This chapter, referred to in subsecs. (a), (d), and (e)(1), 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.
1996—Subsec. (f). Pub. L. 104–204 struck out subsec. (f), which related to insurance for second mortgage financing.
1992—Subsec. (f)(2)(B)(i). Pub. L. 102–550, § 316(a)(1), inserted “the amount of rehabilitation costs required by the plan of action and related charges and” after “equal to”.
Subsec. (f)(2)(B)(ii). Pub. L. 102–550, § 317(c)(1), struck out “and” at end.
Subsec. (f)(3)(B). Pub. L. 102–550, § 316(a)(2), inserted “and the amount of rehabilitation costs required by the plan of action and related charges and” after “1990”.
Subsec. (f)(5)(A). Pub. L. 102–550, § 316(a)(3)(B), added subpar. (A) and struck out former subpar. (A) which read as follows: “have a maturity and provisions for amortization satisfactory to the Secretary, bear interest at such rate as may be agreed upon by the mortgagor and mortgagee, and be secured in such manner as the Secretary may require; and”.
Subsec. (f)(5)(B), (C). Pub. L. 102–550, § 316(a)(3), added subpar. (B) and redesignated former subpar. (B) as (C).
Subsec. (f)(6). Pub. L. 102–550, § 317(c)(2), which directed the substitution of “acquisition loan” for “acquisiton loan” in par. (7), was executed by making the substitution in par. (6) to reflect the probable intent of Congress and the intervening redesignation of par. (7) as (6) by Pub. L. 102–550, § 316(a)(5). See below.
Pub. L. 102–550, § 316(a)(4), (5), redesignated par. (7) as (6) and struck out former par. (6) which read as follows: “The Secretary may provide for combination of loans insured under subsection (d) of this section with equity and acquisition loans insured under this subsection.”
Subsec. (f)(7) to (9). Pub. L. 102–550, § 316(a)(5), redesignated pars. (7) to (9) as (6) to (8), respectively.
Subsec. (f)(10). Pub. L. 102–550, § 316(b), added par. (10).
1990—Subsec. (f). Pub. L. 101–625 amended subsec. (f) generally, substituting present provisions for provisions relating to insurance of “equity loans” under the Emergency Low Income Housing Preservation Act of 1987, providing for eligibility for such insurance, providing that a qualified nonprofit organization or limited equity tenant cooperative corporation may constitute an owner of housing for purposes of receiving an insured loan, providing for applicability of certain provisions of section 1713 of this title, and providing that an approved mortgagee may not withhold consent to an equity loan on property on which mortgagee holds a mortgage.
1989—Subsec. (f)(2). Pub. L. 101–235, § 203(c)(1), inserted at end “When underwriting an equity loan under this subsection, the Secretary may assume that the rental assistance provided in accordance with an approved plan of action under section 225(b) of the Emergency Low Income Housing Preservation Act of 1987 will be extended for the full term of the contract entered into under section 225(c) of that Act. The Secretary may accelerate repayment of a loan under this section in the event rental assistance is not extended under section 225(c) of that Act or the Secretary is unable to develop a revised package of incentives to the owner comparable to those received under the original approved plan of action.”
Subsec. (f)(3). Pub. L. 101–235, § 203(c)(2), inserted “public entity,” after “A”.
Subsec. (f)(6). Pub. L. 101–235, § 203(d), added par. (6).
Subsec. (g). Pub. L. 101–235, § 204(b), added subsec. (g).
1988—Subsec. (b)(3). Pub. L. 100–242, § 429(c), substituted “borrower and the financial institution” for “mortgagor and the mortgagee”.
Subsec. (f). Pub. L. 100–242, § 231, added subsec. (f).
1984—Subsec. (a). Pub. L. 98–479, § 204(a)(11), substituted “to make” for “to made”.
Subsec. (b)(1). Pub. L. 98–479, § 204(a)(12), substituted “or facility” for “of facility” before “is insured”.
1983—Subsec. (b)(3). Pub. L. 98–181 substituted provision that the interest rate be such a rate as agreed upon by the mortgagor and the mortgagee for provision that the interest rate, exclusive of premium charges for insurance and service charges, not exceed such per centum per annum, not in excess of 6 per centum, on the amount of the principal obligation outstanding at any time, as the Secretary finds necessary to meet market conditions.
1980—Subsec. (e)(1). Pub. L. 96–399 inserted provisions respecting requirements for purchase or installation in connection with other energy conserving improvements, etc.
1979—Subsec. (b)(2). Pub. L. 96–153 struck out “but not to exceed the remaining term of the mortgage” after “the Secretary”.
1978—Subsec. (d). Pub. L. 95–557 inserted provision relating to the amounts the Secretary is authorized to bid at any sale under foreclosure of a mortgage on a project or facility which is not insured under this chapter but which is senior to a loan assigned to the Secretary pursuant to subsection (c), and such other steps the Secretary is authorized to take to preserve or protect his interest in the project or facility.
Subsec. (e). Pub. L. 95–619 added subsec. (e).
1976—Subsec. (a). Pub. L. 94–375 inserted “, hospital,” after “multifamily project”, “additions to such project”, “involving a nursing home”, and “of such nursing home”.
1974—Subsec. (d). Pub. L. 93–383 added subsec. (d).
1970—Subsec. (a). Pub. L. 91–609, § 111(1), (2), inserted in first sentence “or covered by a mortgage held by the Secretary” after “this chapter” and substituted in proviso “a nursing home or a group practice facility” for “a nursing home covered by a mortgage insured under section 1715w of this title or a loan involving a group practice facility covered by a mortgage insured under subchapter IX–B of this chapter”, respectively.
Subsec. (b)(1). Pub. L. 91–609, § 111(3), inserted “or an amount acceptable to the Secretary” before semicolon at end.
Subsec. (b)(5). Pub. L. 91–609, § 111(4), inserted “or pursuant to which the original mortgage covering the project or facility was insured” before semicolon at end.
Amendment by section 231 of Pub. L. 100–242 applicable to any project that is eligible low income housing on or after
Pub. L. 102–550, title III, § 316(c),
Insurance for second mortgage financing provided under former subsec. (f) of this section not to be offered as incentive under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (12 U.S.C. 4101 et seq.) and the Emergency Low Income Housing Preservation Act of 1987 (Pub. L. 100–242, title II,
Secretary of Housing and Urban Development to implement system of mortgage insurance for mortgages insured under this section that delegates processing functions to selected approved mortgagees, with Secretary to retain authority to approve rents, expenses, property appraisals, and mortgage amounts and to execute firm commitments, see section 328 of Pub. L. 101–625, set out as a note under section 1713 of this title.