Title 12 — Banks and BankingRelease 119-73not60
§1747e Financial Statements by Secretary
Title 12 › Chapter 13— NATIONAL HOUSING › Subchapter VII— INSURANCE FOR INVESTMENTS IN RENTAL HOUSING FOR FAMILIES OF MODERATE INCOME › § 1747e
Summary
After each operating year ends, the investor must give the Secretary a financial and operating report for that year and get the Secretary’s approval. If the investor does not send the report or it is not approved for a valid reason, the Secretary can hold back any claim payments, in whole or in part, until the report is submitted and approved.
Full Legal Text
Title 12, §1747e
Banks and Banking — Source: USLM XML via OLRC
With respect to each project insured under this subchapter, the Secretary shall provide that, after the close of each operating year, the investor shall submit to him for approval a financial and operating statement covering such operating year. If any such financial and operating statement shall not have been submitted or, for proper cause, shall not have been approved by the Secretary, payment of any claim submitted by the investor may, at the option of the Secretary, be withheld, in whole or in part, until such statement shall have been submitted and approved.
Legislative History
Notes & Related Subsidiaries
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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1747e
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60