12 USC 1749 - Insurance of mortgages

View all text of Subchapter IX- B [§ 1749aaa - § 1749aaa-5]

§ 1749aaa. Insurance of mortgages

(a) Authority of Secretary; termination date

(b) Eligibility for insurance

The mortgage shall—

(1) Repealed. Pub. L. 93–383, title III, § 304(l), Aug. 22, 1974, 88 Stat. 678;

(2) not exceed 90 per centum of the amount which the Secretary estimates will be the replacement cost of the property or project when construction or rehabilitation is completed. The replacement cost of the property may include the land and the proposed physical improvements, equipment, utilities within the boundaries of the property, a solar energy system (as defined in subparagraph (3) of the last paragraph of section 1703(a) of this title) or residential energy conservation measures (as defined in section 8211(11)(A) through (G) and (I) of title 42) 1

1 See References in Text note below.

in cases where the Secretary determines that such measures are in addition to those required under the minimum property standards and will be cost-effective over the life of the measure, architects’ fees, taxes, and interest accruing during construction or rehabilitation, and other miscellaneous charges incident to construction or rehabilitation and approved by the Secretary;

(3) have a maturity satisfactory to the Secretary but not to exceed twenty-five years from the beginning of the amortization of the mortgage, and provide for complete amortization of the principal obligation by periodic payments within such term as the Secretary shall prescribe; and

(4) bear interest at such rate as may be agreed upon by the mortgagor and the mortgagee.

(d) Conclusiveness of insurance contract as to eligibility; validity of contract incontestable

(e) Undertaking

(f) Recordkeeping; reports; examination and audit

(June 27, 1934, ch. 847, title XI, § 1101, as added Pub. L. 89–754, title V, § 502(a), Nov. 3, 1966, 80 Stat. 1274; amended Pub. L. 90–448, title XVII, § 1722(d), Aug. 1, 1968, 82 Stat. 610; Pub. L. 91–78, § 2(g), Sept. 30, 1969, 83 Stat. 125; Pub. L. 91–152, title I, § 101(i), title IV, § 418(f), Dec. 24, 1969, 83 Stat. 379, 402; Pub. L. 91–432, § 1(g), Oct. 2, 1970, 84 Stat. 887; Pub. L. 91–473, § 1(g), Oct. 21, 1970, 84 Stat. 1065; Pub. L. 91–525, § 1(g), Dec. 1, 1970, 84 Stat. 1384; Pub. L. 91–609, title I, § 101(i), Dec. 31, 1970, 84 Stat. 1770; Pub. L. 92–503, § 1(i), Oct. 18, 1972, 86 Stat. 906; Pub. L. 93–85, § 1(i), Aug. 10, 1973, 87 Stat. 220; Pub. L. 93–117, § 1(i), Oct. 2, 1973, 87 Stat. 422; Pub. L. 93–383, title III, §§ 304(l), 312(a)(1)–(4), 316(g), Aug. 22, 1974, 88 Stat. 678, 683, 685; Pub. L. 95–60, § 1(h), June 30, 1977, 91 Stat. 257; Pub. L. 95–80, § 1(h), July 31, 1977, 91 Stat. 339; Pub. L. 95–128, title III, § 301(k), Oct. 12, 1977, 91 Stat. 1131; Pub. L. 95–406, § 1(k), Sept. 30, 1978, 92 Stat. 879; Pub. L. 95–557, title III, § 301(k), Oct. 31, 1978, 92 Stat. 2096; Pub. L. 96–71, § 1(k), Sept. 28, 1979, 93 Stat. 501; Pub. L. 96–105, § 1(k), Nov. 8, 1979, 93 Stat. 794; Pub. L. 96–153, title III, § 301(k), Dec. 21, 1979, 93 Stat. 1112; Pub. L. 96–372, § 1(k), Oct. 3, 1980, 94 Stat. 1363; Pub. L. 96–399, title III, §§ 301(k), 310(i), Oct. 8, 1980, 94 Stat. 1639, 1643; Pub. L. 97–35, title III, § 331(j), Aug. 13, 1981, 95 Stat. 413; Pub. L. 97–289, § 1(k), Oct. 6, 1982, 96 Stat. 1230; Pub. L. 98–35, § 1(k), May 26, 1983, 97 Stat. 197; Pub. L. 98–109, § 1(k), Oct. 1, 1983, 97 Stat. 745; Pub. L. 98–181, title I [title IV, § 401(j)], Nov. 30, 1983, 97 Stat. 1208; Pub. L. 98–479, title I, § 104(a)(8), Oct. 17, 1984, 98 Stat. 2225; Pub. L. 99–120, § 1(j), Oct. 8, 1985, 99 Stat. 503; Pub. L. 99–156, § 1(j), Nov. 15, 1985, 99 Stat. 816; Pub. L. 99–219, § 1(j), Dec. 26, 1985, 99 Stat. 1731; Pub. L. 99–267, § 1(k), Mar. 27, 1986, 100 Stat. 74; Pub. L. 99–272, title III, § 3007(j), Apr. 7, 1986, 100 Stat. 105; Pub. L. 99–289, § 1(b), May 2, 1986, 100 Stat. 412; Pub. L. 99–345, § 1, June 24, 1986, 100 Stat. 673; Pub. L. 99–430, Sept. 30, 1986, 100 Stat. 986; Pub. L. 100–122, § 1, Sept. 30, 1987, 101 Stat. 793; Pub. L. 100–154, Nov. 5, 1987, 101 Stat. 890; Pub. L. 100–170, Nov. 17, 1987, 101 Stat. 914; Pub. L. 100–179, Dec. 3, 1987, 101 Stat. 1018; Pub. L. 100–200, Dec. 21, 1987, 101 Stat. 1327; Pub. L. 100–242, title IV, § 401(a)(8), Feb. 5, 1988, 101 Stat. 1898.)