§2362 — Title 42 The Public Health and Welfare | U.S. Code

Summary

If the Commission finds no reasonable financing is available, it may accept loan notes backed by first mortgages as part payment to help sell residential property under subchapter IV. For houses and apartment buildings, the loan length and percentage of appraised value must not exceed the limits in section 1715n(a) of title 12, and the interest rate must equal the interest plus any premium (and any periodic service charge authorized by the Secretary of Housing and Urban Development) that are in effect under that section on the note’s effective date. The Commission may advance money for repairs or for rehab, modernization, rebuilding, or enlargement of single and duplex homes for priority purchasers and add those advances to the mortgage note. It may do the same for commercial property. The Commission may sell notes and mortgages, hire servicers, and sell notes to a servicer with a servicing contract. For those sales it must follow section 6101 of title 41 unless it finds compliance infeasible.

Title 42, §2362

The Public Health and Welfare — Source: USLM XML via OLRC

(a)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.

(b)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.

(c)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.

(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 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.

Notes & Related Subsidiaries

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), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.

Amendments

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

July 25, 1956, reenacted subsec. (a) without change. Subsecs. (b), (c). Act

July 25, 1956, added subsecs. (b) and (c) and redesignated former subsec. (b) as (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.

Statutory Notes and Related Subsidiaries

Transfer of Functions

Atomic Energy Commission abolished and functions transferred by section 5814 and 5841 of this title. See also

Transfer of Functions

notes set out under those sections.

§2362 Financing by Commission

Summary

Title 42, §2362

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Transfer of Functions

Transfer of Functions

Citations & Metadata