§ 1747c. — Rent schedules.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1747c]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER VII--INSURANCE FOR INVESTMENTS IN RENTAL HOUSING FOR FAMILIES
OF MODERATE INCOME
Sec. 1747c. Rent schedules
The Secretary shall require that the rents for the dwellings in any
project insured under this subchapter shall be established in accordance
with a rent schedule approved by the Secretary, and that the investor
shall not charge or collect rents for any dwellings in the project in
excess of the appropriate rents therefor as shown in the latest rent
schedule approved pursuant to this section. Prior to approving the
initial or any subsequent rent schedule pursuant to this section, the
Secretary shall find that such schedule affords reasonable assurance
that the rents to be established thereunder are (1) not lower than
necessary, together with all other income to be derived from or in
connection with the project, to produce reasonably stable revenues
sufficient to provide for the payment of the operating expenses, the
minimum annual amortization charge, and the minimum annual return; and
(2) not higher than necessary to meet the need for dwellings for
families of moderate income.
(June 27, 1934, ch. 847, title VII, Sec. 704, as added Aug. 10, 1948,
ch. 832, title IV, Sec. 401, 62 Stat. 1277; amended Apr. 20, 1950, ch.
94, title I, Sec. 122, 64 Stat. 59; Pub. L. 90-19, Sec. 1(a)(3), May 25,
1967, 81 Stat. 17.)
Amendments
1967--Pub. L. 90-19 substituted ``Secretary'' for ``Commissioner''
wherever appearing.
1950--Act Apr. 20, 1950, substituted ``Commissioner'' for
``Administrator'' wherever appearing.
