Amendments
1980—Subsec. (b)(2). [Pub. L. 96–470] struck out provision requiring the Secretary to report to the Committees on Banking and Currency of the Senate and the House of Representatives each instance in which he has required the Secretary of Defense to guarantee the General Insurance Fund and the reasons therefor.
1967—[Pub. L. 90–19, § 1(a)(3)], substituted “Secretary” for “Commissioner” wherever appearing in subsecs. (a), (b)(1), (2), (3)(A), (B), following (C), and (c) to (k).
Subsec. (b)(2). [Pub. L. 90–19, § 1(p)(1)]–(4), substituted “Secretary of Defense” for “Secretary” in first, third, and fourth sentences.
1965—Subsecs. (b)(1), (b)(2), (e), (f), (g). [Pub. L. 89–117, § 1108(u)(1)], substituted “General Insurance Fund” for “Armed Services Housing Mortgage Insurance Fund” wherever appearing.
Subsec. (h). [Pub. L. 89–117, § 1108(u)(2)], struck out provision that, as applied to mortgages insured under this subchapter and to property acquired by the Commissioner hereunder, reference in subsecs. (k) and (l) of section 1713 of this title to the “Housing Fund” shall be construed to refer to the “Armed Services Housing Mortgage Insurance Fund”.
1962—Subsec. (a). [Pub. L. 87–623] substituted “mortgages shall be insured under this section after October 1, 1962” for “mortgages shall be insured under this subchapter after October 1, 1962”.
1961—Subsec. (a). [Pub. L. 87–70] made amendment identical to that made by [Pub. L. 87–57].
[Pub. L. 87–57] substituted “October 1, 1962” for “October 1, 1961”, and “twenty-eight thousand family units” for “twenty-five thousand family housing units”.
1960—Subsec. (a). [Pub. L. 86–500, § 507(a)], substituted “twenty-five thousand family housing units” for “twenty thousand family housing units”.
Subsec. (b)(3). [Pub. L. 86–500, § 507(c)], inserted proviso prohibiting, subject to the limitations of par. (B), the contracting for any family unit included in any mortgaged property after June 8, 1960, if the cost of the unit exceeds $19,800.
1959—Subsec. (a). [Pub. L. 86–372, § 701(a)], substituted “October 1, 1961” for “September 30, 1960”.
[Pub. L. 86–149] inserted provisions in subsec. (a) to prohibit insurance of mortgages under this subchapter after Sept. 30, 1960, and to limit the number of housing units which may be contracted for after June 30, 1959 to not more than 20,000.
Subsec. (b)(3). [Pub. L. 86–372, § 701(b)], (c), substituted “but not to exceed thirty years from the beginning of amortization of the mortgage” for “have a maturity of not to exceed twenty-five years”, and inserted provisions authorizing the property or project to include such nondwelling facilities as the Commission deems adequate to serve the occupants.
Subsec. (c). [Pub. L. 86–372, § 701(d)], authorized the Commissioner to reduce the amount of the premium charge below one-half of 1 per centum per annum with respect to any mortgage on property acquired by the Secretary of Defense or his designee if the mortgage is insured pursuant to the provisions of this subchapter as in effect prior to August 11, 1955.
Subsec. (k). [Pub. L. 86–372, § 701(e)], added subsec. (k).
1958—Subsec. (b). [Pub. L. 85–364] increased the maximum amount of interest from 4 to 4½ per centum per annum.
1957—Subsec. (a). [Pub. L. 85–104, § 501], substituted “June 30, 1959” for “June 30, 1958”.
Subsec. (b)(3)(B). [Pub. L. 85–104, § 502], inserted proviso that should financing of housing to be constructed pursuant to a single invitation for bids be accomplished by two or more mortgages, any single mortgage may exceed an average of $16,500 if sum of all mortgages for such housing does not exceed average of $16,500.
Subsec. (f). [Pub. L. 85–104, § 108(c)], substituted, in second sentence, “established by the Commissioner pursuant to section 1715o of this title” for “determined by the Commissioner with the approval of the Secretary of the Treasury, at the time the mortgage was accepted for insurance, but not to exceed 3 per centum per annum”.
1956—Subsec. (a). Act Aug. 7, 1956, §§ 502, 503, inserted “(except mortgages insured pursuant to the provisions of this subchapter in effect prior to August 11, 1955)” and substituted “$2,300,000” for “$1,363,500,000” in first proviso and “June 30, 1958” for “September 30, 1956” in third proviso.
Subsec. (b)(2). Act Aug. 7, 1956, § 504, required approval of Commissioner, with determination of Secretary, that new units will not substantially curtail occupancy in existing houses covered by mortgages insured under this chapter, and provided that if Commissioner requires Secretary to guarantee the armed services housing mortgages insurance fund from loss, he shall report to the Committees on Banking and Currency of the Senate and House of Representatives each instance in which he required such a guarantee.
Subsec. (b)(3)(B). Act Aug. 7, 1956, § 505, substituted “$16,500” for “$13,500” in two places, and inserted “(including ranges, refrigerators, shades, screens, and fixtures)”.
Subsec. (b)(3)(C). Act Aug. 7, 1956, § 506(a), substituted “eligible bidder with respect to” for “eligible builder of”.
1955—Subsec. (a). Act Aug. 11, 1955, increased authorization from $500,000,000 to $1,363,500,000, and extended from June 30, 1955, to September 30, 1956, period within which mortgages can be insured.
Act June 30, 1955, extended termination date, with respect to authority to insure, from June 30, 1955, to July 31, 1955.
Subsec. (b). Act Aug. 11, 1955, authorized issuance of insurance for units necessary for reasons of safety, security, or other essential military requirements, or where adequate housing is not available at reasonable rentals within reasonable commuting distance, limited the amount of the mortgage to not more than the replacement cost of the property or project, restricted the amount of the mortgage to not more than an average of $13,500 for a family unit, and required the mortgage to mature in not more than 25 years.
Subsec. (c). Act Aug. 11, 1955, struck out authorization of Commissioner to require payment by mortgagee of an adjusted premium charge in event that principal obligation of mortgage is paid in full prior to maturity date.
Subsec. (d). Act Aug. 11, 1955, struck out provisions which authorized mortgagee to proceed to foreclose mortgage in event of a default, and which granted mortgagee right to elect benefits of insurance when the United States acquires, or commences condemnation proceedings to acquire, all or a substantial part, of mortgaged property.
Subsecs. (e) to (h). Act Aug. 11, 1955, substituted “Armed Services Housing Mortgage Insurance Fund” for “Military Housing Insurance Fund,” wherever appearing.
Subsec. (i). Act Aug. 11, 1955, struck out the power of the Commissioner to insure under subchapter VI of this chapter.
Subsec. (j). Act Aug. 11, 1955, reenacted provisions without change.
Subsec. (k). Act Aug. 11, 1955, struck out provisions which authorized utilization of the powers of the Federal National Mortgage Association and of any other Federal corporation or other Federal agency to purchase, service, or sell any mortgages, or partial interest therein.
1954—Subsec. (a). Acts Aug. 2, 1954, § 128(a), and June 29, 1954, extended termination date, with respect to authority to insure, from July 31, 1954, to June 30, 1955, and from July 1, 1954, to July 31, 1954, respectively.
Subsec. (b). Act Aug. 2, 1954, § 130, in par. immediately following subpar. (C) of par. (3) of the subsection, substituted the requirement that the mortgagor shall enter into the agreement required by section 1715r of this title for former provisions relating to certification of builders’ costs, the certifications now being prescribed into section 1715r.
Subsec. (f). Act Aug. 2, 1954, § 112(c), in second sentence, substituted a twenty-year period for ten-year period, with respect to the maturity of debentures.
1953—Subsec. (a). Act June 30, 1953, § 10(a), in second proviso substituted “July 1, 1954” for “July 1, 1953”.
Subsec. (b). Act June 30, 1953, § 10(b), (c), inserted par. commencing “The mortgagor shall agree”; and, in first sentence of par. commencing “The mortgage shall provide”, substituted “4½ per centum” for “4 per centum”.
1951—Subsec. (a). Act Sept. 1, 1951, § 601(a), substituted “July 1, 1953” for “July 1, 1951” in second proviso.
Subsec. (b)(3)(C). Act Sept. 1, 1951, § 601(b), inserted proviso.
Subsec. (d). Act Sept. 1, 1951, § 601(c), inserted reference to the Atomic Energy Commission in last sentence.