Sec. 522. Purposes
194 words·~1 min read·
/bill/115/hr/6746/ih/section-522·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The FHA is established for the following purposes: To provide mortgage insurance and other credit enhancement and related activities, for— single family homeownership to first-time homebuyers, low- and moderate-income homebuyers, homebuyers in areas subject to counter-cyclical markets or Presidentially-declared disasters; the financing of affordable rental housing; and the provision of residential health care facilities. To supplement private sector activity by serving hard-to-serve markets, developing new mortgage products, and filling gaps in the provision and delivery of mortgage credit.
To deliver housing mortgage insurance and credit enhancement and provide other services in a non-discriminatory manner. To promote liquidity and provide stability to the single family and multifamily housing finance market, by continuing to provide mortgage insurance and credit enhancement on a sound basis during times of regional and national economic downturn. To engage in research, development, and testing of new products designed to make single family and multifamily housing and residential health care facility credit available to hard-to-serve markets.
To establish uniformity in operations and risk management and loss mitigation in housing mortgage insurance and rural housing loan programs. To administer the rural housing programs of the Rural Housing Service of the Department of Agriculture.