§1715k Rehabilitation and neighborhood conservation housing insurance

note set out under section 1441 of Title 42 and Tables. section 1720 of this title, referred to in subsec. (d)(3)(B)(iii)(III), was repealed by Pub. L. 98–181, title I [title IV, § 483(a)], Nov. 30, 1983, 97 Stat. 1240. Section 8211 of title 42, referred to in subsec. (d)(3)(B)(iii)(V), was omitted from the Code pursuant to section 8229 of Title 42, The Public Health and Welfare, which terminated authority under that section on

June 30, 1989. Subsection (h) of section 1710 of this title, referred to in subsec. (f)(1), was redesignated subsec. (i) by Pub. L. 105–276, title VI, § 602(1), Oct. 21, 1998, 112 Stat. 2674. Subsection (k) of section 1710 of this title, referred to in subsec. (f)(1), was repealed by Pub. L. 105–276, title VI, § 601(c), Oct. 21, 1998, 112 Stat. 2673. This chapter, referred to in subsec. (h)(9) to (11), was in the original “this Act”, meaning act

June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables.

.” and struck out at end “Debentures issued under this subsection shall be in such form and denominations in multiples of $50, shall be subject to such terms and conditions, and shall include such provisions for redemption, if any, as may be prescribed by the Secretary with the approval of the Secretary of the Treasury, and they may be in coupon or registered form. Any difference between the amount of the debentures to which the financial institution is entitled, and the aggregate face value of the debentures issued, not to exceed $50, shall be adjusted by the payment of cash by the Secretary to the financial institution from the General Insurance Fund.” 1991—Subsec. (d)(3)(A)(i). Pub. L. 102–40 substituted “section 5303A(d) of title 38” for “section 3103A(d) of title 38”. 1988—Subsec. (d)(3)(A)(i). Pub. L. 100–242, § 405(2), inserted before semicolon at end “, except that persons enlisting in the armed forces after

September 7, 1980, or entering active duty after

October 16, 1981, shall have their eligibility determined in accordance with section 3103A(d) of title 38”. Subsec. (d)(3)(A)(ii) to (iv). Pub. L. 100–242, § 406(b)(9), redesignated former cl. (iv) as (ii) and struck out “(except as provided in cl. (iii))”, and struck out former cls. (ii) and (iii) which read as follows: “(ii) in a case where the mortgagor is not the occupant of the property and intends to hold the property for rental purposes, have a principal obligation in an amount not to exceed 93 per centum of the amount computed under the provisions of clause (i); “(iii) in a case where the mortgagor is not the occupant of the property and intends to hold the property for the purpose of sale, have a principal obligation in an amount not to exceed 85 per centum of the amount computed under the provisions of clause (i), or in the alternative, in an amount equal to the amount computed under the provisions of clause (i) if the mortgagor and mortgagee assume responsibility in a manner satisfactory to the Secretary for the reduction of the mortgage by an amount not less than 15 per centum of the outstanding principal amount thereof, or by such greater amount as may be required to meet the limitations of clause (iv), in the event the mortgaged property is not, prior to the due date of the eighteenth amortization payment of the mortgage, sold to a purchaser acceptable to the Secretary who is the occupant of the property and who assumes and agrees to pay the mortgage indebtedness; and”. Subsec. (d)(3)(B)(iii). Pub. L. 100–242, § 426(c), (h), substituted “$25,350”, “$28,080”, “$33,540”, “$41,340”, and “$46,800” for “$19,500”, “$21,600”, “$25,800”, “$31,800”, and “$36,000”, respectively, and “$29,250”, “$32,760”, “$40,170”, “$50,310”, and “$56,885” for “$22,500”, “$25,200”, “$30,900”, “$38,700”, and “$43,758”, respectively, and substituted “not to exceed 110 percent in any geographical area where the Secretary finds that cost levels so require and by not to exceed 140 percent where the Secretary determines it necessary on a project-by-project basis, but in no case may any such increase exceed 90 percent where the Secretary determines that a mortgage purchased or to be purchased by the Government National Mortgage Association in implementing its special assistance functions under section 1720 of this title (as such section existed immediately before

November 30, 1983) is involved” for “not to exceed 75 per centum in any geographical area where he finds that cost levels so require, except that, where the Secretary determines it necessary on a project by project basis, the foregoing dollar amount limitations contained in this paragraph may be exceeded by not to exceed 90 per centum (by not to exceed 140 per centum where the Secretary determines that a mortgage other than one purchased or to be purchased under section 1720 of this title by the Government National Mortgage Association in implementing its special assistance functions is involved) in such an area”. 1983—Subsec. (d)(3)(B)(ii). Pub. L. 98–181, § 432(a), struck out proviso that in no case involving refinancing would the mortgage exceed the estimated cost of repair and rehabilitation and the amount, as determined by the Secretary, required to refinance existing indebtedness secured by the property or project. Subsec. (d)(4). Pub. L. 98–181, § 404(b)(6), substituted provision that the interest rate be at such rate as agreed upon by the mortgagor and mortgagee for provision that the interest rate, exclusive of premium charges for insurance and service charges if any, not exceed 5 per centum per annum on the amount of the principal obligation outstanding at any time, or not exceed such per centum per annum not in excess of 6 per centum as the Secretary finds necessary to meet the mortgage market. Pub. L. 98–181, § 446(c), inserted “(unless otherwise approved by the Secretary)” after “periodic payments”. Subsec. (h)(2)(iii). Pub. L. 98–181, § 404(b)(7), substituted provision that the rate of interest be such rate as agreed upon by the mortgagor and mortgagee for provision that the rate of interest not exceed the rate prescribed by the Secretary, but not in excess of 6 per centum per annum of the amount of the principal obligation outstanding at any time, and such other charges as approved by the Secretary. 1982—Subsec. (d)(3)(B)(iii). Pub. L. 97–377 inserted “(by not to exceed 140 per centum where the Secretary determines that a mortgage other than one purchased or to be purchased under section 1720 of this title by the Government National Mortgage Association in implementing its special assistance functions is involved)” after “90 per centum”. 1981—Subsec. (d)(3)(B)(iii). Pub. L. 97–35 inserted “therein” after “installation” and struck out “therein” after “measure”. 1980—Subsec. (d)(1)(A)(v). Pub. L. 96–399, § 311(a), added cl. (v). Subsec. (d)(3)(A)(i). Pub. L. 96–399, § 336(b), substituted provisions relating to the applicable maximum principal obligation which may be insured in the area under section 1709(b) of this title, for provisions setting forth dollar amounts of $67,500 for one-family property, $76,000 for two-family, $92,000 for three-family, and $107,000 for four-family or more than four-family, and substituted “$9,165” for “$8,250”. Subsec. (d)(3)(B)(iii). Pub. L. 96–399, § 310(c), inserted proviso relating to increases in dollar amount limitations. Subsec. (d)(3)(B)(iv). Pub. L. 96–399, § 311(b), inserted provisions relating to locally developed strategy for neighborhood improvement, etc. Subsec. (h)(2)(iv). Pub. L. 96–399, § 333(b), struck out “or three-quarters of the remaining economic life of the structure, whichever is the lesser” after “loan”. 1979—Subsec. (d)(3)(A)(i). Pub. L. 96–153, § 312(b), substituted “$67,500” for “$60,000”, “$76,000” for “$65,000” where it first appeared, “$92,000” for “$65,000” where it appeared the second time, “$107,000” for “$75,000”, and “$8,250” for “$7,700”. Subsec. (d)(3)(B)(iii). Pub. L. 96–153, § 314, in first proviso substituted “75 per centum” for “50 per centum” and inserted exception that the dollar amount limitations may be exceeded not to exceed 90 per centum where the Secretary determines it to be necessary. 1977—Subsec. (d)(1)(A)(ii). Pub. L. 95–24 struck out “in a community respecting which the Secretary of Housing and Urban Development has made the determination provided for by section 101(c) of the Housing Act of 1949, as amended” after “(as defined in title I of the Housing Act of 1949, as amended)”. Subsec. (d)(3)(A). Pub. L. 95–128 substituted “$60,000” for “$45,000”, “$65,000” for “$48,750” and “$75,000” for “$56,000” wherever appearing in provisions preceding cl. (1); substituted in text preceding first proviso “and (2) 95 per centum of such value in excess of $25,000” for “, (2) 90 per centum of such replacement cost in excess of $25,000 but not in excess of $35,000, (3) 80 per centum of such replacement cost in excess of $35,000” and in second proviso “and (2) 95 per centum of such value in excess of $25,000” for “, (2) 90 per centum of such replacement cost in excess of $25,000 but not in excess of $35,000, and (3) 85 per centum of such replacement cost in excess of $35,000”. 1976—Subsec. (d)(3)(B)(iii). Pub. L. 94–375 substituted “50 per centum in any geographical area” for “75 per centum in any geographical area”, “$19,500” for “$13,000”, “$21,600” for “$18,000”, “$25,800” for “$21,500”, “$31,800” for “$26,500”, “$36,000” for “$30,000”, “$22,500” for “$15,000”, “$25,200” for “$21,000”, “$30,900” for “$25,750”, “$38,700” for “$32,250”, and “$43,758” for “$36,465”. 1975—Subsec. (d)(3)(B)(iii). Pub. L. 94–173 raised from 45 per centum to 75 per centum the amount by which any dollar limitation may, by regulation, be increased. 1974—Subsec. (d)(3)(A)(i). Pub. L. 93–383, § 302(b), substituted “$45,000” for “$33,000”, “$48,750” for “$35,750”, and “$56,000” for “$41,250” wherever appearing in provisions preceding cl. (1). Subsec. (d)(3)(A)(i)(1). Pub. L. 93–383, § 310(b)(1), substituted “$25,000” for “$15,000”. Subsec. (d)(3)(A)(i)(2). Pub. L. 93–383, § 310(b)(2), substituted “$25,000” for “$15,000” and “$35,000” for “$25,000”. Subsec. (d)(3)(A)(i)(3). Pub. L. 93–383, § 310(b)(3), substituted “$35,000” for “$25,000”. Subsec. (d)(3)(B)(i). Pub. L. 93–383, § 304(d), struck out cl. (i) which set forth mortgage ceiling of $50,000,000. Subsec. (d)(3)(B)(iii). Pub. L. 93–383, § 303(c), substituted “$13,000” for “$9,900”, “$15,000” for “$11,550”, “$18,000” for “$13,750”, “$21,000” for “$16,500”, “$21,500” for “$16,500”, “$25,750” for “$19,800”, “$26,500” for “$20,350”, “$30,000” for “$23,100”, “$32,250” for “$24,750”, and “$36,465” for “$28,050”. 1969—Subsec. (d)(3)(A)(i). Pub. L. 91–152, §§ 102(b), 113(d)(1), substituted “$7,700” for “$7,000”, “$25,000” for “$20,000” wherever appearing, “$33,000” for “$30,000”, “$35,750” for “$32,500”, and “$41,250” for “$37,500” wherever appearing. Subsec. (d)(3)(B)(i). Pub. L. 91–152, § 104, substituted provisions that the mortgage not exceed $50,000,000 for provisions that the mortgage not exceed $30,000,000, or, if executed by a mortgagor within subsec. (d)(2)(B) of this section, not exceed $50,000,000. Subsec. (d)(3)(B)(iii). Pub. L. 91–152, § 113(d)(2), (3), substituted “$9,900” for “$9,000”, “$11,550” for “$10,500”, “$13,750” for “$12,500”, “$16,500” for “$15,000” wherever appearing, “$19,800” for “$18,000”, “$20,350” for “$18,500”, “$23,100” for “$21,000”, “$24,750” for “$22,500”, and “$28,050” for “$25,000”. Subsec. (h)(2)(i). Pub. L. 91–152, § 113(d)(4), substituted “$12,000” for “$10,000”. 1968—Subsec. (d)(2)(B). Pub. L. 90–448, § 1722(g), substituted “corporations or other legal entities restricted by or under” for “corporations restricted by”. Subsec. (d)(3)(B)(ii). Pub. L. 90–448, § 311(a), inserted proviso to permit the mortgage to involve the financing of the purchase of property which has been rehabilitated by a local public agency with Federal assistance pursuant to section 1460(c)(8) of Title 42. 1967—Pub. L. 90–19, § 1(a)(3), substituted “Secretary” for “Commissioner” wherever appearing in subsecs. (b), (d)(1)(B), (d)(2)(A), (d)(3)(A)(i), (iii), (iv), (d)(3) (B)(ii) to (iv), (d)(4), (e), (f)(3), (h) (1), (h)(1)(C), (h)(2)(i) to (v), (h)(3), (5) to (7), (h)(9)(B), and (h)(10), (11). Pub. L. 90–19, § 1(a)(4), substituted “Secretary’s” for “Commissioner’s” wherever appearing in subsecs. (d)(3)(A)(i)(B), (ii) and (h)(2)(i), (9)(A). Subsec. (d)(1)(A). Pub. L. 90–19, § 1(g)(1)–(4), substituted “Secretary of Housing and Urban Development” and “Secretary” for “Housing and Home Finance Administrator” and “Administrator” wherever appearing, “determination” for “certification to the Commissioner”, and “determined” for “certified to the Commissioner” wherever appearing, respectively. 1966—Subsec. (d)(3)(A)(i). Pub. L. 89–754, § 305, increased the rate in cl. (3) from 75 to “80 per centum of such replacement cost in excess of $20,000” and inserted proviso respecting mortgage limits of a mortgagor who is a veteran and the mortgage to be insured covers property upon which there is located a dwelling designed principally for a one-family residence and definition of “veteran”. Subsec. (d)(3)(B)(iii). Pub. L. 89–754, § 306, provided that with respect to rehabilitation projects involving not more than five family units, the Secretary may by regulation increase by 25 per centum any of the dollar amount limitations contained in this clause which are applicable to units with two, three, or four or more bedrooms, inserted “as determined after the application of the preceding proviso” before “by not to exceed 45 per centum”, and substituted “Provided further, That nothing” for “Provided, That nothing”. 1965—Subsec. (d)(1)(A). Pub. L. 89–117, § 311(c), inserted cl. (iv). Subsec. (d)(2). Pub. L. 89–117, § 1108(h)(1), substituted “the General Insurance Fund” for “the section 220 Housing Insurance Fund” wherever appearing. Subsec. (d)(3)(A)(i). Pub. L. 89–117, § 209(1), struck out a second proviso which, in a case involving refinancing, prohibited the mortgage to exceed the estimated cost of repair and rehabilitation and the amount required to refinance existing indebtedness secured by the property or project. Subsec. (d)(3)(A)(ii). Pub. L. 89–117, § 209(2), substituted provisions prohibiting the mortgage, in a case where the mortgagor is not the occupant of the property and intends to hold the property for rental purposes, to have a principal obligation in an amount in excess of 93 per centum of the amount computed under the provisions of cl. (i) for provisions which prohibited the mortgage, in a case where a mortgagor is not the occupant of the property, to have a principal obligation in excess of an amount equal to 85 per centum of the amount computed under cl. (i). Subsec. (d)(3)(A)(iii), (iv). Pub. L. 89–117, § 209(2), added cls. (iii) and (iv). Subsec. (d)(3)(B)(iii). Pub. L. 89–117, § 207(c), substituted “$18,500 per family unit with three bedrooms, and $21,000 per family unit with four or more bedrooms” for “and $18,500 per family unit with three or more bedrooms” and “$22,500 per family unit with three bedrooms, and $25,500 per family unit with four or more bedrooms” for “and $22,500 per family unit with three or more bedrooms”. Subsec. (d)(3)(B)(iv). Pub. L. 89–117, § 210, substituted “desirable and consistent with the urban renewal plan” for “adequate to serve the needs of the occupants of the property and of other housing in the neighborhood”, and inserted proviso. Subsec. (f). Pub. L. 89–117, § 1108(h)(1), (2), substituted “the General Insurance Fund” for “the section 220 Housing Insurance Fund” wherever appearing and, in par. (3), struck out provision that, as to mortgages acquired hereunder, all references in section 1713 of this title to the Housing Insurance Fund, the Housing Fund, or the Fund shall be construed to refer to the section 220 Housing Insurance Fund. Subsec. (g). Pub. L. 89–117, § 1108(h)(3), repealed subsec. (g) which created the section 220 Housing Insurance Fund, provided for transfer of funds thereto, and authorized purchase and cancellation of debentures and the receipt and payment of charges and fees. Subsec. (h)(1). Pub. L. 89–117, § 311(d), inserted “or in an area in which a program of concentrated code