moderate income (as defined by the Secretary), (A) not exceed amounts necessary to provide adequate housing, modest in size, design, and cost (as determined by the Secretary), (B) bear interest at a rate not to exceed 5 per cent um per annum, and (C) not exceed in the aggregate $300,000,000 of new loans made or insured in any one fiscal year; and “(2) if the borrowers are persons other than those described in clause (1), bear interest and provide for insurance or service charges at rates comparable to the combined rate of interest and premium charges in effect under section 203 of the National Housing Act, as determined by the Secretary. “(b) The Secretary may insure loans in accordance with the requirements of sections 514 (exclusive of subsections (a)(3), (a)(5), and (b)) and 515 (exclusive of subsections (a) and (b)(4)), and may make loans meeting such requirements to lie sold and insured. Upon the expiration of ninety days after the original capitalization of the Rural Housing Insurance Fund, created by subsection (e) of this section, no new loans shall be made or insured under section 514 or 75 Stat. 186; 76 Stat. 671. 42 USC 1484, 1485. 515 (b), except in conformity with this section. “(c) The Secretary may use the Rural Housing Insurance Fund for the purpose of making loans to be sold and insured under this section, but, the aggregate of such loans which are held by the Secretary at any one time shall not exceed $100,000,000. “(d) The Secretary may, in conformity with subsections (a) and (b), insure the payment of principal and interest, as it becomes due on loans made by lenders other than the United States, and on loans made from the Rural Housing Insurance Fund which are sold by the Secretary. Any contract of insurance executed by the Secretary hereunder shall be an obligation supported by the full faith and credit of the United States, and shall be incontestable except for fraud or material misrepresentation of which the holder has actual knowledge. In connection with loans insured under this section, the Secretary may take liens running to the United States notwithstanding the fact that the notes evidencing such loans may be held by lenders other than the United States. Notes evidencing such loans shall be freely assignable, but the Secretary shall not be bound by any such assignment until notice thereof is given to and acknowledged by him. “(e) There is hereby created the Rural Housing Insurance Fund (hereinafter referred to as the ‘Fund’) which shall be used by the Secretary as a revolving fund for carrying out the provisions of this section. There are authorized to be appropriated to the Secretary such sums as may be necessary for the purposes of the Fund. “(f) Money in the Fund not needed for current operations shall be invested in direct obligations of the United States or obligations guaranteed by the United States. “(g) All funds, claims, notes, mortgages, contracts, and property acquired by the Secretary under this section, and all collections and proceeds therefrom, shall constitute assets of the Fund; and all liabilities and obligations of such assets shall be liabilities and obligations of the Fund. Loans may be held in the Fund and collected in accordance with their terms or may be sold by the Secretary with or without agreements for insurance thereof. The Secretary is authorized to make agreements with respect to servicing loans held or insured by him under this section and purchasing such insured loans on such terms and conditions as he may prescribe. “(h) The Secretary is authorized to issue notes to the Secretary of the Treasury to obtain funds necessary for discharging obligations under this section and for authorized expenditures out of the Fund, but, except as may be authorized in appropriation Acts, not for the original or any additional capital of the Fund. Such notes shall be in such form and denominations and have such maturities and be subject to such terms and conditions as may be prescribed by the Secretary with the approval of the Secretary of the Treasury. Each note shall bear interest, at the average rate, as determined by the Secretary of the Treasury, payable by the Treasury upon its marketable public obligations outstanding at the beginning of the fiscal year in which such note is issued, which are, neither due nor callable for redemption for fifteen years from their date of issue. The Secretary of the Treasury is authorized and directed to purchase any notes of the Secretary issued hereunder, and for that purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as 40 Stat. 238. 31 USC 774. amended, and the purposes for which such securities may be issued under such Act are extended to include purchases of notes issued by the Secretary. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes shall lie treated as public debt transactions of the United States. The notes issued by the Secretary to the Secretary of the Treasury shall constitute obligations of the Fund. “(i) The Secretary may retain out of interest payments by the borrower an annual charge in an amount specified in the insurance or sale agreement applicable to the loan. Of the charges retained by the Secretary, if any, not to exceed 1 per centum per annum of the unpaid balance of the loan shall be deposited in the Fund. Any retained charges not deposited in the Fund shall be available for administrative expenses in carrying out the provisions of this title, to be transferred annually, and become merged with any appropriation for administrative expenses of the Farmers Home Administration, when and in such amounts as may be authorized in appropriation Acts. “(j) The Secretary may also utilize the Fund— “(1) to pay amounts to which the holder of the note is entitled in accordance with an insurance or sale agreement, under this section accruing between the date of any prepayment by the borrower to the Secretary and the date of transmittal of any such prepayments to the holder of the note; and in the discretion of the Secretary, prepayments other than final payments need not be remitted to the holder until due; “(2) to pay the holder of any note insured under this section any defaulted installment or, upon assignment of the note to the Secretary at. the Secretary’s request, or pursuant to a purchase agreement, the entire balance outstanding on the note; and “(3) to pay taxes, insurance, prior liens, expenses necessary to make fiscal adjustments in connection with the application and transmittal of collections, and other expenses and advances to protect the security for loans which are insured under this section or held in the Fund, and to acquire such security property at foreclosure sale or otherwise. “Sec. 518. “rural housing direct loan account (a) There is hereby created the Rural Housing Direct Loan Account (hereinafter referred to as the ‘Account’) which shall be used by the Secretary for carrying out the provisions of this section. There are authorized to be appropriated to the Secretary such sums as may be necessary for the purposes of the Account. “(b) There are transferred to the Account (1) all funds, claims, notes, mortgages, contracts, and property, and all collections and proceeds therefrom, held by the Secretary under the direct loan provisions of this title, including those securing notes issued by the Secretary to the Secretary of the Treasury under section 511 and any unexpended balance of amounts borrowed upon such notes, and (2) all unexpended balances of appropriations for direct loans under this title, including the fund authorized by section 515(a). All amounts hereafter borrowed by the Secretary from the Secretary of the Treasury under section 51 i shall be deposited in the Account. All collections and proceeds from assets acquired by the Account shall be deposited in the Account. “(c) When and in such amounts as may be authorized in appropriation Acts, the Secretary may issue notes to the Secretary of the Treasury to obtain funds to be deposited in the Account. The form, denominations, maturities, and other terms and conditions of such notes shall be prescribed by the Secretary with the approval of the Secretary of the Treasury. Each note shall bear interest at the average rate determined by the Secretary of the Treasury, payable by the Treasury upon its marketable public obligations outstanding at the beginning of the fiscal year in which such note is issued, which are neither due nor callable for redemption for fifteen years from their date of issue. The Secretary of the Treasury is authorized and directed to purchase any notes of the Secretary issued hereunder, and for that purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the 40 Stat. 288. 31 USC 774. Second Liberty Bond Act, as amended, and the purposes for which such securities may be issued under such Act are extended to include the purchase of notes issued by the Secretary. All redemptions, purchases, and sales by the. Secretary of the Treasury of such notes shall be treated as public debt transactions of the United States. “(d) The Account shall remain available to the Secretary for the payment of interest and principal on notes issued by the Secretary to the Secretary of the Treasury under section 511 or this section, and for direct loans and related advances under this title in such amounts as are now authorized by law and in such further amounts as shall be authorized in appropriation Acts. Amounts so authorized for such loans and advances shall remain available until expended.”

2. 1966

   Demonstration Cities and Metropolitan Development Act of 1966

   Pub. L. 89–754 title VIII § 806 · 80 Stat. 1255

   Substituted · 42 U.S.C. § 1487(a)(1)

   Pub. L. 89–754 substituted restriction against insurance or making of a loan under this par. after Oct. 1, 1969, except pursuant to a commitment entered into before that date for former clause (C) which provided that such loans shall not exceed in the aggregate of $300,000,000 of new loans made or insured in any one fiscal year

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 89–754 substituted restriction against insurance or making of a loan under this par. after Oct. 1, 1969, except pursuant to a commitment entered into before that date for former clause (C) which provided that such loans shall not exceed in the aggregate of $300,000,000 of new loans made or insured in any one fiscal year.

   Enacted provision · exact public law section
   Sec. 806. Section 517(a)(1) of the Housing Act of 1949 is amended— (1) by inserting “and” before “(B)”; and (2) by striking out “, and (C)” and all that follows and inserting in lieu thereof the following: “; but no loan under this paragraph shall be insured or made after October 1, 1969, except pursuant to a commitment entered into before that date; and”.

3. 1969

   Pub. L. 91–78 § 1 · 83 Stat. 125

   Substituted · 42 U.S.C. § 1487(a)(1)

   Pub. L. 91–78 substituted “January 1, 1970” for “October 1, 1969”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 91–78 substituted “January 1, 1970” for “October 1, 1969”.

4. 1969

   Housing and Urban Development Act of 1969

   Pub. L. 91–152 § 413(a) · 83 Stat. 379

   Substituted · 42 U.S.C. § 1487(a)(1)

   Pub. L. 91–152, § 413(a), substituted “October 1, 1973” for “January 1, 1970”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 91–152, § 413(a), substituted “October 1, 1973” for “January 1, 1970”.

   Enacted provision · exact public law section
   (a) Sections 513, 515(b)(5), and 517(a)(1) of the 63 Stat. 438. 76 Stat. 671. 79 Stat. 498. Ante, p. 125. 42 USC 1483, 1485, 1487. Housing Act of 1949 are each amended by striking out “January 1, 1970” wherever it appears and inserting in lieu thereof “October 1, 1973”.

5. 1969

   Housing and Urban Development Act of 1969

   Pub. L. 91–152 § 413(f)(2) · 83 Stat. 379

   Inserted · 42 U.S.C. § 1487(b)

   Pub. L. 91–152, § 413(f)(2), inserted reference to section 1490d of this title

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 91–152, § 413(f)(2), inserted reference to section 1490d of this title.

   Enacted provision · exact public law section
   (2) Section 517 (b) of such Act, is amended by striking out “and 515” and inserting “, 515”, and by adding after “(b)(4)),” the following: “and 524,”.

6. 1969

   Housing and Urban Development Act of 1969

   Pub. L. 91–152 § 413(b) · 83 Stat. 379

   Struck · 42 U.S.C. § 1487(c)

   Pub. L. 91–152, § 413(b), struck out provision which imposed a limit of not to exceed $100,000,000 on the aggregate amount of loans held by the Secretary at any one time

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 91–152, § 413(b), struck out provision which imposed a limit of not to exceed $100,000,000 on the aggregate amount of loans held by the Secretary at any one time.

   Enacted provision · exact public law section
   (b) Section 517(c) of such Act is amended by striking out all that follows “section” and inserting in lieu thereof a period.

7. 1969

   Housing and Urban Development Act of 1969

   Pub. L. 91–152 § 413(e)(2) · 83 Stat. 379

   1. Inserted · 42 U.S.C. § 1487(d)

      Pub. L. 91–152, § 413(e)(2), inserted reference to subsec. (m) of this section

   2. Inserted · 42 U.S.C. § 1487(d)

      Pub. L. 91–152, § 413(e)(2), inserted “or otherwise acquired by” after “loans made from”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 91–152, § 413(e)(2), inserted reference to subsec. (m) of this section and inserted “or otherwise acquired by” after “loans made from”.

   Enacted provision · exact public law section
   (2) The first sentence of section 517(d) of such Act is amended— (A) by striking out “(a) and (b)” and inserting in lieu thereof “(a), (b), and (m)”; and (B) by inserting “or otherwise acquired by” after “loans made from”.

8. 1969

   Housing and Urban Development Act of 1969

   Pub. L. 91–152 § 413(c) · 83 Stat. 379

   Added · 42 U.S.C. § 1487(k)(m)

   Pub. L. 91–152, § 413(c)–(e)(1), added subsecs. (k) to (m)

   Source evidence

   Code amendment note
   Subsecs. (k) to (m). Pub. L. 91–152, § 413(c)–(e)(1), added subsecs. (k) to (m).

   Enacted provision · exact public law section
   (c) Section 517 of such Act is amended by adding at the end thereof the following new subsection: “(k) Any sale by the Secretary of loans individually or in blocks, pursuant to subsections (c) and (g), shall be treated as a sale of 42 Stat. 20. 31 USC 1. assets for the purposes of the Budget and Accounting Act, 1921, notwithstanding the fact that the Secretary, under an agreement with the purchaser, holds the debt instruments evidencing the loans and holds or reinvests payments thereon as trustee and custodian for the purchaser.”

9. 1970

   Housing and Urban Development Act of 1970

   Pub. L. 91–609 title VIII § 803(d) · 84 Stat. 1770

   Changed · 42 U.S.C. § 1487(j)(3)

   Pub. L. 91–609 authorized use of Fund moneys for expenses necessary to obtain credit reports on applicants or borrowers

   Source evidence

   Code amendment note
   Subsec. (j)(3). Pub. L. 91–609 authorized use of Fund moneys for expenses necessary to obtain credit reports on applicants or borrowers.

   Enacted provision · exact public law section
   (d) Section 517 (j) (3) of such Act is amended by inserting after “collections” the following: “or necessary to obtain credit reports on applicants or borrowers”.

10. 1973

    Pub. L. 93–117 § 13(c) · 87 Stat. 421

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 93–117 substituted “October 1, 1974” for “October 1, 1973”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 93–117 substituted “October 1, 1974” for “October 1, 1973”.

    Enacted provision · exact public law section
    (c) Section 517(a)(1) of such Act is amended by striking out “October 42 USC 1487. 1, 1973” and inserting in lieu thereof “October 1, 1974”.

11. 1974

    Housing and Community Development Act of 1974

    Pub. L. 93–383 § 509(b) · 88 Stat. 634

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 93–383, § 509(b), substituted “June 30, 1977” for “October 1, 1974”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 93–383, § 509(b), substituted “June 30, 1977” for “October 1, 1974”.

    Enacted provision · exact public law section
    (b) Sections 515(b)(5) and 517(a)(1) of such Act are amended by 42 USC 1485, 1487. striking out “October 1, 1974” and inserting in lieu thereof “June 30, 1977”.

12. 1974

    Housing and Community Development Act of 1974

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

    Inserted · 42 U.S.C. § 1487(b)

    Pub. L. 93–383, §§ 516(b), 517, inserted reference to section 1490f of this title and provisions relating to transfer of notes from and compensation for the Agricultural Credit Insurance Fund

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 93–383, §§ 516(b), 517, inserted reference to section 1490f of this title and provisions relating to transfer of notes from and compensation for the Agricultural Credit Insurance Fund.

    Enacted provision · exact public law
    TITLE V— RURAL HOUSING Sec. 501. inclusion of united states territories and trust territory of the pacific islands Section 501(a)(1) of the Housing Act of 1949 is amended 42 USC 1471. by striking out “Puerto Rico and the Virgin Islands” and inserting in lieu thereof the following: “the Commonwealth of Puerto Rico, the Virgin Islands, the territories and possessions of the United States, and the Trust Territory of the Pacific Islands”. Sec. 502. refinancing of indebtedness for certain eligible applicants Section 501 (a) (4) of the Housing Act of 1949 is amended— 42 USC 1471. (1) by adding after the comma at the end of clause (B) the following: “or, if combined with a loan for improvement, rehabilitation, or repairs and not refinanced, is likely to cause a hardship for the applicant, and”; and (2) striking out clauses (C) and (D) and inserting in lieu thereof the following: “(C) was incurred by the applicant at least five years prior to his applying for assistance under this title.”. Sec. 503. loans to leasehold owners under all rural housing programs Section 501 (b) (2) of the Housing Act of 1949 is amended by striking out “sections 502 and 504” and inserting in lieu thereof “this title”. Sec. 504. rehabilitation loans and grants Section 504 (a) of the Housing Act of 1949 is amended 42 USC 1474. to read as follows: “(a) In the event the Secretary determines that an eligible applicant cannot qualify for a loan under the provisions of sections 502 and 503 and that repairs or improvements should be made to a rural dwelling occupied by him in order to make such dwelling safe and sanitary and remove hazards to the health of the occupant, his family, or the community, and that repairs should be made to farm buildings in order to remove hazards and make such buildings safe, the Secretary may make a grant or a combined loan and grant to the applicant to cover the cost of improvements or additions, such as repairing roofs, providing toilet facilities, providing a convenient and sanitary water supply, supplying screens, repairing or providing structural supports, or making similar repairs, additions, or improvements, including all preliminary and installation costs in obtaining central water and sewer service. No assistance shall be extended to any one individual under this subsection in the form of a loan, grant, or combined loan and grant in excess of $5,000. Any portion of the sums advanced to the borrower treated as a loan shall be secured and be repayable within twenty years in accordance with the principles and conditions set forth in this title, except that a loan for less than $2,500 need be evidenced only by a promissory note. Sums made available by grant may be made subject to the conditions set forth in this title for the protection of the Government with respect to contributions made on loans made by the Secretary.”. Sec. 505. escrow accounts for taxes, insurance, and other expenses (a) Section 501 of the Housing Act of 1949 is amended by 42 USC 1471. adding at the end thereof the following new subsection: “(e) The Secretary may establish procedures whereby borrowers under this title may make periodic payments for the purpose of taxes, insurance, and such other necessary expenses as the Secretary may deem appropriate. Such payments shall be held in escrow by the Secretary and paid out by him at the appropriate time or times for the purposes for which such payments are made. The Secretary shall notify a borrower in writing when his loan payments are delinquent.”. (b) The second sentence of section 502 (a) of such Act is amended 42 USC 1472. by inserting before the period at the end thereof the following: “and on the borrower preparing to the Secretary as escrow agent, on terms and conditions prescribed by him, such taxes, insurance, and other expenses as the Secretary may require in accordance with section 501(e)”. (c) Section 517 of such Act is amended— 42 USC 1487. (1) by striking out “as it becomes due” in the first sentence of subsection (d); (2) by striking out “prepayment” and “prepayments” each place they appear in subsection (j)(1) and inserting in lieu thereof “payment” and “payments”, respectively; and (3) by inserting before the semicolon at the end of subsection (j)(1) the following: “or until the next agreed annual or semi-annual remittance date”. Sec. 506. research and study programs (a) Section 506(d) of the Housing Act of 1949 is amended 42 USC 1476. to read as follows: “(d) The Secretary may carry out the research and study programs authorized by subsections (b) and (c) through grants made by him, on such terms, conditions, and standards as he may prescribe, to land-grant colleges established pursuant to the Act of July 2, 1862 (7 U.S.C. 301–308), or (upon a finding by the Secretary that the research and study involved cannot feasibly be performed through the personnel and facilities of the Department of Agriculture or by land-grant colleges) to such other private or public organizations as he may select.”. (b) Section 506(e) of such Act is amended by striking out “farm housing” each place it appears and inserting in lieu thereof “rural housing”. Sec. 507. veterans preference Section 507 of the Housing Act of 1949 is amended— 42 USC 1477. (1) by inserting after “concurrent resolution of Congress” each place it appears a comma and the following: “or during the period beginning after January 31, 1955, and ending on August 4, 1964, or during the Vietnam era (as defined in section 101(29) of title 38, United States Code),”; and (2) by inserting “or era” before the period at the end of the third sentence. Sec. 508. utilization of county committees Section 508(b) of the Housing Act of 1949 is amended to 42 USC 1478. read as follows: “(b) The committees utilized or appointed pursuant to this section may examine applications of persons desiring to obtain the benefits of section 501(a) (1) and (2) as they relate to the successful operation of a farm, and may submit recommendations to the Secretary with respect to each applicant as to whether the applicant is eligible to receive such benefits, whether by reason of his character, ability, and experience he is likely successfully to carry out undertakings required of him under a loan under such section, and whether the farm with respect to which the application is made is of such character that there is a reasonable likelihood that the making of the loan requested will carry out the purposes of this title. The committees may also certify to the Secretary with respect to the amount of any loan.”. Sec. 509. assistance authorization (a) Clauses (b), (c), and (d) of section 513 of the Housing Act of 1949 are amended to read as follows: “(b) not to exceed 42 USC 1483. 42 USC 1474. $80,000,000 for loans and grants pursuant to section 504 during the period beginning July 1, 1956, and ending June 30, 1977; (c) not to exceed $80,000,000 for financial assistance pursuant to section 516 for 42 USC 1486. the period ending June 30, 1977; (d) not to exceed $250,000 per year for research and study programs pursuant to subsections (b), (c), and (d) of section 506 during the period beginning July 1, 1961, and ending Ante, p. 694. June 30, 1974, and not to exceed $1,000,000 per year for such programs during the period beginning October 1, 1974, and ending June 30, 1977;”. (b) Sections 515(b)(5) and 517(a)(1) of such Act are amended by 42 USC 1485, 1487. striking out “October 1, 1974” and inserting in lieu thereof “June 30, 1977”. Sec. 510. direct and insured loans to provide housing and related facilities for elderly persons and lower income families in rural areas (a) Section 515(b)(1) of the Housing Act of 1949 is 42 USC 1485. amended— (1) by striking out “$750,000 or”; and (2) by striking out “least” and inserting in lieu thereof “less”. (b) Section 515(d)(4) of such Act is amended to read as follows: “(4) the term ‘development cost’ means the costs of constructing, “Development cost.” purchasing, improving, altering, or repairing new or existing housing and related facilities and purchasing and improving the necessary land, including necessary and appropriate fees and charges, and initial operating expenses up to 2 per centum of the aforementioned costs, approved by the Secretary. Such fees and charges may include payments of qualified consulting organizations or foundations which operate on a nonprofit basis and which render services or assistance to nonprofit corporations or consumer cooperatives who provide housing and related facilities for low or moderate income families.” Sec. 511. definition of rural area Section 520 of the Housing Act of 1949 is amended by 42 USC 1490. inserting before the period at the end thereof a comma and the following: “or (3) has a population in excess of 10,000 but not in excess of 20,000, and (A) is not contained within a standard metropolitan statistical area, and (B) has a serious lack of mortgage credit, as determined by the Secretary and the Secretary of Housing and Urban Development”. Sec. 512. mutual and self-help housing (a) Section 523(b)(1) of the Housing Act of 1949 is 42 USC 1490c. amended by inserting immediately before “; and” at the end thereof the following: “: Provided, That the Secretary may advance funds under this paragraph to organizations receiving assistance under clause (A) to enable them to establish revolving accounts for the purchase of land options and any such advances may bear interest at a rate determined by the Secretary and shall be repaid to the Secretary at the expiration of the period for which the grant to the organization involved was made”. (b) Section 523(f) of such Act is amended— (1) by striking out “1974” each place it appears and inserting in lieu thereof “1977”; and (2) by striking out “$5,000,000” and inserting in lieu thereof “$10,000,000”. (c) Section 523 of such Act is amended by adding at the end thereof the following new subsection: “(h) The Secretary shall issue rules and regulations for the Rules and regulations. orderly processing and review of applications under this section and rules and regulations protecting the rights of grantees under this section in the event he determines to end grant assistance prior to the termination date of any grant agreement.”. Sec. 513. site loans The first sentence of section 524(a) of the Housing Act of 1949 is amended to read as follows: “The Secretary may make loans, 42 USC 1490d. on such terms and conditions and in such amounts he deems necessary, to public or private nonprofit organizations for the acquisition and development of land as building sites to be subdivided and sold to families, nonprofit organizations, public agencies, and cooperatives eligible for assistance under any section of this title or under any other law which provides financial assistance for housing low- and moderate-income families.” Sec. 514. rental assistance (a) Section 521(a) of the Housing Act of 1949 is amended 42 USC 1490a. by inserting “(1)” after “(a)”, and by adding at the end thereof the following new paragraph: “(2) (A) The Secretary may make and insure loans under this section 42 USC 1484, 1485, 1487. and sections 514, 515, and 517 to provide rental or cooperative housing and related facilities for persons and families of low income in multifamily housing projects, and may make, and contract to make, assistance payments to the owners of such rental housing in order to make available to low-income occupants of such housing rentals at rates commensurate to income and not exceeding 25 per centum of income. Such assistance payments shall be made on a unit basis and shall not be made for more than 20 per centum of the units in any one project, except that (i) when the project is financed by a loan under section 515 for elderly housing or by a loan under section 514 and a grant under section 516, such assistance may be made for up to 100 per centum of the units, and (ii) when the Secretary determines such action is necessary or feasible, he may make such payments with respect to more than 20 per centum of the units. “(B) The owner of any project assisted under this paragraph shall be required to provide at least annually a budget of operating expenses and record of tenants’ income which shall be used to determine the amount of assistance for each project. “(C) The project owner shall accumulate, safeguard, and periodically pay to the Secretary any rental charges collected in excess of basic rental charges as established by the Secretary in conformity with sub-paragraph (A). These funds may be credited to the appropriation and used by the Secretary for making such assistance payments through the end of the next fiscal year.” (b) Section 521(c) of such Act is amended to read as follows: “(c) There shall be reimbursed to the Rural Housing Insurance Fund by annual appropriations (1) the amounts by which nonprincipal payments made from the fund during each fiscal year to the holders of insured loans described in subsection (a)(1) exceed interest due from the borrowers during each year, and (2) the amount of assistance payments described in subsection (a)(2). The Secretary may from time to time issue notes to the Secretary of the Treasury under section 517(h) to obtain amounts equal to such unreimbursed payments, pending the annual reimbursement by appropriation.” (c) Section 517(j) of such Act is amended— (1) by striking out “and” at the end of paragraph (2); (2) by striking out the period at the end of paragraph (3) and inserting in lieu thereof “; and”; and (3) by adding at the end thereof the following new paragraph: “(4) to make assistance payments authorized by section 521 (a)(2).” Ante, p. 696. Sec. 515. technical and supervisory assistance Title V of the Housing Act of 1949 is amended by adding at the end thereof the following new section: “Sec. 525. “programs of technical and supervisory assistance for low-income families (a) The Secretary may make grants to or enter into contracts 42 USC 1490e. with public or private nonprofit corporations, agencies, institutions, organizations, and other associations approved by him, to pay part or all of the cost of developing, conducting, administering or coordinating effective and comprehensive programs of technical and supervisory assistance which will aid needy low-income individuals and families in benefiting from Federal, State, and local housing programs in rural areas. In processing applications for such grants or contracts made by private nonprofit corporations, agencies, institutions, organizations, and other associations, the Secretary shall give preference to those which are sponsored (including assistance to the applicant in processing the application, implementing the technical assistance program, and carrying out the obligations of the grant or contract) by a State, county, municipality, or other governmental entity or public body. “(b) The Secretary is authorized to make loans to public or private nonprofit corporations, agencies, institutions, organizations, and other associations approved by him for the necessary expenses, prior to construction, of planning, and obtaining financing for, the rehabilitation or construction of housing for low-income individuals or families under any Federal, State, or local housing program which is or could be used in rural areas. Such loans shall be made without interest and shall be for the reasonable costs expected to be incurred in planning, and in obtaining financing for, such housing prior to the availability of financing, including but not limited to preliminary surveys and analyses of market needs, preliminary site engineering and architectural fees, and construction loan fees and discounts. The Secretary shall require repayment of loans made under this subsection, under such terms and conditions as he may require, upon completion of the housing or sooner, and may cancel any part or all of such loan if he determines that it cannot be recovered from the proceeds of any permanent loan made to finance the rehabilitation or construction of the housing. “(c) There are authorized to be appropriated for the fiscal years Appropriation. ending June 30, 1975, and June 30, 1976, not to exceed $5,000,000 for the purposes of subsection (a) and not to exceed $5,000,000 for the purposes of subsection (b). Any amounts so appropriated shall remain available until expended, and any amounts authorized for any fiscal year under this subsection but not appropriated may be appropriated for any succeeding fiscal year. “(d) All funds appropriated for the purpose of subsection (b) shall Low-income sponsor fund. be deposited in a fund which shall be known as the low-income sponsor fund, and which shall be available without fiscal year limitation and be administered by the Secretary as a revolving fund for carrying out the purposes of that subsection. Sums received in repayment of loans made under subsection (b) shall be deposited in such fund.”. Sec. 516. condominium housing (a) Title V of the Housing Act of 1949 (as amended by section 515 of this Act) is amended by adding at the end thereof the Ante, p. 697. following new section: “Sec. 526. “condominium housing (a) The Secretary is authorized, in his discretion and 42 USC 1490f. upon such terms and conditions (substantially identical insofar as may be feasible with those specified in section 502) as he may prescribe, Ante, p. 693. to make loans to persons and families of low or moderate income, and to insure and make commitments to insure loans made to persons and families of low or moderate income, to assist them in purchasing dwelling units in condominiums located in rural areas. “(b) Any loan made or insured under subsection (a) shall cover a one-family dwelling unit in a condominium, and shall be subject to such provisions as the Secretary determines to be necessary for the maintenance of the common areas and facilities of the condominium project and to such additional requirements as the the Secretary deems appropriate for the protection of the consumer. “(c) In addition to individual loans made or insured under subsection (a) the Secretary is authorized, in his discretion and upon such terms and conditions (substantially identical insofar as may be feasible with those specified in section 515) as he may prescribe, to make or insure blanket loans to a borrower who shall certify to the Secretary, as a condition of obtaining such loan or insurance, that upon completion of the multifamily project the ownership of the project will be committed to a plan of family unit ownership under which (1) each family unit will be eligible for a loan or insurance under subsection (a), and (2) the individual dwelling units in the project will be sold only on a condominium basis and only to purchasers eligible for a loan or insurance under subsection (a). The principal obligation of any blanket loan made or insured under this subsection shall in no case exceed the sum of the individual amounts of the loans which could be made or insured with respect to the individual dwelling units in the project under subsection (a). “(d) As used in this section, the term ‘condominium’ means a multi-unit “Condominium.” housing project which is subject to a plan of family unit ownership acceptable to the Secretary under which each dwelling unit is individually owned and each such owner holds an undivided interest in the common areas and facilities which serve the project.” (b) Section 517(b) of such Act is amended by striking out “and 42 USC 1487. 42 USC 1490d. Supra. 524” and inserting in lieu thereof “524, and 526”. (c) (1) Section 521(a)(1) of such Act (as amended by section 514 (a) of this Act) is amended— (A) by striking out “and loans under section 515” and inserting 42 USC 1485. in lieu thereof “loans under section 515”; and (B) by inserting after “elderly families,” the following: “and loans under section 526 to provide condominium housing for persons and families of low or moderate income,”. (2) Section 521(b) of such Act is amended— (A) by striking out “or 517(a)(1)” and inserting in lieu thereof “, 517(a)(1), or 526(a)”; and (B) by inserting “or 526(c)” after “under section 515”. (3) Section 521(c) of such Act (as amended by section 514(b) of this Act) is amended by inserting “and section 526” after “section 517(h)”. Sec. 517. transfer of pre-1965 insured housing loans to the rural housing insurance fund Section 517(b) of the Housing Act of 1949 is amended Ante, p. 698. by adding at the end thereof the following new sentences: “The notes held in the Agricultural Credit Insurance Fund (7 U.S.C. 1929) which evidence loans made or insured by the Secretary under section 514 or 515(b), the rights and liabilities of that Fund under insurance 42 USC 1484; Ante, p. 695. contracts relating to such loans held by insured investors, the mortgages securing the obligations of the borrowers under such loans held in that Fund or by insured investors, and all rights to subsequent collections on and proceeds of such notes, contracts, and mortgages, are hereby transferred to the Rural Housing Insurance Fund and for the purposes of this title and any other Act shall be subject to the provisions of this section as if created pursuant thereto. The Rural Housing Insurance Fund shall compensate the Agricultural Credit Insurance Fund for the aggregate unpaid principal balance plus accrued interest of the notes so transferred.”. Sec. 518. mobile homes Title V of the Housing Act of 1949 (as amended by sections 515 and 516(a) of this Act) is amended by adding at the end Ante, pp. 697, 698. thereof the following new section: “Sec. 527. “mobile homes (a) As used in this title, the term ‘housing’ shall, notwithstanding “Housing.” 42 USC 1490g. any other provision of this title and to the extent deemed practicable by the Secretary, include mobile homes and mobile home sites. “(b) With respect to mobile homes and mobile home sites financed under this title, the Secretary shall— “(1) prescribe minimum property standards to assure the livability and durability of the mobile home and the suitability of the site on which it is to be located, and “(2) obtain assurances from the borrower that the mobile home will be placed on a site which complies with standards prescribed by the Secretary and with applicable local requirements. Loans under this title for the purchase of mobile homes and sites shall be made on the same terms and conditions as are applicable under section 2 of the National Housing Act to obligations financing Ante, p. 685. the purchase of mobile homes and lots on which to place such homes.” Sec. 519. contrast services and fees (a) Section 506(a) of the Housing Act of 1949 is amended 42 USC 1476. by striking out “, as may be required by the Secretary, by competent employees of the Secretary” and inserting in lieu thereof “as required by the Secretary”. (b) Section 517(j)(3) of such Act is amended by inserting after 42 USC 1487. “borrowers,” the following: “and other services customary in the industry, construction inspections, commercial appraisals, servicing of loans, and other related program services and expenses,”. Sec. 520. state and local agencies Section 501(c) of the Housing Act of 1949 is amended by 42 USC 1471. adding at the end thereof the following: “if an applicant is a State or local public agency— “(A) the provisions of clause (3) shall not apply to its application; and “(B) the applicant shall be eligible to participate in any program under this title if the persons or families to be served by the applicant with the assistance being sought would be eligible to participate in such program.”

13. 1974

    Housing and Community Development Act of 1974

    Pub. L. 93–383 § 505(c)(1) · 88 Stat. 634

    Struck · 42 U.S.C. § 1487(d)

    Pub. L. 93–383, § 505(c)(1), struck out “as it becomes due” after “principal and interest”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 93–383, § 505(c)(1), struck out “as it becomes due” after “principal and interest”.

    Enacted provision · exact public law section
    (1) by striking out “as it becomes due” in the first sentence of subsection (d);

14. 1974

    Housing and Community Development Act of 1974

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

    1. Substituted · 42 U.S.C. § 1487(j)

       Pub. L. 93–383, §§ 505(c)(2), (3), 514(c), 519(b), in cl. (1) substituted “any payment” for “any prepayment”

    2. Substituted · 42 U.S.C. § 1487(j)

       Pub. L. 93–383, §§ 505(c)(2), (3), 514(c), 519(b), in cl. (1) substituted “such payments” for “such prepayments”

    3. Inserted · 42 U.S.C. § 1487(j)

       Pub. L. 93–383, §§ 505(c)(2), (3), 514(c), 519(b), in cl. (1) inserted provision relating to next agreed annual or semiannual remittance date, in cl. (3) inserted provisions authorizing other services customary in the industry, etc.

    4. Added · 42 U.S.C. § 1487(j)

       Pub. L. 93–383, §§ 505(c)(2), (3), 514(c), 519(b), in cl. (1) added cl. (4)

    Source evidence

    Code amendment note
    Subsec. (j). Pub. L. 93–383, §§ 505(c)(2), (3), 514(c), 519(b), in cl. (1) substituted “any payment” for “any prepayment” and “such payments” for “such prepayments” and inserted provision relating to next agreed annual or semiannual remittance date, in cl. (3) inserted provisions authorizing other services customary in the industry, etc., and added cl. (4).

    Enacted provision · exact public law
    TITLE V— RURAL HOUSING Sec. 501. inclusion of united states territories and trust territory of the pacific islands Section 501(a)(1) of the Housing Act of 1949 is amended 42 USC 1471. by striking out “Puerto Rico and the Virgin Islands” and inserting in lieu thereof the following: “the Commonwealth of Puerto Rico, the Virgin Islands, the territories and possessions of the United States, and the Trust Territory of the Pacific Islands”. Sec. 502. refinancing of indebtedness for certain eligible applicants Section 501 (a) (4) of the Housing Act of 1949 is amended— 42 USC 1471. (1) by adding after the comma at the end of clause (B) the following: “or, if combined with a loan for improvement, rehabilitation, or repairs and not refinanced, is likely to cause a hardship for the applicant, and”; and (2) striking out clauses (C) and (D) and inserting in lieu thereof the following: “(C) was incurred by the applicant at least five years prior to his applying for assistance under this title.”. Sec. 503. loans to leasehold owners under all rural housing programs Section 501 (b) (2) of the Housing Act of 1949 is amended by striking out “sections 502 and 504” and inserting in lieu thereof “this title”. Sec. 504. rehabilitation loans and grants Section 504 (a) of the Housing Act of 1949 is amended 42 USC 1474. to read as follows: “(a) In the event the Secretary determines that an eligible applicant cannot qualify for a loan under the provisions of sections 502 and 503 and that repairs or improvements should be made to a rural dwelling occupied by him in order to make such dwelling safe and sanitary and remove hazards to the health of the occupant, his family, or the community, and that repairs should be made to farm buildings in order to remove hazards and make such buildings safe, the Secretary may make a grant or a combined loan and grant to the applicant to cover the cost of improvements or additions, such as repairing roofs, providing toilet facilities, providing a convenient and sanitary water supply, supplying screens, repairing or providing structural supports, or making similar repairs, additions, or improvements, including all preliminary and installation costs in obtaining central water and sewer service. No assistance shall be extended to any one individual under this subsection in the form of a loan, grant, or combined loan and grant in excess of $5,000. Any portion of the sums advanced to the borrower treated as a loan shall be secured and be repayable within twenty years in accordance with the principles and conditions set forth in this title, except that a loan for less than $2,500 need be evidenced only by a promissory note. Sums made available by grant may be made subject to the conditions set forth in this title for the protection of the Government with respect to contributions made on loans made by the Secretary.”. Sec. 505. escrow accounts for taxes, insurance, and other expenses (a) Section 501 of the Housing Act of 1949 is amended by 42 USC 1471. adding at the end thereof the following new subsection: “(e) The Secretary may establish procedures whereby borrowers under this title may make periodic payments for the purpose of taxes, insurance, and such other necessary expenses as the Secretary may deem appropriate. Such payments shall be held in escrow by the Secretary and paid out by him at the appropriate time or times for the purposes for which such payments are made. The Secretary shall notify a borrower in writing when his loan payments are delinquent.”. (b) The second sentence of section 502 (a) of such Act is amended 42 USC 1472. by inserting before the period at the end thereof the following: “and on the borrower preparing to the Secretary as escrow agent, on terms and conditions prescribed by him, such taxes, insurance, and other expenses as the Secretary may require in accordance with section 501(e)”. (c) Section 517 of such Act is amended— 42 USC 1487. (1) by striking out “as it becomes due” in the first sentence of subsection (d); (2) by striking out “prepayment” and “prepayments” each place they appear in subsection (j)(1) and inserting in lieu thereof “payment” and “payments”, respectively; and (3) by inserting before the semicolon at the end of subsection (j)(1) the following: “or until the next agreed annual or semi-annual remittance date”. Sec. 506. research and study programs (a) Section 506(d) of the Housing Act of 1949 is amended 42 USC 1476. to read as follows: “(d) The Secretary may carry out the research and study programs authorized by subsections (b) and (c) through grants made by him, on such terms, conditions, and standards as he may prescribe, to land-grant colleges established pursuant to the Act of July 2, 1862 (7 U.S.C. 301–308), or (upon a finding by the Secretary that the research and study involved cannot feasibly be performed through the personnel and facilities of the Department of Agriculture or by land-grant colleges) to such other private or public organizations as he may select.”. (b) Section 506(e) of such Act is amended by striking out “farm housing” each place it appears and inserting in lieu thereof “rural housing”. Sec. 507. veterans preference Section 507 of the Housing Act of 1949 is amended— 42 USC 1477. (1) by inserting after “concurrent resolution of Congress” each place it appears a comma and the following: “or during the period beginning after January 31, 1955, and ending on August 4, 1964, or during the Vietnam era (as defined in section 101(29) of title 38, United States Code),”; and (2) by inserting “or era” before the period at the end of the third sentence. Sec. 508. utilization of county committees Section 508(b) of the Housing Act of 1949 is amended to 42 USC 1478. read as follows: “(b) The committees utilized or appointed pursuant to this section may examine applications of persons desiring to obtain the benefits of section 501(a) (1) and (2) as they relate to the successful operation of a farm, and may submit recommendations to the Secretary with respect to each applicant as to whether the applicant is eligible to receive such benefits, whether by reason of his character, ability, and experience he is likely successfully to carry out undertakings required of him under a loan under such section, and whether the farm with respect to which the application is made is of such character that there is a reasonable likelihood that the making of the loan requested will carry out the purposes of this title. The committees may also certify to the Secretary with respect to the amount of any loan.”. Sec. 509. assistance authorization (a) Clauses (b), (c), and (d) of section 513 of the Housing Act of 1949 are amended to read as follows: “(b) not to exceed 42 USC 1483. 42 USC 1474. $80,000,000 for loans and grants pursuant to section 504 during the period beginning July 1, 1956, and ending June 30, 1977; (c) not to exceed $80,000,000 for financial assistance pursuant to section 516 for 42 USC 1486. the period ending June 30, 1977; (d) not to exceed $250,000 per year for research and study programs pursuant to subsections (b), (c), and (d) of section 506 during the period beginning July 1, 1961, and ending Ante, p. 694. June 30, 1974, and not to exceed $1,000,000 per year for such programs during the period beginning October 1, 1974, and ending June 30, 1977;”. (b) Sections 515(b)(5) and 517(a)(1) of such Act are amended by 42 USC 1485, 1487. striking out “October 1, 1974” and inserting in lieu thereof “June 30, 1977”. Sec. 510. direct and insured loans to provide housing and related facilities for elderly persons and lower income families in rural areas (a) Section 515(b)(1) of the Housing Act of 1949 is 42 USC 1485. amended— (1) by striking out “$750,000 or”; and (2) by striking out “least” and inserting in lieu thereof “less”. (b) Section 515(d)(4) of such Act is amended to read as follows: “(4) the term ‘development cost’ means the costs of constructing, “Development cost.” purchasing, improving, altering, or repairing new or existing housing and related facilities and purchasing and improving the necessary land, including necessary and appropriate fees and charges, and initial operating expenses up to 2 per centum of the aforementioned costs, approved by the Secretary. Such fees and charges may include payments of qualified consulting organizations or foundations which operate on a nonprofit basis and which render services or assistance to nonprofit corporations or consumer cooperatives who provide housing and related facilities for low or moderate income families.” Sec. 511. definition of rural area Section 520 of the Housing Act of 1949 is amended by 42 USC 1490. inserting before the period at the end thereof a comma and the following: “or (3) has a population in excess of 10,000 but not in excess of 20,000, and (A) is not contained within a standard metropolitan statistical area, and (B) has a serious lack of mortgage credit, as determined by the Secretary and the Secretary of Housing and Urban Development”. Sec. 512. mutual and self-help housing (a) Section 523(b)(1) of the Housing Act of 1949 is 42 USC 1490c. amended by inserting immediately before “; and” at the end thereof the following: “: Provided, That the Secretary may advance funds under this paragraph to organizations receiving assistance under clause (A) to enable them to establish revolving accounts for the purchase of land options and any such advances may bear interest at a rate determined by the Secretary and shall be repaid to the Secretary at the expiration of the period for which the grant to the organization involved was made”. (b) Section 523(f) of such Act is amended— (1) by striking out “1974” each place it appears and inserting in lieu thereof “1977”; and (2) by striking out “$5,000,000” and inserting in lieu thereof “$10,000,000”. (c) Section 523 of such Act is amended by adding at the end thereof the following new subsection: “(h) The Secretary shall issue rules and regulations for the Rules and regulations. orderly processing and review of applications under this section and rules and regulations protecting the rights of grantees under this section in the event he determines to end grant assistance prior to the termination date of any grant agreement.”. Sec. 513. site loans The first sentence of section 524(a) of the Housing Act of 1949 is amended to read as follows: “The Secretary may make loans, 42 USC 1490d. on such terms and conditions and in such amounts he deems necessary, to public or private nonprofit organizations for the acquisition and development of land as building sites to be subdivided and sold to families, nonprofit organizations, public agencies, and cooperatives eligible for assistance under any section of this title or under any other law which provides financial assistance for housing low- and moderate-income families.” Sec. 514. rental assistance (a) Section 521(a) of the Housing Act of 1949 is amended 42 USC 1490a. by inserting “(1)” after “(a)”, and by adding at the end thereof the following new paragraph: “(2) (A) The Secretary may make and insure loans under this section 42 USC 1484, 1485, 1487. and sections 514, 515, and 517 to provide rental or cooperative housing and related facilities for persons and families of low income in multifamily housing projects, and may make, and contract to make, assistance payments to the owners of such rental housing in order to make available to low-income occupants of such housing rentals at rates commensurate to income and not exceeding 25 per centum of income. Such assistance payments shall be made on a unit basis and shall not be made for more than 20 per centum of the units in any one project, except that (i) when the project is financed by a loan under section 515 for elderly housing or by a loan under section 514 and a grant under section 516, such assistance may be made for up to 100 per centum of the units, and (ii) when the Secretary determines such action is necessary or feasible, he may make such payments with respect to more than 20 per centum of the units. “(B) The owner of any project assisted under this paragraph shall be required to provide at least annually a budget of operating expenses and record of tenants’ income which shall be used to determine the amount of assistance for each project. “(C) The project owner shall accumulate, safeguard, and periodically pay to the Secretary any rental charges collected in excess of basic rental charges as established by the Secretary in conformity with sub-paragraph (A). These funds may be credited to the appropriation and used by the Secretary for making such assistance payments through the end of the next fiscal year.” (b) Section 521(c) of such Act is amended to read as follows: “(c) There shall be reimbursed to the Rural Housing Insurance Fund by annual appropriations (1) the amounts by which nonprincipal payments made from the fund during each fiscal year to the holders of insured loans described in subsection (a)(1) exceed interest due from the borrowers during each year, and (2) the amount of assistance payments described in subsection (a)(2). The Secretary may from time to time issue notes to the Secretary of the Treasury under section 517(h) to obtain amounts equal to such unreimbursed payments, pending the annual reimbursement by appropriation.” (c) Section 517(j) of such Act is amended— (1) by striking out “and” at the end of paragraph (2); (2) by striking out the period at the end of paragraph (3) and inserting in lieu thereof “; and”; and (3) by adding at the end thereof the following new paragraph: “(4) to make assistance payments authorized by section 521 (a)(2).” Ante, p. 696. Sec. 515. technical and supervisory assistance Title V of the Housing Act of 1949 is amended by adding at the end thereof the following new section: “Sec. 525. “programs of technical and supervisory assistance for low-income families (a) The Secretary may make grants to or enter into contracts 42 USC 1490e. with public or private nonprofit corporations, agencies, institutions, organizations, and other associations approved by him, to pay part or all of the cost of developing, conducting, administering or coordinating effective and comprehensive programs of technical and supervisory assistance which will aid needy low-income individuals and families in benefiting from Federal, State, and local housing programs in rural areas. In processing applications for such grants or contracts made by private nonprofit corporations, agencies, institutions, organizations, and other associations, the Secretary shall give preference to those which are sponsored (including assistance to the applicant in processing the application, implementing the technical assistance program, and carrying out the obligations of the grant or contract) by a State, county, municipality, or other governmental entity or public body. “(b) The Secretary is authorized to make loans to public or private nonprofit corporations, agencies, institutions, organizations, and other associations approved by him for the necessary expenses, prior to construction, of planning, and obtaining financing for, the rehabilitation or construction of housing for low-income individuals or families under any Federal, State, or local housing program which is or could be used in rural areas. Such loans shall be made without interest and shall be for the reasonable costs expected to be incurred in planning, and in obtaining financing for, such housing prior to the availability of financing, including but not limited to preliminary surveys and analyses of market needs, preliminary site engineering and architectural fees, and construction loan fees and discounts. The Secretary shall require repayment of loans made under this subsection, under such terms and conditions as he may require, upon completion of the housing or sooner, and may cancel any part or all of such loan if he determines that it cannot be recovered from the proceeds of any permanent loan made to finance the rehabilitation or construction of the housing. “(c) There are authorized to be appropriated for the fiscal years Appropriation. ending June 30, 1975, and June 30, 1976, not to exceed $5,000,000 for the purposes of subsection (a) and not to exceed $5,000,000 for the purposes of subsection (b). Any amounts so appropriated shall remain available until expended, and any amounts authorized for any fiscal year under this subsection but not appropriated may be appropriated for any succeeding fiscal year. “(d) All funds appropriated for the purpose of subsection (b) shall Low-income sponsor fund. be deposited in a fund which shall be known as the low-income sponsor fund, and which shall be available without fiscal year limitation and be administered by the Secretary as a revolving fund for carrying out the purposes of that subsection. Sums received in repayment of loans made under subsection (b) shall be deposited in such fund.”. Sec. 516. condominium housing (a) Title V of the Housing Act of 1949 (as amended by section 515 of this Act) is amended by adding at the end thereof the Ante, p. 697. following new section: “Sec. 526. “condominium housing (a) The Secretary is authorized, in his discretion and 42 USC 1490f. upon such terms and conditions (substantially identical insofar as may be feasible with those specified in section 502) as he may prescribe, Ante, p. 693. to make loans to persons and families of low or moderate income, and to insure and make commitments to insure loans made to persons and families of low or moderate income, to assist them in purchasing dwelling units in condominiums located in rural areas. “(b) Any loan made or insured under subsection (a) shall cover a one-family dwelling unit in a condominium, and shall be subject to such provisions as the Secretary determines to be necessary for the maintenance of the common areas and facilities of the condominium project and to such additional requirements as the the Secretary deems appropriate for the protection of the consumer. “(c) In addition to individual loans made or insured under subsection (a) the Secretary is authorized, in his discretion and upon such terms and conditions (substantially identical insofar as may be feasible with those specified in section 515) as he may prescribe, to make or insure blanket loans to a borrower who shall certify to the Secretary, as a condition of obtaining such loan or insurance, that upon completion of the multifamily project the ownership of the project will be committed to a plan of family unit ownership under which (1) each family unit will be eligible for a loan or insurance under subsection (a), and (2) the individual dwelling units in the project will be sold only on a condominium basis and only to purchasers eligible for a loan or insurance under subsection (a). The principal obligation of any blanket loan made or insured under this subsection shall in no case exceed the sum of the individual amounts of the loans which could be made or insured with respect to the individual dwelling units in the project under subsection (a). “(d) As used in this section, the term ‘condominium’ means a multi-unit “Condominium.” housing project which is subject to a plan of family unit ownership acceptable to the Secretary under which each dwelling unit is individually owned and each such owner holds an undivided interest in the common areas and facilities which serve the project.” (b) Section 517(b) of such Act is amended by striking out “and 42 USC 1487. 42 USC 1490d. Supra. 524” and inserting in lieu thereof “524, and 526”. (c) (1) Section 521(a)(1) of such Act (as amended by section 514 (a) of this Act) is amended— (A) by striking out “and loans under section 515” and inserting 42 USC 1485. in lieu thereof “loans under section 515”; and (B) by inserting after “elderly families,” the following: “and loans under section 526 to provide condominium housing for persons and families of low or moderate income,”. (2) Section 521(b) of such Act is amended— (A) by striking out “or 517(a)(1)” and inserting in lieu thereof “, 517(a)(1), or 526(a)”; and (B) by inserting “or 526(c)” after “under section 515”. (3) Section 521(c) of such Act (as amended by section 514(b) of this Act) is amended by inserting “and section 526” after “section 517(h)”. Sec. 517. transfer of pre-1965 insured housing loans to the rural housing insurance fund Section 517(b) of the Housing Act of 1949 is amended Ante, p. 698. by adding at the end thereof the following new sentences: “The notes held in the Agricultural Credit Insurance Fund (7 U.S.C. 1929) which evidence loans made or insured by the Secretary under section 514 or 515(b), the rights and liabilities of that Fund under insurance 42 USC 1484; Ante, p. 695. contracts relating to such loans held by insured investors, the mortgages securing the obligations of the borrowers under such loans held in that Fund or by insured investors, and all rights to subsequent collections on and proceeds of such notes, contracts, and mortgages, are hereby transferred to the Rural Housing Insurance Fund and for the purposes of this title and any other Act shall be subject to the provisions of this section as if created pursuant thereto. The Rural Housing Insurance Fund shall compensate the Agricultural Credit Insurance Fund for the aggregate unpaid principal balance plus accrued interest of the notes so transferred.”. Sec. 518. mobile homes Title V of the Housing Act of 1949 (as amended by sections 515 and 516(a) of this Act) is amended by adding at the end Ante, pp. 697, 698. thereof the following new section: “Sec. 527. “mobile homes (a) As used in this title, the term ‘housing’ shall, notwithstanding “Housing.” 42 USC 1490g. any other provision of this title and to the extent deemed practicable by the Secretary, include mobile homes and mobile home sites. “(b) With respect to mobile homes and mobile home sites financed under this title, the Secretary shall— “(1) prescribe minimum property standards to assure the livability and durability of the mobile home and the suitability of the site on which it is to be located, and “(2) obtain assurances from the borrower that the mobile home will be placed on a site which complies with standards prescribed by the Secretary and with applicable local requirements. Loans under this title for the purchase of mobile homes and sites shall be made on the same terms and conditions as are applicable under section 2 of the National Housing Act to obligations financing Ante, p. 685. the purchase of mobile homes and lots on which to place such homes.” Sec. 519. contrast services and fees (a) Section 506(a) of the Housing Act of 1949 is amended 42 USC 1476. by striking out “, as may be required by the Secretary, by competent employees of the Secretary” and inserting in lieu thereof “as required by the Secretary”. (b) Section 517(j)(3) of such Act is amended by inserting after 42 USC 1487. “borrowers,” the following: “and other services customary in the industry, construction inspections, commercial appraisals, servicing of loans, and other related program services and expenses,”. Sec. 520. state and local agencies Section 501(c) of the Housing Act of 1949 is amended by 42 USC 1471. adding at the end thereof the following: “if an applicant is a State or local public agency— “(A) the provisions of clause (3) shall not apply to its application; and “(B) the applicant shall be eligible to participate in any program under this title if the persons or families to be served by the applicant with the assistance being sought would be eligible to participate in such program.”

15. 1977

    Pub. L. 95–60 § 4(c) · 91 Stat. 257

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 95–60 substituted “July 31, 1977” for “June 30, 1977”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 95–60 substituted “July 31, 1977” for “June 30, 1977”.

    Enacted provision · exact public law section
    (c) Section 517 of such Act is amended by striking out “June 30, 1977” where it appears in paragraph (a)(1) and inserting in lieu thereof “July 31, 1977”.

16. 1977

    Pub. L. 95–80 § 4(c) · 91 Stat. 339

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 95–80 substituted “September 30, 1977” for “July 31, 1977”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 95–80 substituted “September 30, 1977” for “July 31, 1977”.

    Enacted provision · exact public law section
    (c) Section 517(a)(1) of such Act is amended by striking out “July 31, 1977” and inserting in lieu thereof “September 30, 1977”.

17. 1977

    Housing and Community Development Act of 1977

    Pub. L. 95–128 § 501(c) · 91 Stat. 1111

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 95–128, § 501(c), substituted “September 30, 1978” for “September 30, 1977”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 95–128, § 501(c), substituted “September 30, 1978” for “September 30, 1977”.

    Enacted provision · exact public law section
    (c) Section 517(a)(1) of such Act is amended by striking out 42 USC 1487. “September 30, 1977” and inserting in lieu thereof “September 30, 1978”.

18. 1977

    Housing and Community Development Act of 1977

    Pub. L. 95–128 § 502(b) · 91 Stat. 1111

    Changed · 42 U.S.C. § 1487(e)

    Pub. L. 95–128, § 502(b), required separate operation of guaranteed loan program and insured loan program and prohibited transfer of funds from one program to the other

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 95–128, § 502(b), required separate operation of guaranteed loan program and insured loan program and prohibited transfer of funds from one program to the other.

    Enacted provision · exact public law section
    (b) Section 517(e) of such Act is amended by inserting after the Rural Housing Insurance Fund. 42 USC 1487. Transfer of funds. first sentence the following new sentence: “The guaranteed loan program under this title shall be operated separately from the insured loan program operated under this title and no funds designated for one program may be transferred to another program.”.

19. 1977

    Housing and Community Development Act of 1977

    Pub. L. 95–128 § 506 · 91 Stat. 1111

    Added · 42 U.S.C. § 1487(j)(5); 42 U.S.C. § 1487(j)(6)

    Pub. L. 95–128, § 506, added pars. (5) and (6)

    Source evidence

    Code amendment note
    Subsec. (j)(5), (6). Pub. L. 95–128, § 506, added pars. (5) and (6).

    Enacted provision · exact public law section
    Sec. 506. purposes for which funds from the rural housing insurance fund may be used Section 517(j) of the Housing Act of 1949 is amended— (1) by striking out “and” at the end of paragraph (3); (2) by striking out the period at the end of paragraph (4) and inserting in lieu thereof a semicolon; and (3) by adding at the end thereof the following new paragraphs: “(5) after October 1, 1977, and as approved in appropriations Ante, p. 1139. Acts, to make advances authorized by section 501(e); and “(6) after October 1, 1977, and as approved in appropriations Ante, p. 1139. Acts, to make the expenditures authorized by section 509(c).”.

20. 1977

    Housing and Community Development Act of 1977

    Pub. L. 95–128 § 502(c) · 91 Stat. 1111

    Added · 42 U.S.C. § 1487(n)

    Pub. L. 95–128, § 502(c), added subsec. (n)

    Source evidence

    Code amendment note
    Subsec. (n). Pub. L. 95–128, § 502(c), added subsec. (n).

    Enacted provision · exact public law section
    (c) Section 517 of such Act is amended by adding the following new subsection at the end thereof: “(n) Loans guaranteed under this section shall be made only to borrowers with above-moderate incomes.”.

21. 1977

    Housing and Community Development Act of 1977

    Pub. L. 95–128 § 509 · 91 Stat. 1111

    Added · 42 U.S.C. § 1487(o)

    Pub. L. 95–128, § 509, added subsec. (o)

    Source evidence

    Code amendment note
    Subsec. (o). Pub. L. 95–128, § 509, added subsec. (o).

    Enacted provision · exact public law section
    Sec. 509. providing for a division of insured rural housing loans Section 517 of the Housing Act of 1949 (as amended by section 502(c)) is amended by adding at the end thereof the following Ante, p. 1139. new subsection: “(o) At least 60 per centum of the amount of loans made pursuant to sections 502 and 515 shall benefit persons of low income.”. 42 USC 1472, 1485.

22. 1978

    Pub. L. 95–406 § 7(c) · 92 Stat. 879

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 95–406 substituted “October 31, 1978” for “September 30, 1978”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 95–406 substituted “October 31, 1978” for “September 30, 1978”.

    Enacted provision · exact public law section
    (c) Section 517(a) (1) of such Act is amended by striking out “September 42 USC 1487. 30, 1978” and inserting in lieu thereof “October 31, 1978”.

23. 1978

    Housing and Community Development Amendments of 1978

    Pub. L. 95–557 § 501(f) · 92 Stat. 2080

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 95–557, § 501(f), substituted “September 30, 1979” for “October 31, 1978”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 95–557, § 501(f), substituted “September 30, 1979” for “October 31, 1978”.

    Enacted provision · exact public law section
    (f) Section 517(a)(1) of such Act is amended by striking 42 USC 1487. out “October 31, 1978” and inserting in lieu thereof “September 30, 1979”.

24. 1978

    Housing and Community Development Amendments of 1978

    Pub. L. 95–557 § 506(b) · 92 Stat. 2080

    Substituted · 42 U.S.C. § 1487(j)(4)

    Pub. L. 95–557, § 506(b), substituted “1490a(a)” for “1490a(a)(2)”

    Source evidence

    Code amendment note
    Subsec. (j)(4). Pub. L. 95–557, § 506(b), substituted “1490a(a)” for “1490a(a)(2)”.

    Enacted provision · exact public law section
    (b) Section 517(j) of such Act is amended by striking out 42 USC 1487. “(2)” in paragraph (4).

25. 1979

    Pub. L. 96–71 § 5(c) · 93 Stat. 501

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 96–71 substituted “October 31, 1979” for “September 30, 1979”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 96–71 substituted “October 31, 1979” for “September 30, 1979”.

    Enacted provision · exact public law section
    (c) Section 517(a)(1) of such Act is amended by striking out “Septem-ber 30, 1979” and inserting in lieu thereof “October 31, 1979”.

26. 1979

    Pub. L. 96–105 § 5(c) · 93 Stat. 794

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 96–105 substituted “November 30, 1979” for “October 31, 1979”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 96–105 substituted “November 30, 1979” for “October 31, 1979”.

    Enacted provision · exact public law section
    (c) Section 517(a)(1) of such Act is amended by striking out “October Ante, p. 502. 31, 1979” and inserting in lieu thereof “November 30, 1979”.

27. 1979

    Housing and Community Development Amendments of 1979

    Pub. L. 96–153 § 501(g) · 93 Stat. 1101

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 96–153, § 501(g), substituted “September 30, 1980” for “November 30, 1979”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 96–153, § 501(g), substituted “September 30, 1980” for “November 30, 1979”.

    Enacted provision · exact public law section
    (g) Section 517(a)(1) of such Act is amended by striking out “November 30, 1979” and inserting in lieu thereof “September 30, 1980”.

28. 1979

    Housing and Community Development Amendments of 1979

    Pub. L. 96–153 § 511 · 93 Stat. 1101

    1. Redesignated · 42 U.S.C. § 1487(o)

       Pub. L. 96–153, § 511, redesignated existing provisions as par. (1)

    2. Added · 42 U.S.C. § 1487(o)

       Pub. L. 96–153, § 511, added par. (2)

    Source evidence

    Code amendment note
    Subsec. (o). Pub. L. 96–153, § 511, redesignated existing provisions as par. (1) and added par. (2).

    Enacted provision · exact public law section
    Sec. 511. assistance allocation Section 517(o) of the Housing Act of 1949 is amended— 42 USC 1487. (1) by inserting “(1)” before “At”; and (2) by adding the following new paragraph at the end thereof: “(2) At least 30 per centum of the assistance made available in any area of any State pursuant to this title in any fiscal year shall, to the extent practicable, benefit persons with incomes below 50 per centum of the median income which is determined for that area in accordance with section 501(b )(4).”. 42 USC 1471.

29. 1980

    Pub. L. 96–372 § 6(c) · 94 Stat. 1363

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 96–372 substituted “October 15, 1980” for “September 30, 1980”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 96–372 substituted “October 15, 1980” for “September 30, 1980”.

    Enacted provision · exact public law section
    (c) Section 517(a)(1) of such Act is amended by striking out “September 30, 1980” and inserting in lieu thereof “October 15, 1980”.

30. 1980

    Housing and Community Development Act of 1980

    Pub. L. 96–399 § 501(c) · 94 Stat. 1614

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 96–399, § 501(c), substituted “September 30, 1981” for “October 15, 1980”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 96–399, § 501(c), substituted “September 30, 1981” for “October 15, 1980”.

    Enacted provision · exact public law section
    (c) Section 517(a)(1) of such Act is amended by striking out “October 15, 1980” and inserting in lieu thereof “September 30, 1981”.

31. 1980

    Housing and Community Development Act of 1980

    Pub. L. 96–399 § 511 · 94 Stat. 1614

    Inserted · 42 U.S.C. § 1487(n)

    Pub. L. 96–399, § 511, inserted reference to moderate income borrowers

    Source evidence

    Code amendment note
    Subsec. (n). Pub. L. 96–399, § 511, inserted reference to moderate income borrowers.

    Enacted provision · exact public law section
    Sec. 511. guaranteed loans Section 517(n) of the Housing Act of 1949 is amended by 42 USC 1487. inserting “moderate or” after “borrowers with”.

32. 1981

    Housing and Community Development Amendments of 1981

    Pub. L. 97–35 title III § 351(c) · 95 Stat. 357

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 97–35 substituted “1982” for “1981”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 97–35 substituted “1982” for “1981”.

    Enacted provision · exact public law section
    (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”.

    Effective date note
    Amendment by Pub. L. 97–35 effective Oct. 1, 1981, see section 371 of Pub. L. 97–35, set out as an Effective Date note under section 3701 of Title 12, Banks and Banking.

33. 1982

    Pub. L. 97–289 § 3(b) · 96 Stat. 1230

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 97–289 substituted “May 20, 1983” for “September 30, 1982”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 97–289 substituted “May 20, 1983” for “September 30, 1982”.

    Enacted provision · exact public law section
    (b) Section 517(a)(1) of such Act is amended by striking out “September 42 USC 1487. 30, 1982” and inserting in lieu thereof “May 20, 1983”.

34. 1983

    Pub. L. 98–35 § 3(b) · 97 Stat. 197

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 98–35 substituted “September 30, 1983” for “May 20, 1983”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 98–35 substituted “September 30, 1983” for “May 20, 1983”.

    Enacted provision · exact public law section
    (b) Section 517(a)(1) of such Act is amended by striking out “May 20, 1983” and inserting in lieu thereof “September 30, 1983”.

35. 1983

    Pub. L. 98–109 § 4(b) · 97 Stat. 745

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 98–109 substituted “November 30, 1983” for “September 30, 1983”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 98–109 substituted “November 30, 1983” for “September 30, 1983”.

    Enacted provision · exact public law section
    (b) Section 517(a)(1) of such Act is amended by striking out “September 30, 1983” and inserting in lieu thereof “November 30, 1983”.

36. 1983

    Rural Housing Amendments of 1983

    Pub. L. 98–181 § 514(a)(1) · 97 Stat. 1153

    Substituted · 42 U.S.C. § 1487(a)

    Pub. L. 98–181, § 514(a)(1), substituted provisions relating to amount of loan to low income person or family, for provisions designated as pars. (1) and (2) relating to restrictions on loans with respect to amounts, interest, etc., where the borrowers are persons of low or moderate income, and similar restrictions where the borrowers are other persons

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 98–181, § 514(a)(1), substituted provisions relating to amount of loan to low income person or family, for provisions designated as pars. (1) and (2) relating to restrictions on loans with respect to amounts, interest, etc., where the borrowers are persons of low or moderate income, and similar restrictions where the borrowers are other persons.

    Enacted provision · exact public law section
    (1) by striking out all after “insured” in subsection (a) and inserting in lieu thereof a period and the following: “The amount of such a loan to a low income person or family shall not exceed the amount necessary to provide adequate housing which is modest in size, design, and cost (as determined by the Secretary).”; and

37. 1983

    Rural Housing Amendments of 1983

    Pub. L. 98–181 § 511(c) · 97 Stat. 1153

    Substituted · 42 U.S.C. § 1487(a)(1)

    Pub. L. 98–181, § 511(c), substituted “September 30, 1985” for “November 30, 1983”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 98–181, § 511(c), substituted “September 30, 1985” for “November 30, 1983”.

    Enacted provision · exact public law section
    (c) Section 517(a)(1) of such Act is amended by striking out “November 30, 1983” and inserting in lieu thereof “September 30, 1985”.

38. 1983

    Rural Housing Amendments of 1983

    Pub. L. 98–181 § 514(a)(2) · 97 Stat. 1153

    Substituted · 42 U.S.C. § 1487(b)

    Pub. L. 98–181, § 514(a)(2), substituted “(b)(3)” for “(b)(4)”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 98–181, § 514(a)(2), substituted “(b)(3)” for “(b)(4)”.

    Enacted provision · exact public law section
    (2) by striking out “(b)(4)” in subsection (b) and inserting in lieu thereof “(b)(3)”.

39. 1983

    Rural Housing Amendments of 1983

    Pub. L. 98–181 § 514(b) · 97 Stat. 1153

    Struck · 42 U.S.C. § 1487(j)(6)

    Pub. L. 98–181, § 514(b), struck out par. (6) which related to making expenditures under section 1479(c) of this title after Oct. 1, 1977

    Source evidence

    Code amendment note
    Subsec. (j)(6). Pub. L. 98–181, § 514(b), struck out par. (6) which related to making expenditures under section 1479(c) of this title after Oct. 1, 1977.

    Enacted provision · exact public law section
    (b) Section 517(j) of such Act is amended— (1) by striking out “; and” at the end of paragraph (5) and inserting in lieu thereof a period; and (2) by striking out paragraph (6).

40. 1983

    Rural Housing Amendments of 1983

    Pub. L. 98–181 § 514(c) · 97 Stat. 1153

    1. Added · 42 U.S.C. § 1487(o)

       Pub. L. 98–181, § 514(c), (d), added subsec. (o)

    2. Struck · 42 U.S.C. § 1487(o)

       Pub. L. 98–181, § 514(c), (d), struck out former subsec. (o) which related to loans to persons of low income and to the minimum amounts available to such persons

    Source evidence

    Code amendment note
    Subsec. (o). Pub. L. 98–181, § 514(c), (d), added subsec. (o), and struck out former subsec. (o) which related to loans to persons of low income and to the minimum amounts available to such persons.

    Enacted provision · exact public law section
    (c) Section 517(o) of such Act is repealed.

41. 1984

    Housing and Community Development Technical Amendments Act of 1984

    Pub. L. 98–479 § 203(d)(5) · 98 Stat. 2218

    1. Substituted · 42 U.S.C. § 1487(h)

       Pub. L. 98–479, § 203(d)(5), substituted “chapter 31 of title 31” for “the Second Liberty Bond Act, as amended”

    2. Substituted · 42 U.S.C. § 1487(h)

       Pub. L. 98–479, § 203(d)(5), substituted “such chapter” for “such Act”

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 98–479, § 203(d)(5), substituted “chapter 31 of title 31” for “the Second Liberty Bond Act, as amended” and “such chapter” for “such Act”.

    Enacted provision · exact public law section
    (5) Section 517(h) of the Housing Act of 1949 is amended— (A) by striking out “the Second Liberty Bond Act, as amended” and inserting in lieu thereof “chapter 31 of title 31, United States Code”; and (B) by striking out “such Act” and inserting in lieu thereof “such chapter”.

42. 1984

    Housing and Community Development Technical Amendments Act of 1984

    Pub. L. 98–479 § 105(f) · 98 Stat. 2218

    Inserted · 42 U.S.C. § 1487(j)(4)

    Pub. L. 98–479, § 105(f), inserted “and” after the semicolon at the end

    Source evidence

    Code amendment note
    Subsec. (j)(4). Pub. L. 98–479, § 105(f), inserted “and” after the semicolon at the end.

    Enacted provision · exact public law section
    (f) Section 517(j)(4) of the Housing Act of 1949 is amended by 42 USC 1487. inserting “and” after the semicolon at the end thereof.

43. 1984

    Housing and Community Development Technical Amendments Act of 1984

    Pub. L. 98–479 § 203(d)(6) · 98 Stat. 2218

    Substituted · 42 U.S.C. § 1487(k)

    Pub. L. 98–479, § 203(d)(6), substituted “chapter 11 of title 31” for “the Budget and Accounting Act, 1921”

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 98–479, § 203(d)(6), substituted “chapter 11 of title 31” for “the Budget and Accounting Act, 1921”.

    Enacted provision · exact public law section
    (6) Section 517(k) of the Housing Act of 1949 is amended by striking out “the Budget and Accounting Act, 1921” and inserting in lieu thereof “chapter 11 of title 31, United States Code”.

44. 1986

    Housing and Community Development Reconciliation Amendments of 1985

    Pub. L. 99–272 § 3006(a) · 100 Stat. 82

    Inserted · 42 U.S.C. § 1487(c)

    Pub. L. 99–272, § 3006(a), inserted provision requiring any loan made and sold after Apr. 7, 1986, to be sold to the public and not to Federal Financing Bank unless required to service transactions between Secretary and Bank occurring on or before such date

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 99–272, § 3006(a), inserted provision requiring any loan made and sold after Apr. 7, 1986, to be sold to the public and not to Federal Financing Bank unless required to service transactions between Secretary and Bank occurring on or before such date.

    Enacted provision · exact public law section
    (a) Sale of Insured and Guaranteed Loans to Public.— Section 517(c) of the Housing Act of 1949 is amended by adding at the end 42 USC 1487. thereof the following new sentence: “Any loan made and sold by the Secretary under this section after the date of the enactment of the Housing and Community Development Reconciliation Amendments of 1985 (and any loan made by other lenders under this title that is insured or guaranteed in accordance with this section, is purchased by the Secretary, and is sold by the Secretary under this section after such date) shall be sold to the public and may not be sold to the Federal Financing Bank, unless such sale to the Federal Financing Bank is required to service transactions under this title between the Secretary and the Federal Financing Bank occurring on or before such date.”.

45. 1986

    Housing and Community Development Reconciliation Amendments of 1985

    Pub. L. 99–272 § 3006(b) · 100 Stat. 82

    1. Amended · 42 U.S.C. § 1487(d)

       Pub. L. 99–272, § 3006(b), (c), designated existing provisions as par. (1)

    2. Added · 42 U.S.C. § 1487(d)

       Pub. L. 99–272, § 3006(b), (c), added pars. (2) to (4)

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 99–272, § 3006(b), (c), designated existing provisions as par. (1), and added pars. (2) to (4).

    Enacted provision · exact public law section
    (b) Interest Subsidy on Insured and Guaranteed Loans Offered for Sale to Public.— Section 517(d) of the Housing Act of 1949 is amended— (1) by inserting “(1)” after the subsection designation; and (2) by adding at the end thereof the following new paragraph: “(2) Each loan made by the Secretary or other lenders under this title that is insured or guaranteed in accordance with this subsection shall, when offered for sale to the public, be accompanied by an agreement by the Secretary to pay to the holder of such loan (through an agreement to purchase such loan or through such other means as the Secretary determines to be appropriate) the difference between the rate of interest paid by the borrower of such loan and the market rate of interest (as determined by the Secretary) on obligations having comparable periods to maturity on the date of such sale.”.

46. 1986

    Housing and Community Development Reconciliation Amendments of 1985

    Pub. L. 99–272 § 3006(d) · 100 Stat. 82

    Added · 42 U.S.C. § 1487(j)(6)

    Pub. L. 99–272, § 3006(d), added par. (6)

    Source evidence

    Code amendment note
    Subsec. (j)(6). Pub. L. 99–272, § 3006(d), added par. (6).

    Enacted provision · exact public law section
    (d) Use of Rural Housing Insurance Fund.— Section 517(j) of 42 USC 1487. the Housing Act of 1949 is amended— (1) by striking out “and” at the end of paragraph (4); (2) by striking out the period at the end of paragraph (5) and inserting in lieu thereof “; and”; and (3) by adding at the end thereof the following new paragraph: “(6) to make payments and take other actions in accordance with agreements entered into under paragraphs (2) and (3) of subsection (d).”.

47. 1986

    Housing and Community Development Reconciliation Amendments of 1985

    Pub. L. 99–272 § 3006(e) · 100 Stat. 82

    Struck · 42 U.S.C. § 1487(n)

    Pub. L. 99–272, § 3006(e), struck out subsec. (n) which restricted loans guaranteed under this section to borrowers with moderate or above-moderate incomes

    Source evidence

    Code amendment note
    Subsec. (n). Pub. L. 99–272, § 3006(e), struck out subsec. (n) which restricted loans guaranteed under this section to borrowers with moderate or above-moderate incomes.

    Enacted provision · exact public law section
    (e) Eligibility for Guaranteed Loans.— Section 517 of the Housing Act of 1949 is amended by striking out subsection (n).

48. 1986

    Housing and Community Development Reconciliation Amendments of 1985

    Pub. L. 99–272 § 3006(f) · 100 Stat. 82

    1. Amended · 42 U.S.C. § 1487(o)

       Pub. L. 99–272, § 3006(f), designated existing provisions as par. (1)

    2. Added · 42 U.S.C. § 1487(o)

       Pub. L. 99–272, § 3006(f), added par. (2)

    Source evidence

    Code amendment note
    Subsec. (o). Pub. L. 99–272, § 3006(f), designated existing provisions as par. (1), and added par. (2).

    Enacted provision · exact public law section
    (f) Regulations.— Section 517(o) of the Housing Act of 1949 is amended— (1) by inserting “(1)” after the subsection designation; and (2) by adding at the end thereof the following new paragraph: “(2) Not later than the expiration of the 90-day period following the date of the enactment of the Housing and Community Development Reconciliation Amendments of 1985, the Secretary shall issue regulations to facilitate the marketability in the secondary mortgage market of loans insured or guaranteed under this section. Such regulations shall ensure that such loans are competitive with other loans and mortgages insured or guaranteed by the Federal Government.”.

49. 1988

    Housing and Community Development Act of 1987

    Pub. L. 100–242 title II § 243 · 101 Stat. 1815

    Added · 42 U.S.C. § 1487(j)(7)

    Pub. L. 100–242 added par. (7)

    Source evidence

    Code amendment note
    Subsec. (j)(7). Pub. L. 100–242 added par. (7).

    Enacted provision · exact public law section
    SEC. 243. USE OF RURAL HOUSING INSURANCE FUND. 42 USC 1487. Section 517(j) of the Housing Act of 1949 is amended— (1) by striking “and” at the end of paragraph (5); (2) by striking the period at the end of paragraph (6) and inserting “; and”; and (3) by adding at the end the following new paragraph: “(7) to provide advances and assistance required to carry out paragraphs (4) and (5) of section 502(c).”.

50. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 title V § 501(e)(2) · 103 Stat. 183

    Added · 42 U.S.C. § 1487(n)

    Pub. L. 101–73 added subsec. (n)

    Source evidence

    Code amendment note
    Subsec. (n). Pub. L. 101–73 added subsec. (n).

    Enacted provision · exact public law section
    (2) Housing act of 1949.— Section 517 of the Housing Act of 42 USC 1487. 1949 (42 U.S.C. 1987) is amended by adding after subsection (m) the following new subsection: “(n) The Secretary may guarantee and service loans made for the purchase of eligible residential properties under section 21A(c) of the Federal Home Loan Bank Act in accordance with subsection (d) of this section and the last sentence of section 521(a)(1)(A).”.

51. 1992

    Housing and Community Development Act of 1992

    Pub. L. 102–550 title VII § 707(g) · 106 Stat. 3672

    Inserted · 42 U.S.C. § 1487(j)(3)

    Pub. L. 102–550 inserted “independent audits of project expenses,” after “customary in the industry,”

    Source evidence

    Code amendment note
    Subsec. (j)(3). Pub. L. 102–550 inserted “independent audits of project expenses,” after “customary in the industry,”.

    Enacted provision · exact public law section
    (g) Independent Coot Certifications.— Section 5170(3) of the Housing Act of 1949 (42 U.S.C. 14870)(3)) is amended by inserting after “industry,” the following: “independent audits of project expenses,”.

54 of 60 references resolved to an enrolled provision · 6 partial