Title 42 — The Public Health and Welfare
Chapter 24 — Disposal of Atomic Energy Communities
§ 2362. Financing by Commission
Statutory text
Acceptance of residential property notes
In the event that the Commission finds that financing on reasonable terms is not available from other sources, the Commission may, in order to facilitate the sale of residential property under subchapter IV of this chapter, accept, in partial payment of the purchase price of any such property notes secured by first mortgages on such terms and conditions as the Commission shall deem appropriate. In the case of houses and apartment buildings, the maturity and percentage of appraised value in connection with such notes and mortgages shall not exceed those prescribed under section 1715n(a) of title 12, and the interest rate shall equal the interest rate plus the premium being charged (and any periodic service charge being authorized by the Secretary of Housing and Urban Development for properties of similar character) under section 1715n(a) of title 12, at the effective date of such notes and mortgages.
Advances
In connection with the sale of residential property financed under subsection (a) of this section, the Commission is authorized to make advances for necessary repairs, or for the rehabilitation, modernization, rebuilding or enlargement of single and duplex residential properties to priority purchasers, and to include such advances in the amount of the note secured by the mortgage on such property.
Acceptance of commercial property notes
In the event that the Commission finds that financing on reasonable terms is not available from other sources, the Commission may, in order to facilitate the sale of commercial property under subchapter IV of this chapter, accept, in partial payment of the purchase price of any commercial property notes secured by first mortgages on such terms and conditions as the Commission shall deem appropriate.
Sale of notes and mortgages
The Commission may sell any notes and mortgages acquired under subsections (a) and (c) of this section on terms set by the Commission. Notwithstanding any other provisions of law and without regard to the provisions of section 6101 of title 41, the Commission may, in accordance with such terms and conditions as it may prescribe, (1) enter into contracts for servicing any of the notes and mortgages it has acquired, and (2) sell or enter into contracts to sell to a servicer any notes and mortgages with respect to which a servicing contract has been entered into by the servicer with the Commission: Provided, That with respect to sales of notes and mortgages under (2) the Commission shall comply with section 6101 of title 41 unless it determines that such compliance would not be feasible.
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.
Aug. 4, 1955, ch. 543, ch. 6, § 62, 69 Stat. 478 · 69 Stat. 478
Enacted · 42 U.S.C. § 2362
Aug. 4, 1955, ch. 543, ch. 6, § 62, 69 Stat. 478
Source evidence
Code source credit
Aug. 4, 1955, ch. 543, ch. 6, § 62, 69 Stat. 478Public Law not identified
Changed · 42 U.S.C. § 2362(a)
Subsec. (a). Act July 25, 1956, reenacted subsec. (a) without change
Unresolved: No Public Law or Statutes at Large citation in the Code source.
Source evidence
Code amendment note
Subsec. (a). Act July 25, 1956, reenacted subsec. (a) without change.Public Law not identified
Added · 42 U.S.C. § 2362(b); 42 U.S.C. § 2362(c)
Subsecs. (b), (c). Act July 25, 1956, added subsecs. (b) and (c)
Redesignated · 42 U.S.C. § 2362(b); 42 U.S.C. § 2362(c)
Subsecs. (b), (c). Act July 25, 1956, redesignated former subsec. (b) as (d)
Unresolved: No Public Law or Statutes at Large citation in the Code source.
Source evidence
Code amendment note
Subsecs. (b), (c). Act July 25, 1956, added subsecs. (b) and (c) and redesignated former subsec. (b) as (d).Public Law not identified
Redesignated · 42 U.S.C. § 2362(d)
Subsec. (d). Act July 25, 1956, redesignated former subsec. (b) as (d) and included notes and mortgages acquired under subsec. (c) of this section
Unresolved: No Public Law or Statutes at Large citation in the Code source.
Source evidence
Code amendment note
Subsec. (d). Act July 25, 1956, redesignated former subsec. (b) as (d) and included notes and mortgages acquired under subsec. (c) of this section.Pub. L. 87–719 § 15 · 76 Stat. 664
Substituted · 42 U.S.C. § 2362(a)
Pub. L. 87–719, § 15, substituted “such property” for “house, apartment building, or dormitory”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 87–719, § 15, substituted “such property” for “house, apartment building, or dormitory”.Enacted provision · exact public law section
Sec. 15. Section 62 a. is hereby amended by deleting “house, apartment building, or dormitory” and by inserting in lieu thereof “such property”.Pub. L. 87–719 § 16 · 76 Stat. 664
Inserted · 42 U.S.C. § 2362(d)
Pub. L. 87–719, § 16, inserted provisions respecting servicing contracts and compliance with advertising requirements for public purchases when feasible
Source evidence
Code amendment note
Subsec. (d). Pub. L. 87–719, § 16, inserted provisions respecting servicing contracts and compliance with advertising requirements for public purchases when feasible.Enacted provision · exact public law section
Sec. 16. Section 62 d. is hereby amended to read as follows: Contracts. “d. The Commission may sell any notes and mortgages acquired under subsections a. and c. of this section on terms set by the Commission. Notwithstanding any other provisions of law and without regard to the provisions of section 3709 of the Revised Statutes, the Commission may, in accordance with such tenus and conditions as it may prescribe, (1) enter into contracts for servicing any of the notes and mortgages it has acquired, and (2) sell or enter into contracts to sell to a servicer any notes and mortgages with respect to which a servicing contract has been entered into by the servicer with the Commission: Provided, That with respect to sales of notes and mortgages under (2) the Commission shall comply with section 3709 of the Revised Statutes unless it determines that such compliance would not be feasible.” 41 USC 5.Pub. L. 90–19 § 11 · 81 Stat. 17
Substituted · 42 U.S.C. § 2362(a)
Pub. L. 90–19 substituted “Secretary of Housing and Urban Development” for “Federal Housing Commissioner”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 90–19 substituted “Secretary of Housing and Urban Development” for “Federal Housing Commissioner”.Enacted provision · exact public law section
Sec. 11. Sections 32 and 62 a. of the Atomic Energy Community Act of 1955 are amended by striking out “Federal Housing Commissioner” 69 Stat. 474; 70 Stat. 653. 42 USC 2322, 2362. Repeal. 69 Stat. 642. 12 USC 1701d–2 note. 42 USC 1491–1497. each place it appears and inserting in lieu thereof “Secretary of Housing and Urban Development”.
3 of 8 references resolved to an enrolled provision · 1 partial · 4 unresolved
Editorial Notes
Codification
In subsec. (d), “section 6101 of title 41” substituted for “section 3709 of the Revised Statutes” in two places on authority of Pub. L. 111–350, § 6(c), , 124 Stat. 3854, which Act enacted Title 41, Public Contracts.
Amendments1956–1967 · 3 rounds
1967
Subsec. (a). Pub. L. 90–19 substituted “Secretary of Housing and Urban Development” for “Federal Housing Commissioner”.
1962
Subsec. (a). Pub. L. 87–719, § 15, substituted “such property” for “house, apartment building, or dormitory”.
Subsec. (d). Pub. L. 87–719, § 16, inserted provisions respecting servicing contracts and compliance with advertising requirements for public purchases when feasible.
1956
Subsec. (a). Act , reenacted subsec. (a) without change.
Subsecs. (b), (c). Act , added subsecs. (b) and (c) and redesignated former subsec. (b) as (d).
Subsec. (d). Act , redesignated former subsec. (b) as (d) and included notes and mortgages acquired under subsec. (c) of this section.
Statutory Notes and Related Subsidiaries
Transfer of Functions
Atomic Energy Commission abolished and functions transferred by sections 5814 and 5841 of this title. See also Transfer of Functions notes set out under those sections.
Credits
1955–1967 · 4 acts
- 1955Aug. 4, 1955, ch. 543, ch. 6, § 62, 69 Stat. 478
- 1956July 25, 1956, ch. 731, § 2, 70 Stat. 653
- 1962Pub. L. 87–719, §§ 15, 16, , 76 Stat. 665
- 1967Pub. L. 90–19, § 11, , 81 Stat. 23.
Show as published
(Aug. 4, 1955, ch. 543, ch. 6, § 62, 69 Stat. 478; July 25, 1956, ch. 731, § 2, 70 Stat. 653; Pub. L. 87–719, §§ 15, 16, , 76 Stat. 665; Pub. L. 90–19, § 11, , 81 Stat. 23.)