§1747c — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary must create and approve rent schedules for housing projects insured under this law. Investors may not charge more than the rents in the latest approved schedule. Before approving a schedule, the Secretary must find the rents will cover operating costs, the required yearly amortization charge and return, and are not higher than needed for moderate-income families.

Title 12, §1747c

Banks and Banking — Source: USLM XML via OLRC

The Secretary shall require that the rents for the dwellings in any project insured under this subchapter shall be established in accordance with a rent schedule approved by the Secretary, and that the investor shall not charge or collect rents for any dwellings in the project in excess of the appropriate rents therefor as shown in the latest rent schedule approved pursuant to this section. Prior to approving the initial or any subsequent rent schedule pursuant to this section, the Secretary shall find that such schedule affords reasonable assurance that the rents to be established thereunder are (1) not lower than necessary, together with all other income to be derived from or in connection with the project, to produce reasonably stable revenues sufficient to provide for the payment of the operating expenses, the minimum annual amortization charge, and the minimum annual return; and (2) not higher than necessary to meet the need for dwellings for families of moderate income.

Editorial Notes

Amendments

1967—Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing. 1950—Act Apr. 20, 1950, substituted “Commissioner” for “Administrator” wherever appearing.

§1747c Rent schedules

Summary

Title 12, §1747c

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata