§ 1715d. Insurance of mortgages on property in Alaska, Guam, Hawaii, and Virgin Islands

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If the Secretary of Housing and Urban Development finds that, because of higher costs prevailing in Alaska, Guam, Hawaii, or the Virgin Islands, it is not feasible to construct dwellings or manufactured home courts or parks on property located in Alaska, Guam, Hawaii, or the Virgin Islands without sacrifice of sound standards of construction, design, or livability, within the limitations as to maximum or maxima mortgage amounts provided in this chapter, the Secretary may, by regulations or otherwise, prescribe, with respect to dollar amount, a higher maximum or maxima for the principal obligation of mortgages insured under this chapter covering property located in Alaska, Guam, Hawaii, or the Virgin Islands in such amounts as he shall find necessary to compensate for such higher costs but not to exceed, in any event, the maximum or maxima otherwise applicable (including increased mortgage amounts in geographical areas where cost levels so require) by more than one-half thereof.

No mortgage with respect to a project or property in Alaska, Guam, Hawaii, or the Virgin Islands shall be accepted for insurance under this chapter unless the Secretary finds that the project or property is an acceptable risk giving consideration to the acute housing shortage in Alaska, Guam, Hawaii, or the Virgin Islands: Provided, That any such mortgage may be insured or accepted for insurance without regard to any requirement in any other section of this chapter that the Secretary find the project or property to be economically sound or an acceptable risk.

Notwithstanding any of the provisions of this chapter or any other law, the Alaska Housing Authority or the Government of Guam, the Virgin Islands, or Hawaii or any agency or instrumentality thereof shall be eligible as mortgagor or mortgagee, as the case may be, for any of the purposes of mortgage insurance under the provisions of this chapter. Upon application by the mortgagee

(1)where the mortgagor is regulated or restricted pursuant to the last sentence of this section or

(2)where the Alaska Housing Authority or the Government of Guam, the Virgin Islands, or Hawaii or any agency or instrumentality thereof is the mortgagor or mortgagee, for the insurance of a mortgage under any provisions of this chapter, the Secretary is authorized to insure the mortgage (including advances thereon where otherwise authorized), and to make commitments for the insuring of any such mortgages prior to the date of their execution or disbursement thereon, under such provision (and this section) without regard to any requirement that the mortgagor shall have paid a prescribed amount on account of such property. Without limiting the authority of the Secretary under any other provision of law, the Secretary is authorized, with respect to any mortgagor in such case (except where the Alaska Housing Authority is the mortgagor or mortgagee), to require the mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation to such an extent and in such manner as the Secretary determines advisable to provide reasonable rentals and sales prices and a reasonable return on the investment.

(June 27, 1934, ch. 847, title II, § 214, as added Apr. 23, 1949, ch. 89, § 2(a), 63 Stat. 57; amended Sept. 1, 1951, ch. 378, title VI, § 606, 65 Stat. 315; July 14, 1952, ch. 723, § 10(a)(3), 66 Stat. 603; June 30, 1953, ch. 170, § 25(a), (c), 67 Stat. 128; Pub. L. 86–70, § 10(c), June 25, 1959, 73 Stat. 142; Pub. L. 86–372, title I, § 106, Sept. 23, 1959, 73 Stat. 657; Pub. L. 90–19, § 1(a)(2), (3), May 25, 1967, 81 Stat. 17; Pub. L. 91–152, title IV, § 418(e), Dec. 24, 1969, 83 Stat. 402;

Pub. L. 96–399, title III, § 308(c)(1), Oct. 8, 1980, 94 Stat. 1640; Pub. L. 98–479, title II, § 204(a)(4), Oct. 17, 1984, 98 Stat. 2232; Pub. L. 100–242, title IV, § 406(b)(7), Feb. 5, 1988, 101 Stat. 1901; Pub. L. 101–625, title III, § 333, Nov. 28, 1990, 104 Stat. 4141.)

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Cited by 17 sections · top 13

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U.S. Code

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Sec. 214
insurance of mortgages on property in alaska, guam, hawaii, and the virgin islands

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U.S. Code

45 references not yet in our index

June 27, 1934, ch. 847
Apr. 23, 1949, ch. 89, § 2(a)
63 Stat. 57
Sept. 1, 1951, ch. 378
65 Stat. 315
July 14, 1952, ch. 723, § 10(a)(3)
66 Stat. 603
June 30, 1953, ch. 170, § 25(a)
67 Stat. 128
Pub. L. 86–70, § 10(c)
73 Stat. 142
Pub. L. 86–372, title I, § 106
73 Stat. 657
Pub. L. 90–19, § 1(a)(2)
81 Stat. 17
Pub. L. 91–152, title IV, § 418(e)
83 Stat. 402
Pub. L. 96–399, title III, § 308(c)(1)
94 Stat. 1640
Pub. L. 98–479, title II, § 204(a)(4)
98 Stat. 2232
Pub. L. 100–242, title IV, § 406(b)(7)
101 Stat. 1901
Pub. L. 101–625, title III, § 333
104 Stat. 4141
act June 27, 1934, ch. 847
48 Stat. 1246
act Aug. 2, 1954, ch. 649, title II, § 205
68 Stat. 622
Pub. L. 101–625
Pub. L. 100–242
Pub. L. 98–479
Pub. L. 96–399
Pub. L. 91–152
Pub. L. 90–19
Pub. L. 86–372
Pub. L. 86–70
section 406(d) of Pub. L. 100–242
Pub. L. 96–399, title III, § 323
94 Stat. 1647

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§ 1715d

Insurance of mortgages on property in Alaska, Guam, Hawaii, and Virgin Islands

Stat.×12

U.S.C.×4

Stat. Comp.×1

U.S.C.§ 1709

U.S.C.§ 1701g–5

U.S.C.§ 21

ActJune 27, 1934, ch. 847

ActApr. 23, 1949, ch. 89, § 2(a)

Stat.63 Stat. 57

ActSept. 1, 1951, ch. 378

Stat.65 Stat. 315

Cites 48 · showing 8Cited by 17 across 3 sources