§ 1703. — Insurance of financial institutions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1703]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER I--HOUSING RENOVATION AND MODERNIZATION
Sec. 1703. Insurance of financial institutions
(a) The Secretary is authorized and empowered upon such terms and
conditions as he may prescribe, to insure banks, trust companies,
personal finance companies, mortgage companies, building and loan
associations, installment lending companies and other such financial
institutions, which the Secretary finds to be qualified by experience or
facilities and approves as eligible for credit insurance, against losses
which they may sustain as a result of loans and advances of credit, and
purchases of obligations representing loans and advances of credit, made
by them on and after July 1, 1939, for the purpose of (i) financing
alterations, repairs, and improvements upon or in connection with
existing structures or manufactured homes, and the building of new
structures, upon urban, suburban, or rural real property (including the
restoration, rehabilitation, rebuilding, and replacement of such
improvements which have been damaged or destroyed by earthquake,
conflagration, tornado, hurricane, cyclone, flood, or other
catastrophe), by the owners thereof or by lessees of such real property
under a lease expiring not less than six months after the maturity of
the loan or advance of credit; and for the purpose of (ii) financing the
purchase of a manufactured home to be used by the owner as his principal
residence or financing the purchase of a lot on which to place such home
and paying expenses reasonably necessary for the appropriate preparation
of such lot, including the installation of utility connections, sanitary
facilities, and paving, and the construction of a suitable pad, or
financing only the acquisition of such a lot either with or without such
preparation by an owner of a manufactured home; and for the purpose of
financing the preservation of historic structures, and, as used in this
section, the term ``historic structures'' means residential structures
which are registered in the National Register of Historic Places or
which are certified by the Secretary of the Interior to conform to
National Register criteria; and the term ``preservation'' means
restoration or rehabilitation undertaken for such purposes as are
approved by the Secretary in regulations issued by him, after consulting
with the Secretary of the Interior. In no case shall the insurance
granted by the Secretary under this section to any such financial
institution on loans, advances of credit, and purchases made by such
financial institution for such purposes on and after July 1, 1939,
exceed 10 per centum of the total amount of such loans, advances of
credit, and purchases: Provided, That with respect to any loan, advance
of credit, or purchase made after August 2, 1954, the amount of any
claim for loss on any such individual loan, advance of credit or
purchase paid by the Secretary under the provisions of this section to a
lending institution shall not exceed 90 per centum of such loss.
After August 2, 1954, (i) the Secretary shall not enter into
contracts for insurance pursuant to this section except with lending
institutions which are subject to the inspection and supervision of a
governmental agency required by law to make periodic examinations of
their books and accounts, and which the Secretary finds to be qualified
by experience or facilities to make and service such loans, advances or
purchases, and with such other lending institutions which the Secretary
approves as eligible for insurance pursuant to this section on the basis
of their credit and their experience or facilities to make and service
such loans, advances or purchases; (ii) only such items as substantially
protect or improve the basic livability or utility of properties shall
be eligible for financing under this section, and therefore the
Secretary shall from time to time declare ineligible for financing under
this section any item, product, alteration, repair, improvement, or
class thereof which he determines would not substantially protect or
improve the basic livability or utility of such properties, and he may
also declare ineligible for financing under this section any item which
he determines is especially subject to selling abuses; and (iii) the
Secretary is authorized and directed, by such regulations or procedures
as he shall deem advisable, to prevent the use of any financial
assistance under this section (1) with respect to new residential
structures (other than manufactured homes) that have not been completed
and occupied for at least six months, or (2) which would, through
multiple loans, result in an outstanding aggregate loan balance with
respect to the same structure exceeding the dollar amount limitation
prescribed in this subsection for the type of loan involved: Provided,
That this clause (iii) may in the discretion of the Secretary be waived
with respect to the period of occupancy or completion of any such new
residential structures. The Secretary is hereby authorized and directed,
with respect to manufactured homes to be financed under this section, to
(i) prescribe minimum property standards to assure the livability and
durability of the manufactured home and the suitability of the site on
which the manufactured home is to be located; and (ii) obtain assurances
from the borrower that the manufactured home will be placed on a site
which complies with the standards prescribed by the Secretary and with
local zoning and other applicable local requirements.
The insurance authority provided under this section may be made
available with respect to any existing manufactured home that has not
been insured under this section if such home was constructed in
accordance with the standards issued under the National Manufactured
Housing Construction and Safety Standards Act of 1974 [42 U.S.C. 5401 et
seq.] and it meets standards similar to the minimum property standards
applicable to existing homes insured under subchapter II of this
chapter.
Alterations, repairs, and improvements upon or in connection with
existing structures may include the provision of fire safety equipment,
energy conserving improvements, or the installation of solar energy
systems. Alterations, repairs, and improvements upon or in connection
with existing structures may also include the evaluation and reduction
of lead-based paint hazards. As used in this section--
(1) the term ``fire safety equipment'' means any device or
facility which is designed to reduce the risk of personal injury or
property damage resulting from fire and is in conformity with such
criteria and standards as shall be prescribed by the Secretary;
(2) the term ``energy conserving improvements'' means the
purchase and installation of weatherization materials as defined in
section 6862(9) of title 42; and \1\
---------------------------------------------------------------------------
\1\ So in original. The word ``and'' probably should not appear.
---------------------------------------------------------------------------
(3) the term ``solar energy system'' means any addition,
alteration, or improvement to an existing or new structure which is
designed to utilize wind energy or solar energy either of the active
type based on mechanically forced energy transfer or of the passive
type based on convective, conductive, or radiant energy transfer or
some combination of these types to reduce the energy requirements of
that structure from other energy sources, and which is in conformity
with such criteria and standards as shall be prescribed by the
Secretary in consultation with the Secretary of Energy.\2\
---------------------------------------------------------------------------
\2\ So in original. The period probably should be ``; and''.
---------------------------------------------------------------------------
(4) the terms ``evaluation'', ``reduction'', and ``lead-based
paint hazard'' have the same meanings given those terms in section
4851b of title 42.
(b)(1) No insurance shall be granted under this section to any such
financial institution with respect to any obligation representing any
such loan, advance of credit, or purchase by it if the amount of such
loan, advance of credit, or purchase exceeds--
(A)(i) $25,000 if made for the purpose of financing alterations,
repairs and improvements upon or in connection with existing single-
family structures; and
(ii) $17,500 if made for the purpose of financing alterations,
repairs and improvements upon or in connection with existing
manufactured homes;
(B) $60,000 or an average amount of $12,000 per family unit if
made for the purpose of financing the alteration, repair,
improvement, or conversion of an existing structure used or to be
used as an apartment house or a dwelling for two or more families;
(C) $48,600 if made for the purpose of financing the purchase of
a manufactured home;
(D) $64,800 if made for the purpose of financing the purchase of
a manufactured home and a suitably developed lot on which to place
the home; and \1\
(E) $16,200 if made for the purpose of financing the purchase,
by an owner of a manufactured home which is the principal residence
of that owner, of a suitably developed lot on which to place that
manufactured home, and if the owner certifies that he or she will
place the manufactured home on the lot acquired with such loan
within 6 months after the date of such loan.\3\
---------------------------------------------------------------------------
\3\ So in original. The period probably should be a semicolon.
---------------------------------------------------------------------------
(F) $15,000 per family unit if made for the purpose of financing
the preservation of an historic structure; and
(G) such principal amount as the Secretary may prescribe if made
for the purpose of financing fire safety equipment for a nursing
home, extended health care facility, intermediate health care
facility, or other comparable health care facility.
(2) Because of prevailing higher costs, the Secretary may, by
regulation, in Alaska, Guam, or Hawaii, increase any dollar amount
limitation on manufactured homes or manufactured home lot loans
contained in this subsection by not to exceed 40 per centum. In other
areas, the maximum dollar amounts specified in subsections (b)(1)(D) and
(b)(1)(E) of this section may be increased on an area-by-area basis to
the extent the Secretary deems necessary, but in no case may such
limits, as so increased, exceed the lesser of (A) 185 percent of the
dollar amount specified, or (B) the dollar amount specified as increased
by the same percentage by which 95 percent of the median one-family
house price in the area (as determined by the Secretary) exceeds
$67,500.
(3) No insurance shall be granted under this section to any such
financial institution with respect to any obligation representing any
such loan, advance of credit, or purchase by it if the term to maturity
of such loan, advance of credit or purchase exceeds--
(A)(i) twenty years and thirty-two days if made for the purpose
of financing alterations, repairs, and improvements upon or in
connection with an existing single-family structure; and
(ii) fifteen years and thirty-two days if made for the purpose
of financing alterations, repairs, and improvements upon or in
connection with an existing manufactured home;
(B) twenty years and thirty-two days if made for the purpose of
financing the alteration, repair, improvement or conversion of an
existing structure used or to be used as an apartment house or a
dwelling for two or more families;
(C) twenty years and thirty-two days (twenty-three years and
thirty-two days in the case of a manufactured home composed of two
or more modules) if made for the purpose of financing the purchase
of a manufactured home;
(D) twenty years and thirty-two days (twenty-five years and
thirty-two days in the case of a manufactured home composed of two
or more modules) if made for the purpose of financing the purchase
of a manufactured home and a suitably developed lot on which to
place the home;
(E) twenty years and thirty-two days if made for the purpose of
financing the purchase, by the owner of a manufactured home which is
the principal residence of that owner, of a suitably developed lot
on which to place that manufactured home;
(F) fifteen years and thirty-two days if made for the purpose of
financing the preservation of an historic structure;
(G) such term to maturity as the Secretary may prescribe if made
for the purpose of financing the construction of a new structure for
use in whole or in part for agricultural purposes; and
(H) such term to maturity as the Secretary may prescribe if made
for the purpose of financing fire safety equipment for a nursing
home, extended health care facility, intermediate health care
facility, or other comparable health care facility.
(4) For the purpose of this subsection--
(A) the term ``developed lot'' includes an interest in a
condominium project (including any interest in the common areas) or
a share in a cooperative association;
(B) a loan to finance the purchase of a manufactured home or a
manufactured home and lot may also finance the purchase of a garage,
patio, carport, or other comparable appurtenance; and
(C) a loan to finance the purchase of a manufactured home or a
manufactured home and lot shall be secured by a first lien upon such
home or home and lot, its furnishings, equipment, accessories, and
appurtenances.
(5) No insurance shall be granted under this section to any such
financial institution with respect to any obligation representing any
such loan, advance of credit, or purchase by it unless the obligation
has such maturity, bears such insurance premium charges, and contains
such other terms, conditions, and restrictions as the Secretary shall
prescribe, in order to make credit available for the purpose of this
subchapter. Any such obligation with respect to which insurance is
granted under this section shall bear interest at such rate as may be
agreed upon by the borrower and the financial institution.
(6)(A) Any obligation with respect to which insurance is granted
under this section may be refinanced and extended in accordance with
such terms and conditions as the Secretary may prescribe, but in no
event for an additional amount or term in excess of any applicable
maximum provided for in this subsection.
(B) The owner of a manufactured home lot purchased without
assistance under this section but otherwise meeting the requirements of
this section may refinance such lot under this section in connection
with the purchase of a manufactured home if the borrower certifies that
the home and lot is or will be his or her principal residence within six
months after the date of the loan.
(C) The owner-occupant of a manufactured home or a home and lot
which was purchased without assistance under this section but which
otherwise meets the requirements of this section may refinance such home
or home and lot under this section if the home was constructed in
accordance with standards established under section 604 of the National
Manufactured Housing Construction and Safety Standards Act of 1974 [42
U.S.C. 5403].
(7) With respect to the financing of alterations, repairs, and
improvements to existing structures or the building of new structures as
authorized under clause (i) of the first sentence of subsection (a) of
this section, any loan broker (as defined by the Secretary) or any other
party having a financial interest in the making of such a loan or
advance of credit or in providing assistance to the borrower in
preparing the loan application or otherwise assisting the borrower in
obtaining the loan or advance of credit who knowingly (as defined in
section 1735f-14(g) of this title) submits to any such financial
institution or to the Secretary false information shall be subject to a
civil money penalty in the amount and manner provided under section
1735f-14 of this title with respect to mortgagees and lenders under this
chapter.
(c)(1) Notwithstanding any other provision of law, the Secretary
shall have the power, under regulations to be prescribed by him and
approved by the Secretary of the Treasury, to assign or sell at public
or private sale, or otherwise dispose of, any evidence of debt,
contract, claim, personal property, or security assigned to or held by
him in connection with the payment of insurance heretofore or hereafter
granted under this section, and to collect or compromise all obligations
assigned to or held by him and all legal or equitable rights accruing to
him in connection with the payment of such insurance until such time as
such obligations may be referred to the Attorney General for suit or
collection.
(2) The Secretary is authorized and empowered (a) to deal with,
complete, rent, renovate, modernize, insure, or sell for cash or credit,
in his discretion, and upon such terms and conditions and for such
considerations as the Secretary shall determine to be reasonable, any
real or personal property conveyed to or otherwise acquired by him in
connection with the payment of insurance heretofore or hereafter granted
under this subchapter and (b) to pursue to final collection, by way of
compromise or otherwise, all claims against mortgagors assigned by
mortgagees to the Secretary in connection with such real or personal
property by way of deficiency or otherwise: Provided, That section 5 of
title 41 shall not be construed to apply to any contract of hazard
insurance or to any purchase or contract for services or supplies on
account of such property if the amount thereof does not exceed $1,000.
The power to convey and to execute in the name of the Secretary deeds of
conveyance, deeds of release, assignments and satisfactions of
mortgages, and any other written instrument relating to real or personal
property or any interest therein heretofore or hereafter acquired by the
Secretary pursuant to the provisions of this subchapter may be exercised
by an officer appointed by him without the execution of any express
delegation of power or power of attorney: Provided, That nothing in this
paragraph shall be construed to prevent the Secretary from delegating
such power by order or by power of attorney, in his discretion, to any
officer or agent he may appoint.
(d) The Secretary is authorized and empowered, under such
regulations as he may prescribe, to transfer to any such approved
financial institution any insurance in connection with any loans and
advances of credit which may be sold to it by another approved financial
institution.
(e) The Secretary is authorized to waive compliance with regulations
heretofore or hereafter prescribed by him with respect to the interest
and maturity of and the terms, conditions, and restrictions under which
loans, advances of credit, and purchases may be insured under this
section and section 1706a \4\ of this title, if in his judgment the
enforcement of such regulations would impose an injustice upon an
insured institution which has substantially complied with such
regulations in good faith and refunded or credited any excess charge
made, and where such waiver does not involve an increase of the
obligation of the Secretary beyond the obligation which would have been
involved if the regulations had been fully complied with.
---------------------------------------------------------------------------
\4\ See References in Text note below.
---------------------------------------------------------------------------
(f) The Secretary shall fix a premium charge for the insurance
hereafter granted under this section, but in the case of any obligation
representing any loan, advance of credit, or purchase, such premium
charge shall not exceed an amount equivalent to 1 per centum per annum
of the net proceeds of such loan, advance of credit, or purchase, for
the term of such obligation, and such premium charge shall be payable in
advance by the financial institution and shall be paid at such time and
in such manner as may be prescribed by the Secretary.
(g) Any payment for loss made to an approved financial institution
under this section shall be final and incontestable after two years from
the date the claim was certified for payment by the Secretary, in the
absence of fraud or misrepresentation on the part of such institution,
unless a demand for repurchase of the obligation shall have been made on
behalf of the United States prior to the expiration of such two-year
period.
(h) The Secretary is authorized and directed to make such rules and
regulations as may be necessary to carry out the provisions of this
subchapter.
(i) For purposes of this section, the term ``manufactured home''
includes any elder cottage housing opportunity unit that is small,
freestanding, barrier-free, energy efficient, removable, and designed to
be installed adjacent to an existing 1- to 4-family dwelling.
(June 27, 1934, ch. 847, title I, Sec. 2, 48 Stat. 1246; May 28, 1935,
ch. 150, Sec. 28, 49 Stat. 299; Aug. 23, 1935, ch. 614, title III,
Sec. 344(b), 49 Stat. 722; Apr. 3, 1936, ch. 165, Sec. 1, 49 Stat. 1187;
Apr. 17, 1936, ch. 234, Sec. 4, 49 Stat. 1234; Apr. 22, 1937, ch. 121,
Sec. 2, 50 Stat. 71; Feb. 3, 1938, ch. 13, Sec. 2, 52 Stat. 9; June 3,
1939, ch. 175, Secs. 1, 2, 53 Stat. 804, 805; June 28, 1941, ch. 261,
Secs. 1-5, 55 Stat. 364, 365; May 26, 1942, ch. 319, Sec. 13, 56 Stat.
305; Mar. 23, 1943, ch. 21, Sec. 2, 57 Stat. 43; Oct. 15, 1943, ch. 259,
Secs. 3, 4, 57 Stat. 571; June 26, 1947, ch. 152, 61 Stat. 182; Aug. 10,
1948, ch. 832, title I, Sec. 101(s), 62 Stat. 1275; July 15, 1949, ch.
338, title II, Sec. 201(1), 63 Stat. 421; Aug. 30, 1949, ch. 524, 63
Stat. 681; Oct. 25, 1949, ch. 729, Sec. 1(1), 63 Stat. 905; Apr. 20,
1950, ch. 94, title I, Secs. 101(a), 122, 64 Stat. 48, 59; Mar. 10,
1953, ch. 5, Sec. 1, 67 Stat. 4; Aug. 2, 1954, ch. 649, title I,
Secs. 101(a), 102, 68 Stat. 590; June 30, 1955, ch. 251, Sec. 1(1), 69
Stat. 225; Aug. 11, 1955, ch. 783, title I, Sec. 101, 69 Stat. 635; Feb.
10, 1956, ch. 33, 70 Stat. 11; Aug. 7, 1956, ch. 1029, title I,
Sec. 101, 70 Stat. 1091; Pub. L. 85-104, title I, Sec. 105, July 12,
1957, 71 Stat. 297; Pub. L. 86-372, title I, Sec. 101, Sept. 23, 1959,
73 Stat. 654; Pub. L. 86-788, Sec. 2(a), Sept. 14, 1960, 74 Stat. 1028;
Pub. L. 87-70, title VI, Sec. 604(a), June 30, 1961, 75 Stat. 177; Pub.
L. 88-560, title I, Sec. 101, Sept. 2, 1964, 78 Stat. 769; Pub. L. 89-
117, title II, Sec. 202(a), title XI, Sec. 1108(a), Aug. 10, 1965, 79
Stat. 465, 504; Pub. L. 90-19, Sec. 1(a)(3), (d), May 25, 1967, 81 Stat.
17, 18; Pub. L. 90-448, title III, Sec. 308, Aug. 1, 1968, 82 Stat. 509;
Pub. L. 91-78, Sec. 2(a), Sept. 30, 1969, 83 Stat. 125; Pub. L. 91-152,
title I, Secs. 101(a), 103(c), Dec. 24, 1969, 83 Stat. 379, 380; Pub. L.
91-432, Sec. 1(a), Oct. 2, 1970, 84 Stat. 886; Pub. L. 91-473,
Sec. 1(a), Oct. 21, 1970, 84 Stat. 1064; Pub. L. 91-525, Sec. 1(a), Dec.
1, 1970, 84 Stat. 1384; Pub. L. 91-609, title I, Secs. 101(a), 113, Dec.
31, 1970, 84 Stat. 1770, 1773; Pub. L. 92-503, Sec. 1(a), Oct. 18, 1972,
86 Stat. 906; Pub. L. 93-85, Sec. 1(a), Aug. 10, 1973, 87 Stat. 220;
Pub. L. 93-117, Sec. 1(a), Oct. 2, 1973, 87 Stat. 421; Pub. L. 93-383,
title III, Secs. 309(a)-(d), 316(a), Aug. 22, 1974, 88 Stat. 680, 681,
685; Pub. L. 93-449, Sec. 4(a), Oct. 18, 1974, 88 Stat. 1366; Pub. L.
94-173, Sec. 1, Dec. 23, 1975, 89 Stat. 1027; Pub. L. 95-60, Sec. 1(a),
June 30, 1977, 91 Stat. 257; Pub. L. 95-80, Sec. 1(a), July 31, 1977, 91
Stat. 339; Pub. L. 95-128, title II, Secs. 301(a), 306, Oct. 12, 1977,
91 Stat. 1131, 1134; Pub. L. 95-406, Sec. 1(a), Sept. 30, 1978, 92 Stat.
879; Pub. L. 95-557, title III, Secs. 301(a), 320, Oct. 31, 1978, 92
Stat. 2095, 2101; Pub. L. 95-619, title II, Sec. 241, Nov. 9, 1978, 92
Stat. 3228; Pub. L. 96-71, Sec. 1(a), Sept. 28, 1979, 93 Stat. 501; Pub.
L. 96-105, Sec. 1(a), Nov. 8, 1979, 93 Stat. 794; Pub. L. 96-153, title
III, Secs. 301(a), 313(a), Dec. 21, 1979, 93 Stat. 1111, 1116; Pub. L.
96-372, Sec. 1(a), Oct. 3, 1980, 94 Stat. 1363; Pub. L. 96-399, title
III, Secs. 301(a), 308(a)-(c)(1), Oct. 8, 1980, 94 Stat. 1638, 1640;
Pub. L. 97-35, title III, Secs. 331(a), 338(a), 339B(c), Aug. 13, 1981,
95 Stat. 412, 414, 417; Pub. L. 97-289, Sec. 1(a), Oct. 6, 1982, 96
Stat. 1230; Pub. L. 98-35, Sec. 1(a), May 26, 1983, 97 Stat. 197; Pub.
L. 98-109, Sec. 1(a), Oct. 1, 1983, 97 Stat. 745; Pub. L. 98-181, title
IV, Secs. 401(a), 404(b)(1), 415-417, Nov. 30, 1983, 97 Stat. 1207,
1208, 1212; Pub. L. 99-120, Sec. 1(a), Oct. 8, 1985, 99 Stat. 502; Pub.
L. 99-156, Sec. 1(a), Nov. 15, 1985, 99 Stat. 815; Pub. L. 99-219,
Sec. 1(a), Dec. 26, 1985, 99 Stat. 1730; Pub. L. 99-267, Sec. 1(a), Mar.
27, 1986, 100 Stat. 73; Pub. L. 99-272, title III, Sec. 3007(a), Apr. 7,
1986, 100 Stat. 104; Pub. L. 99-289, Sec. 1(b), May 2, 1986, 100 Stat.
412; Pub. L. 99-345, Sec. 1, June 24, 1986, 100 Stat. 673; Pub. L. 99-
430, Sept. 30, 1986, 100 Stat. 986; Pub. L. 100-122, Sec. 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, Sec. 401(b), Feb. 5, 1988, 101 Stat. 1898; Pub. L.
101-235, title I, Sec. 134(a), Dec. 15, 1989, 103 Stat. 2027; Pub. L.
101-625, title III, Sec. 340(b)(1), (c), title VIII, Sec. 806(a), Nov.
28, 1990, 104 Stat. 4147, 4323; Pub. L. 102-389, title II, Oct. 6, 1992,
106 Stat. 1592, 1593; Pub. L. 102-550, title V, Sec. 503(c)(1), title X,
Sec. 1012(k)(1), Oct. 28, 1992, 106 Stat. 3779, 3906; Pub. L. 106-569,
title IX, Sec. 901, Dec. 27, 2000, 114 Stat. 3026.)
References in Text
The National Manufactured Housing Construction and Safety Standards
Act of 1974, referred to in subsec. (a), is title VI of Pub. L. 93-383,
Aug. 22, 1974, 88 Stat. 700, as amended, which is classified generally
to chapter 70 (Sec. 5401 et seq.) of Title 42, The Public Health and
Welfare. For complete classification of this Act to the Code, see Short
Title note set out under section 5401 of Title 42 and Tables.
Section 1706a of this title, referred to in subsec. (e), was
repealed by act June 3, 1939, ch. 175, Sec. 3, 53 Stat. 805, eff. July
1, 1939.
Codification
References to ``mobile homes'', wherever appearing in text, were
changed to ``manufactured homes'' in view of the amendment of the
National Housing Act by section 308(c)(1) of Pub. L. 96-399 requiring
the substitution of ``manufactured home'' for ``mobile home'' wherever
appearing in the National Housing Act, and section 339B(c) of Pub. L.
97-35 (set out below) providing that the terms ``mobile home'' and
``manufactured home'' shall be deemed to include the terms ``mobile
homes'' and ``manufactured homes'', respectively.
Amendments
2000--Subsec. (b)(3)(E). Pub. L. 106-569 substituted ``twenty
years'' for ``fifteen years''.
1992--Subsec. (a). Pub. L. 102-550, Sec. 1012(k)(1), which directed
amendment of fifth undesignated par. by inserting ``Alterations,
repairs, and improvements upon or in connection with existing structures
may also include the evaluation and reduction of lead-based paint
hazards.'', and by adding par. (4), was executed to fourth undesignated
par. to reflect the probable intent of Congress.
Subsec. (b)(1)(C) to (E). Pub. L. 102-550, Sec. 503(c)(1), added
subpars. (C) to (E) and struck out former subpars. (C) to (E) which read
as follows:
``(C) 70 percent of the median 1-family house price in the area, as
determined by the Secretary under section 1709(b)(2) of this title, if
made for the purpose of financing the purchase of a manufactured home;
``(D) 80 percent of the median 1-family house price in the area, as
determined by the Secretary under section 1709(b)(2) of this title, if
made for the purpose of financing the purchase of a manufactured home
and a suitably developed lot on which to place the home;
``(E) the greater of (i) 20 percent of the median 1-family house
price in the area, as determined by the Secretary under section
1709(b)(2) of this title, or (ii) $13,500, if made for the purpose of
financing the purchase, by an owner of a manufactured home which is the
principal residence of the owner, of a suitably developed lot on which
to place that manufactured home, and if the owner certifies that the
owner will place the manufactured home on the lot acquired with such
loan within 6 months after the date of such loan;''.
Pub. L. 102-389 added subpars. (C) to (E) and struck out former
subpars. (C) to (E) which read as follows:
``(C) $40,500 if made for the purpose of financing the purchase of a
manufactured home;
``(D) $54,000 if made for the purpose of financing the purchase of a
manufactured home and a suitably developed lot on which to place the
home;
``(E) $13,500, if made for the purpose of financing the purchase, by
an owner of a manufactured home which is the principal residence of that
owner, of a suitably developed lot on which to place that manufactured
home, and if the owner certifies that he or she will place the
manufactured home on the lot acquired with such loan within six months
after the date of such loan;''.
Subsec. (b)(2). Pub. L. 102-389 substituted ``but in no case may
such limits, as so increased, exceed the lesser of (A) 185 percent of
the dollar amount specified, or (B) the dollar amount specified as
increased by the same percentage by which 95 percent of the median one-
family house price in the area (as determined by the Secretary) exceeds
$67,500'' for ``but not to exceed the percentage by which the maximum
mortgage amount of a one-family residence in the area is increased by
the Secretary under section 1709(b)(2) of this title''.
1990--Subsec. (b)(1)(A). Pub. L. 101-625, Sec. 340(b)(1)(A), added
subpar. (A) and struck out former subpar. (A) which read as follows:
``$17,500 ($20,000 where financing the installation of a solar energy
system is involved) if made for the purpose of financing alterations,
repairs and improvements upon or in connection with existing single-
family structures or manufactured homes;''.
Subsec. (b)(1)(B). Pub. L. 101-625, Sec. 340(b)(1)(B), substituted
``$60,000 or an average amount of $12,000 per family unit'' for
``$43,750 or an average amount of $8,750 per family unit ($50,000 and
$10,000, respectively, where financing the installation of a solar
energy system is involved)''.
Subsec. (b)(3)(A). Pub. L. 101-625, Sec. 340(c)(1), added subpar.
(A) and struck out former subpar. (A) which read as follows: ``fifteen
years and thirty-two days if made for the purpose of financing
alterations, repairs, and improvements upon or in connection with an
existing single-family structure or manufactured home;''.
Subsec. (b)(3)(B). Pub. L. 101-625, Sec. 340(c)(2), substituted
``twenty years'' for ``fifteen years''.
Subsec. (i). Pub. L. 101-625, Sec. 806(a), added subsec. (i).
1989--Subsec. (b)(7). Pub. L. 101-235 added par. (7).
1988--Subsec. (a). Pub. L. 100-242 struck out ``and not later than
March 15, 1988,'' after ``made by them on or after July 1, 1939,''.
1987--Subsec. (a). Pub. L. 100-200 substituted ``March 15, 1988''
for ``December 16, 1987''.
Pub. L. 100-179 substituted ``December 16, 1987'' for ``December 2,
1987''.
Pub. L. 100-170 substituted ``December 2, 1987'' for ``November 15,
1987''.
Pub. L. 100-154 substituted ``November 15, 1987'' for ``October 31,
1987''.
Pub. L. 100-122 substituted ``October 31, 1987'' for ``September 30,
1987''.
1986--Subsec. (a). Pub. L. 99-430 substituted ``September 30, 1987''
for ``September 30, 1986''.
Pub. L. 99-345 substituted ``September 30, 1986'' for ``June 6,
1986''.
Pub. L. 99-289 substituted ``June 6, 1986'' for ``April 30, 1986''.
Pub. L. 99-272 made amendment identical to Pub. L. 99-219. See 1985
Amendment note below.
Pub. L. 99-267 substituted ``April 30, 1986'' for ``March 17,
1986''.
1985--Subsec. (a). Pub. L. 99-219 substituted ``not later than March
17, 1986'' for ``prior to December 16, 1985''.
Pub. L. 99-156 substituted ``December 16, 1985'' for ``November 15,
1985''.
Pub. L. 99-120 substituted ``November 15, 1985'' for ``October 1,
1985''.
1983--Subsec. (a). Pub. L. 98-181, Sec. 415, inserted new
undesignated par. authorizing insurance be made available to existing
manufactured homes not insured under this section if such homes were
constructed in accordance with the standards issued under the National
Manufactured Housing Construction and Safety Standards Act of 1974 and
meet standards similar to the minimum property standards applicable to
existing homes issued under subchapter II of this chapter.
Pub. L. 98-181, Sec. 401(a), substituted ``October 1, 1985'' for
``December 1, 1983''.
Pub. L. 98-109 substituted ``December 1, 1983'' for ``October 1,
1983''.
Pub. L. 98-35 substituted ``October 1, 1983'' for ``May 21, 1983''.
Subsec. (b)(1)(C). Pub. L. 98-181, Sec. 416(a)(1), substituted
``$40,500'' for ``$22,500 ($35,000 in the case of a manufactured home
composed of two or more modules)''.
Subsec. (b)(1)(D). Pub. L. 98-181, Sec. 416(a)(2), substituted
``$54,000'' for ``$35,000 ($47,500 in the case of a manufactured home
composed of two or more modules)''.
Subsec. (b)(1)(E). Pub. L. 98-181, Sec. 416(a)(3), substituted
``$13,500'' for ``such an amount as may be necessary, but not exceeding
$12,500,''.
Subsec. (b)(2). Pub. L. 98-181, Sec. 416(b), substituted provision
authorizing the Secretary, in other areas, to increase the maximum
dollar amounts specified in subsec. (b)(1)(D) and (E) on an area-by-area
basis as deemed necessary, but not to exceed the percentage by which the
maximum mortgage amount of a one-family residence in the area is
increased by the Secretary under section 1709(b)(2) of this title for
provision which authorized the Secretary, by regulation, in other areas
where needed to meet the higher costs of land acquisition, etc., in
connection with the purchase of a manufactured home or lot, to increase
any dollar amount limitation otherwise applicable by an additional
$7,500.
Subsec. (b)(5). Pub. L. 98-181, Sec. 404(b)(1), amended par. (5)
generally, substituting provision that any obligation with respect to
which insurance is granted under this section bear interest at such rate
as agreed upon by the borrower and the financial institution for
provision that any such obligation bear interest and insurance premium
charges as do not exceed an amount determined by a specified formula.
Subsec. (b)(6)(C). Pub. L. 98-181, Sec. 417, added subpar. (C).
1982--Subsec. (a). Pub. L. 97-289 substituted ``May 21, 1983'' for
``October 1, 1982''.
1981--Subsec. (a). Pub. L. 97-35, Sec. 331(a), substituted ``1982''
for ``1981''.
Subsec. (b). Pub. L. 97-35, Sec. 338(a), completely revised and
reorganized provisions respecting computations, adjustments,
applicability, etc., for granting of insurance to financial institutions
for obligations representing loans, advances of credit, or purchases.
1980--Subsec. (a). Pub. L. 96-399, Secs. 301(a), 308(c)(1),
substituted ``October 1, 1981'' for ``October 16, 1980'', and
substituted ``manufactured home'' for ``mobile home'' wherever
appearing.
Pub. L. 96-372 substituted ``October 16, 1980'' for ``October 1,
1980''.
Subsec. (b). Pub. L. 96-399, Sec. 308(a)-(c)(1), inserted provisions
respecting areas of high land costs or high set-up costs, substituted
``manufactured home'' for ``mobile home'' wherever appearing, and
increased amounts with respect to financing purchases of such homes from
$18,000 to $20,000 (from $27,000 to $30,000 where there are two or more
modules), where an undeveloped lot is concerned from $24,000 to $26,675
(from $33,000 to $36,675 where there are two or more modules), where a
suitably developed lot is concerned from $27,500 to $30,550 (from
$36,500 to $40,550 where there are two or more modules), and where a
principal place of residence of the owner is concerned from $6,250 to
$6,950 and $9,375 to $10,425, respectively, for undeveloped and
developed lots.
1979--Subsec. (a). Pub. L. 96-153, Sec. 301(a), substituted
``October 1, 1980'' for ``December 1, 1979''.
Pub. L. 96-105 substituted ``December 1, 1979'' for ``November 1,
1979''.
Pub. L. 96-71 substituted ``November 1, 1979'' for ``October 1,
1979''.
Subsec. (b). Pub. L. 96-153, Sec. 313(a), substituted: in cl. (1) of
first sentence of first unlettered paragraph ``$18,000 ($27,000 in the
case of a mobile home containing'' for ``$16,000 ($24,000 in the case of
a mobile home composing'', in subpar. (A) of second unlettered paragraph
``such an amount not exceeding $24,000 ($33,000 in the case of a mobile
home composed of two or more modules)'' for ``an amount not exceeding
(i) the maximum amount under clause (1) of the first paragraph of this
subsection, and (ii) such amount not to exceed $5,000 as may be
necessary to cover the cost of purchasing the lot'', in subpar. (B) of
second unlettered paragraph ``twenty years and thirty-two days (twenty-
five'' for ``fifteen years and thirty-two days (twenty-three'', in
subpar. (A) of third unlettered paragraph ``such an amount not exceeding
$27,500 ($36,500 in the case of a mobile home composed of two or more
modules)'' for ``an amount not exceeding (i) the maximum amount under
clause (1) of the first paragraph of this subsection, and (ii) such
amount not to exceed $7,500 as may be necessary to cover the cost of
purchasing the lot'', in subpar. (B) of such unlettered paragraph
``twenty years and thirty-two days (twenty-five'' for ``fifteen years
and thirty-two days (twenty-three'', in subpar. (A) of the fourth
unlettered paragraph ``$6,250 in the case of an undeveloped lot, or (ii)
$9,375'' for ``$5,000 in the case of an undeveloped lot, or (ii)
$7,500'', and in subpar. (B) of such paragraph ``fifteen years and
thirty-two days'' for ``ten years and thirty-two days''.
1978--Subsec. (a). Pub. L. 95-557, Sec. 301(a), substituted
``October 1, 1979'' for ``November 1, 1978''.
Pub. L. 95-406 substituted ``November 1, 1978'' for ``October 1,
1978''.
Subsec. (a)(2). Pub. L. 95-619 defined ``energy conserving
improvements'' in terms of purchase and installation of weatherization
materials as defined in section 6862(9) of title 42 rather than
additions, alterations, or improvements of an existing or new structure,
designed to reduce the total energy requirements of a structure in
conformity with standards prescribed by the Secretary.
Subsec. (a)(3). Pub. L. 95-619 expanded definition of ``solar energy
system'' to include the utilization of wind energy and added the
distinction between active and passive types of energy systems.
Subsec. (b). Pub. L. 95-557, Sec. 320, substituted ``not in excess
of $37,500 nor an average amount of $7,500 per family unit and having a
maturity not in excess of fifteen years'' for ``not in excess of $25,000
nor an average amount of $5,000 per family unit and having a maturity
not in excess of twelve years''.
1977--Subsec. (a). Pub. L. 95-128, Sec. 301(a), substituted
``October 1, 1978'' for ``October 1, 1977''.
Pub. L. 95-80 substituted ``October 1, 1977'' for ``August 1,
1977''.
Pub. L. 95-60 substituted ``August 1, 1977'' for ``June 30, 1977''.
Subsec. (b). Pub. L. 95-128, Sec. 306, substituted: in cl. (1) of
first sentence ``$15,000'' for ``$10,000'' and ``$16,000 ($24,000'' for
``$12,500 ($20,000'', and in cl. (2) ``fifteen years'' for ``twelve
years''; inserted at end of proviso in cl. (2) ``(twenty-three years and
thirty-two days in the case of a mobile home composed of two or more
modules)''; substituted in subpar. (B) of the second and third
paragraphs ``twenty-three years'' for ``twenty years''; and inserted
paragraph at end of subsec. (b) which authorized the Secretary to
increase by regulation any dollar amount limitation on mobile homes or
mobile home lot loans contained in this subsection by not to exceed 40
per centum.
1975--Subsec. (b). Pub. L. 94-173 substituted ``$12,500 ($20,000''
for ``$10,000 ($15,000'' in cl. 1.
1974--Subsec. (a). Pub. L. 93-449, Sec. 4(a)(1), inserted provisions
relating to financing preservation of historic structures and defining
``historic structures'' and ``preservation''.
Pub. L. 93-383, Secs. 309(b)(1), (2), (c), 316(a), substituted
``June 30, 1977'' for ``October 1, 1974'' in provisions preceding
initially designated cl. (i), inserted ``or mobile homes'' after ``in
connection with existing structures'' in initial cl. (i), provisions
relating to the financing of the purchase of a lot on which a mobile
home is to be placed and payment of reasonable expenses for the
appropriate preparation of such lot, and paragraph relating to
alteration, repair, and improvement upon or in connection with existing
structures with respect to inclusion of fire safety equipment, etc.
Subsec. (b). Pub. L. 93-449, Sec. 4(a)(2), added par. relating to
loans financing preservation of historic structures.
Pub. L. 93-383, Sec. 309(a), (b)(3), (d), in cl. (1) substituted
``exceeds $10,000'' for ``exceeds $5,000'', in cl. (2) substituted
provisions relating to maturity of obligation in excess of twelve years
and thirty-two days for provisions relating to maturity of obligation in
excess of three years and thirty-two days and authorization of increase
to seven years and thirty-two days under conditions determined by the
Secretary and substituted ``fifteen years and thirty-two days'' for
``twelve years and thirty-two days (fifteen years and thirty-two days in
the case of a mobile home composed of two or more modules)'', in cl. (3)
substituted ``$25,000'' for ``$15,000'', ``$5,000'' for ``$2,500'', and
``twelve years'' for ``seven years'', inserted provision relating to
loans to finance fire safety equipment for a nursing home, etc., and
inserted paragraphs relating to financing the purchase of a mobile home
and an undeveloped lot on which the mobile home is to be placed,
financing the purchase of a mobile home and a suitably developed lot on
which the mobile home is to be placed, and financing the purchase by the
owner of a mobile home of a lot on which the mobile home is to be
placed.
1973--Subsec. (a). Pub. L. 93-117 substituted ``October 1, 1974''
for ``October 1, 1973''.
Pub. L. 93-85 substituted ``October 1, 1973'' for ``June 30, 1973''.
1972--Subsec. (a). Pub. L. 92-503 substituted ``June 30, 1973'' for
``October 1, 1972''.
1970--Subsec. (a). Pub. L. 91-609, Sec. 101(a), substituted
``October 1, 1972'' for ``January 1, 1971''.
Pub. L. 91-525 substituted ``January 1, 1971'' for ``December 1,
1970''.
Pub. L. 91-473 substituted ``December 1, 1970'' for ``November 1,
1970''.
Pub. L. 91-432 substituted ``November 1, 1970'' for ``October 1,
1970''.
Subsec. (b). Pub. 91-609, Sec. 113(1), (2), in cl. (1) prohibited
insurance with respect to obligations representing a loan where loan
exceeds ``($15,000 in the case of a mobile home composed of two or more
modules)'', and in cl. (2) prescribed maturity date for obligation
financing purchase of a mobile home of ``(fifteen years and thirty-two
days in the case of a mobile home composed of two or more modules)''.
1969--Subsec. (a). Pub. L. 91-152, Secs. 101(a), 103(c)(1)(4),
substituted ``October 1, 1970'' for ``January 1, 1970'', designated as
``(i)'' provisions authorizing and empowering the Secretary to insure
institutions financing alterations, repairs, and improvements, etc.,
inserted provisions designated as ``(ii)'' dealing with institutions
which finance the purchase of mobile homes used by the owner as his
principal residence, inserted ``(other than mobile homes)'' after ``(1)
with respect to new residential structures'', and inserted provisions
authorizing and directing the Secretary to prescribe minimum property
standards and conformance to local zoning requirements with respect to
mobile homes financed by insured institutions.
Pub. L. 91-78 substituted ``January 1, 1970'' for ``October 1,
1969''.
Subsec. (b). Pub. L. 91-152, Sec. 103(c)(5), (6), in cl. (1)
inserted provision excepting obligations financing the purchase of
mobile homes in an amount not exceeding $10,000, and in cl. (2) inserted
proviso limiting obligations financing the purchase of mobile homes to a
maturity date not in excess of twelve years and thirty-two days.
Subsec. (c)(2). Pub. L. 91-152, Sec. 103(c)(7), substituted ``real
or personal property'' for ``real property'' wherever appearing.
1968--Subsec. (b). Pub. L. 90-448 substituted ``$5,000'' for
``$3,500'', ``seven years'' for ``five years'', ``$5.50 discount'' for
``$5 discount'', and ``$4.50 discount'' for ``$4 discount''.
1967--Pub. L. 90-19, Sec. 1(a)(3), substituted ``Secretary'' for
``Commissioner'' wherever appearing in subsecs. (a), (b), (c)(1), (2),
and (d) to (h).
Subsec. (c)(2). Pub. L. 90-19, Sec. 1(d), substituted ``an officer''
for ``the Commissioner or by any Assistant Commissioner''.
1965--Subsec. (a). Pub. L. 89-117, Sec. 202(a), substituted
``October 1, 1969'' for ``October 1, 1965''.
Subsec. (f). Pub. L. 89-117, Sec. 1108(a), struck out provisions
directing the deposit of premium charges and fees and property held with
respect to insurance into a United States Treasury account to be used to
defray Federal Housing Administration expenses and to pay insurance
claims and making allowance for transfer and merger of funds and
disposition of surplus funds.
1964--Subsec. (g). Pub. L. 88-560 struck out ``after December 31,
1957,'' after ``Any payment for loss made''.
1961--Subsec. (a). Pub. L. 87-70 substituted ``October 1, 1965'' for
``October 1, 1961''.
1960--Subsec. (a). Pub. L. 86-788 substituted ``October 1, 1961''
for ``October 1, 1960'', and struck out provisions limiting the
aggregate amount of all loans, advances of credit, and obligations
purchased, with respect to which insurance could be granted under the
section, at $1,750,000,000.
1959--Subsec. (a). Pub. L. 86-372 substituted ``October 1, 1960''
for ``September 30, 1959''.
1957--Subsecs. (g), (h). Pub. L. 85-104 added subsec. (g) and
redesignated former subsec. (g) as (h).
1956--Subsec. (a). Act Aug. 7, 1956, Sec. 101(a), substituted
``September 30, 1959'' for ``September 30, 1956'' and proviso of second
par. authorizing waiver of clause (iii) in discretion of Commissioner
with respect to occupancy of completion of new residential structures,
for former proviso providing that the clause (iii) occupancy requirement
should not be mandatory with respect to new residences damaged by a
major disaster.
Act Feb. 10, 1956, removed the six months' occupancy requirement
with respect to new residences damaged by a major disaster.
Subsec. (b). Act Aug. 7, 1956, Sec. 101(b), (c), increased amount of
loans which can be insured to $3,500 in lieu of former provisions
providing $2,500 for improvement of existing structures and $3,000 for
construction of new structures, increased maximum term of loans which
can be insured from 3 years and thirty-two days to 5 years and thirty-
two days, inserted proviso limiting interest and premium charges
equivalent to $5 discount per $100 for proceeds of loan up to $2,500 and
$4 discount per $100 for proceeds in excess of $2,500, and substituted
``$15,000 nor an average amount of $2,500 per family unit'' for
``$10,000''.
1955--Subsec. (a). Act Aug. 11, 1955, substituted ``September 30,
1956'' for ``August 1, 1955''.
Act June 30, 1955, substituted ``August 1, 1955'' for ``July 1,
1955''.
1954--Subsec. (a). Act Aug. 2, 1954, Sec. 101(a), in second
sentence, inserted proviso restricting claims for losses on individual
loans, advances of credit, and purchases to 90 per centum of loss in
each such case, and added second par.
Subsec. (f). Act Aug. 2, 1954, Sec. 102, inserted last two sentences
with respect to termination of the Title I Claims Account as of August
1, 1954.
1953--Subsec. (a). Act Mar. 10, 1953, increased the Subchapter I
loan insurance authorization from $1,250,000,000 to $1,750,000,000.
1950--Act Apr. 20, 1950, Sec. 122, substituted ``Commissioner'' for
``Administrator'' wherever appearing.
Subsec. (a). Act Apr. 20, 1950, Sec. 101(a)(1), (2), substituted
``July 1, 1955'' for ``Mar. 1, 1950'', and limited the total amount of
outstanding loans with respect to which insurance is granted under this
section to $1,250,000,000 outstanding at any one time.
Subsec. (b)(1). Act Apr. 20, 1950, Sec. 101(a)(3), substituted
``$3,000'' for ``$4,500''.
Subsec. (b)(2). Act Apr. 20, 1950, Sec. 101(a)(4), struck out
``residential or'' before ``agricultural purposes''.
Subsec. (f). Act Apr. 20, 1950, Sec. 101(a)(5), substituted
``section'' for ``subchapter'' wherever appearing.
1949--Subsec. (a). Joint Res. Oct. 25, 1949, substituted ``March 1,
1950'' for ``November 1, 1949'' in first sentence and ``$225,000,000''
for ``$200,000,000'' in last sentence.
Act Aug. 30, 1949, substituted ``November 1, 1949'' for ``September
1, 1949''.
Act July 15, 1949, substituted ``September 1, 1949'' for ``July 1,
1949''.
1948--Subsec. (a). Act Aug. 10, 1948, Sec. 101(s)(1), substituted
``$200,000,000'' for ``$165,000,000''.
Subsec. (b). Act Aug. 10, 1948, Sec. 101(s)(2)-(4), substituted
``$4,500'' for ``$3,000'', struck out first proviso and inserted in lieu
a new proviso, and struck out last sentence.
1947--Subsec. (a). Act June 26, 1947, extended provisions of section
for two years from 1947 to 1949.
1943--Subsec. (a). Act Oct. 15, 1943, substituted ``1947'' for
``1944'' in first sentence.
Act Mar. 23, 1943, substituted ``1944'' for ``1943'' in first
sentence.
Subsec. (f). Act Oct. 15, 1943, Sec. 4, struck out ``three-fourths
of'' before ``1 per centum'' in first sentence.
1942--Subsec. (b). Act May 26, 1942, amended provisions generally.
1941--Subsec. (a). Act June 28, 1941, Secs. 1, 2, substituted ``July
1, 1943'' for ``July 1, 1941'' in first sentence; inserted ``and other
sources'' after ``premiums''; and substituted ``$165,000,000'' for
``$100,000,000''.
Subsec. (b). Act June 28, 1941, Sec. 3, substituted ``made for the
purpose of financing the alteration, repair, or improvement of existing
structures exceeds $2,500 (or in the case of the alteration, repair, or
improvement of an existing dwelling designed or to be designed for more
than one family, exceeds $5,000), or for the purpose of financing the
construction of new structures exceeds $3,000'' for ``exceeds $2,500'';
substituted in cl. (2) ``where the loan, advance of credit, or purchase
does not exceed $2,500, or has a maturity in excess of five years and
thirty-two days, where the loan, advance of credit, or purchase exceeds
$2,500 but does not exceed $5,000; except that such maturity limitations
shall not apply if'' for ``unless''; and inserted proviso at end.
Subsec. (c). Act June 28, 1941, Sec. 4, designated existing
provisions as par. (1), inserted ``personal'' before ``property'', and
added par. (2).
Subsec. (f). Act June 28, 1941, Sec. 5, inserted ``and all moneys
collected by the Administrator as fees of any kind in connection with
the granting of insurance as provided in this section, and all moneys
derived from the sale, collection, disposition, or compromise of any
evidence of debt, contract, claim, property, or security assigned to or
held by the Administrator as provided in subsection (c) of this section
with respect to insurance collected on and after July 1, 1939'' in last
sentence.
1939--Subsecs. (a), (b). Act June 3, 1939, Sec. 1, amended
provisions generally.
Subsecs. (f), (g). Act June 3, 1939, Sec. 2, added subsecs. (f) and
(g).
1938--Subsecs. (a), (b). Act Feb. 3, 1938, amended provisions
generally.
1937--Subsec. (a). Act Apr. 22, 1937, in third sentence, limited the
total liability for all insurance under this section and former section
1026a of this title, not to exceed in the aggregate $100,000,000.
1936--Subsecs. (a) to (d). Act Apr. 3, 1936, amended provisions
generally.
Subsec. (e). Act Apr. 17, 1936, added subsec. (e).
1935--Subsec. (a). Act Aug. 23, 1935, substituted ``and the purchase
and installation of equipment and machinery on real property'' for
``including the installation of equipment and machinery'' in first
sentence.
Act May 28, 1935, substituted ``April'' for ``January'' in first
sentence and inserted ``including the installation of equipment and
machinery'', and amended generally the last sentence.
Effective Date of 1990 Amendment
Section 340(b)(2) of Pub. L. 101-625 provided that: ``The amendments
made by this subsection [amending this section] shall apply to loans
executed on or after June 1, 1991.''
Effective Date of 1989 Amendment
Section 134(b) of Pub. L. 101-235 provided that: ``The amendment
made by subsection (a) [amending this section] shall apply only with
respect to--
``(1) violations referred to in the amendment that occur on or
after the date of the enactment of this Act [Dec. 15, 1989]; and
``(2) in the case of a continuing violation (as determined by
the Secretary of Housing and Urban Development), any portion of a
violation referred to in the amendment that occurs on or after such
date.''
Effective Date of 1981 Amendment
Amendment by Pub. L. 97-35 effective Oct. 1, 1981, see section 371
of Pub. L. 97-35, set out as an Effective Date note under section 3701
of this title.
Effective Date of 1954 Amendment
Section 101(b) of act Aug. 2, 1954, provided that, as used in the
amendments made by such act (see 1954 Amendments note above), the words
``effective date of the Housing Act of 1954 [Act Aug. 2, 1954]'' mean
the first day after the first full calendar month following the date of
approval of such act (Aug. 2, 1954).
Effective Date of 1950 Amendment
Section 101(b) of act Apr. 20, 1950, provided that ``This section
[amending this section] shall take effect as of March 1, 1950.''
Effective Date of 1949 Amendment
Section 202 of title II of act July 15, 1949, provided that: ``This
title [amending this section and sections 1709 and 1738 of this title]
shall take effect as of June 30, 1949.''
Effective Date of 1939 Amendment
Section 4 of act June 3, 1939, provided that: ``The provisions of
sections 1, 2, and 3 of this Act [amending this section and repealing
section 1706a of this title] shall take effect on July 1, 1939.''
Effective Date of 1936 Amendment
Section 1 of act Apr. 3, 1936, provided that the amendment made by
that section is effective Apr. 1, 1936.
Inconsistent Laws
Section 818 of act Aug. 2, 1954, provided that: ``Insofar as the
provisions of any other law are inconsistent with the provisions of this
Act [see 1954 Short Title note set out under section 1701 of this
title], the provisions of this Act shall be controlling.''
Powers and Authorities of Act August 2, 1954 as Cumulative; Separability
Section 819 of act Aug. 2, 1954, provided that: ``Except as may be
otherwise expressly provided in this Act [see Short Title of 1954
Amendments note set out under section 1701 of this title], all powers
and authorities conferred by this Act shall be cumulative and additional
to and not in derogation of any powers and authorities otherwise
existing. Notwithstanding any other evidences of the intention of
Congress, it is hereby declared to be the controlling intent of Congress
that if any provisions of this Act, or the application thereof to any
persons or circumstances, shall be adjudged by any court of competent
jurisdiction to be invalid, such judgment shall not affect, impair, or
invalidate the remainder of this Act or its application to other persons
and circumstances.''
``Mobile Home'' and ``Manufactured Home'' To Include ``Mobile Homes''
and ``Manufactured Homes''
Section 339B(c) of Pub. L. 97-35 provided that: ``For purposes of
paragraphs (1) and (4) of section 308(c) of the Housing and Community
Development Act of 1980 [amending sections 1703 and 1713 of this title,
and section 5401 et seq. of Title 42, The Public Health and Welfare],
the term `mobile home' and the term `manufactured home' shall be deemed
to include the term `mobile homes' and the term `manufactured homes',
respectively.''
Data Collection and Reporting Procedures Respecting Mean and Median
Sales Prices on Manufactured Homes and Lots; Development, Contents, Etc.
Section 308(e) of Pub. L. 96-399 provided that: ``Not later than
January 1, 1982, the Secretary of Housing and Urban Development shall
develop a procedure for collecting and regularly reporting data on the
mean and median sales price for new manufactured homes, and, where
available, data on the mean and median sales price for manufactured home
lots and combination new manufactured home and lot packages. Such
reports shall contain, to the maximum extent feasible, sales price
information for the Nation, each census region, each State on an annual
basis, and selected standard metropolitan statistical areas having
sufficient activity on an annual basis.''
Report Respecting Ownership of Mobile Home Sites
Section 321 of Pub. L. 96-153, required the Secretary of Housing and
Urban Development to submit a report to Congress by Mar. 31, 1980,
containing recommendations for programs and policies which encourage
individual ownership of mobile home lots through several methods.
Repayment to Treasury on Capital Account of Subchapter I Insurance Fund
Section 2 of act Mar. 10, 1953, authorized the Federal Housing
Commissioner to pay out of the capital account of the Title I Insurance
Fund to the Secretary of the Treasury, prior to June 30, 1954, the sum
of $8,333,313.65 either in one lump sum or in installments and that the
first payment be made on July 1, 1953.
Section Referred to in Other Sections
This section is referred to in sections 1706d, 1709, 1713, 1715e,
1715k, 1715l, 1715t, 1715v, 1715w, 1715y, 1715z, 1715z-5, 1715z-6,
1715z-7, 1717, 1735c, 1749aaa of this title; title 15 section 78c; title
42 sections 1471, 8231.
