§ 1747. Purpose of subchapter; authorization; terms and conditions; expiration of insurance contract
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/usc/title-12/section-1747A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The purpose of this subchapter is to supplement the existing systems of mortgage insurance for rental housing under this chapter by a special system of insurance designed to encourage equity investment in rental housing at rents within the capacity of families of moderate income. To effectuate this purpose, the Secretary is authorized, upon application by the investor, to insure as hereinafter provided, and, prior to the execution of insurance contracts and upon such terms as the Secretary shall prescribe, to make commitments to insure, the minimum annual amortization charge and an annual return on the outstanding investment of such investor in any project which is eligible for insurance as hereinafter provided in an amount (herein called the “insured annual return”) equal to such rate of return, not exceeding 2¾ per centum per annum, on such outstanding investment as shall, after consultation with the Secretary of the Treasury, be fixed in the insurance contract or in the commitment to insure:
Provided, That any insurance contract made pursuant to this subchapter shall expire as of the first day of the operating year for which the outstanding investment amounts to not more than 10 per centum of the established investment.
(June 27, 1934, ch. 847, title VII, § 701, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1276; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Pub. L. 86–372, title I, § 118, Sept. 23, 1959, 73 Stat. 664; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.)
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- June 27, 1934, ch. 847
- Aug. 10, 1948, ch. 832
- 62 Stat. 1276
- Apr. 20, 1950, ch. 94
- 64 Stat. 59
- Pub. L. 86–372, title I, § 118
- 73 Stat. 664
- Pub. L. 90–19, § 1(a)(3)
- 81 Stat. 17
- Pub. L. 90–19
- Pub. L. 86–372
- Act Aug. 10, 1948, ch. 832, title V, § 505
- 62 Stat. 1285
- Act Aug. 10, 1948, ch. 832, title V, § 504
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§ 1747
Purpose of subchapter; authorization; terms and conditions; expiration of insurance contract
Stat.×10
U.S.C.×1
ActJune 27, 1934, ch. 847
ActAug. 10, 1948, ch. 832
Stat.62 Stat. 1276
ActApr. 20, 1950, ch. 94
Stat.64 Stat. 59
Cites 15 · showing 6Cited by 11 across 2 sources