Title 12 — Banks and BankingRelease 119-73
§1748 Definitions
Title 12 › Chapter CHAPTER 13— - NATIONAL HOUSING › Subchapter SUBCHAPTER VIII— - ARMED SERVICES HOUSING MORTGAGE INSURANCE › § 1748
Summary
Defines key words used in this subchapter. Mortgage — a first mortgage on land owned outright (fee simple) or on a long lease that is renewable and at least 99 years, or that runs at least 50 years from the mortgage date; it also covers the usual first lien and the loan papers it secures under state law. Mortgagee — the original lender and any successors or assigns approved by the Secretary. Mortgagor — the original borrower and any successors or assigns. Maturity date — the date the mortgage would be paid off by its scheduled payments. Housing accommodations — housing for military members and their dependents assigned at or near the installation. Personnel — military and civilian staff approved by the Secretary of Defense (or designee), and their dependents. Military — Army, Navy, Marine Corps, Air Force, Coast Guard. State — the several States, Puerto Rico, the District of Columbia, Guam, the Virgin Islands, the Canal Zone, and Midway Island.
Full Legal Text
Title 12, §1748
Banks and Banking — Source: USLM XML via OLRC
As used in this subchapter—
(a)The term “mortgage” means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable; or (2) under a lease for a period of not less than fifty years to run from the date the mortgage was executed; and the term “first mortgage” means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby.
(b)The term “mortgagee” includes the original lender under a mortgage, and his successors and assigns approved by the Secretary; and the term “mortgagor” includes the original borrower under a mortgage, his successors and assigns.
(c)The term “maturity date” means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage.
(d)The term “housing accommodations” means housing designed for occupancy by military personnel and their dependents, assigned to duty at or near the military installation where such housing units are constructed.
(e)The term “personnel” shall include military and civilian personnel approved by the Secretary of Defense, or his designee, and the dependents of all such personnel.
(f)The term “military” includes Army, Navy, Marine Corps, Air Force, and Coast Guard.
(g)The term “State” includes the several States, and Puerto Rico, the District of Columbia, Guam, the Virgin Islands, the Canal Zone, and Midway Island.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
For definition of Canal Zone, referred to in subsec. (g), see section 3602(b) of Title 22, Foreign Relations and Intercourse.
Amendments
1967—Subsec. (b). Pub. L. 90–19 substituted “Secretary” for “Commissioner”. 1960—Subsec. (g). Pub. L. 86–624 struck out “Hawaii,” before “Puerto Rico”. 1959—Subsec. (g). Pub. L. 86–70 struck out “Alaska,” before “Hawaii”. 1956—Subsec. (g). Act Aug. 7, 1956, inserted reference to Canal Zone and Midway Island. 1955—Act Aug. 11, 1955, inserted definitions of “housing accommodations” and “personnel” and included the Coast Guard in definition of “military”. 1952—Subsec. (f). Act July 14, 1952, inserted “Guam,” after “District of Columbia,”.
Statutory Notes and Related Subsidiaries
Savings Provision
Act Aug. 11, 1955, ch. 783, title IV, § 408, 69 Stat. 653, as amended by act Aug. 7, 1956, ch. 1029, title V, § 511, 70 Stat. 1110, provided that: “Notwithstanding the provisions of section 401 of this Act [amending this subchapter], the provisions of title VIII of the National Housing Act [this subchapter] in effect prior to the enactment of the Housing
Amendments
of 1955 [
August 11, 1955] shall continue in full force and effect with respect to all mortgages insured pursuant to a certification by the Secretary of Defense or his designee made on or before
June 30, 1955, and a commitment to insure issued on or before
June 30, 1956 or pursuant to a certification by the Atomic Energy Commission or its designee made on or before
June 30, 1956, except that the maximum dollar amount for each such mortgage shall be $12,500,000.] Nothing contained in the provisions of title VIII of the National Housing Act [this subchapter] in effect prior to
August 11, 1955 or any related provision of law, shall be construed to exempt from State or local taxes or assessments the interest of a lessee from the Federal Government in or with respect to any property covered by a mortgage insured under such provisions of title VIII: Provided, That, no such taxes or assessments (not paid or encumbering such property or interest prior to
June 15, 1956) on the interest of such lessee shall exceed the amount of taxes or assessments on other similar property of similar value, less such amount as the Secretary of Defense or his designee determines to be equal to (1) any payments made by the Federal Government to the local taxing or other public agencies involved with respect to such property, plus (2) such amount as may be appropriate for any expenditures made by the Federal Government or the lessee for the provision or maintenance of streets, sidewalks, curbs, gutters, sewers, lighting, snow removal or any other services or facilities which are customarily provided by the State, county, city, or other local taxing authority with respect to such other similar property: And provided further, That the provisions of this section shall not apply to properties leased pursuant to the provisions of section 805 of the National Housing Act [12 U.S.C. 1748d] as amended on or after
August 11, 1955, which properties shall be exempt from State or local taxes or assessments.”
Transfer of Functions
For transfer of authorities, functions, personnel, and assets of the Coast Guard, including the authorities and functions of the Secretary of Transportation relating thereto, to the Department of Homeland Security, and for treatment of related references, see section 468(b), 551(d), 552(d), and 557 of Title 6, Domestic Security, and the Department of Homeland Security Reorganization Plan of November 25, 2002, as modified, set out as a note under section 542 of Title 6. Coast GuardSubchapter as applicable to Coast Guard, see section 1594e of Title 42, The Public Health and Welfare.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1748
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73