§ 3701. Findings and purpose
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(a)The Congress finds that—
(1)disparate State laws under which the Secretary of Housing and Urban Development forecloses multifamily mortgages burden the programs administered by the Secretary pursuant to these authorities, and cause detriment to the residents of the affected projects and the community generally;
(2)long periods to complete the foreclosure of these mortgages under certain State laws lead to deterioration in the condition of the properties involved; necessitate substantial Federal management and holding expenditures; increase the risk of vandalism, fire loss, depreciation, damage, and waste with respect to the properties; and adversely affect the residents of the projects and the neighborhoods in which the properties are located;
(3)these conditions seriously impair the Secretary’s ability to protect the Federal financial interest in the affected properties and frustrate attainment of the objectives of the underlying Federal program authorities, as well as the national housing goal of “a decent home and a suitable living environment for every American family”;
(4)application of State redemption periods to these mortgages following their foreclosure would impair the salability of the properties involved and discourage their rehabilitation and improvement, thereby compounding the problems referred to in clause (3);
(5)the availability of a uniform and more expeditious procedure for the foreclosure of these mortgages by the Secretary and continuation of the practice of not applying postsale redemption periods to such mortgages will tend to ameliorate these conditions; and
(6)providing the Secretary with a nonjudicial foreclosure procedure will reduce unnecessary litigation by removing many foreclosures from the courts where they contribute to overcrowded calendars.
(b)The purpose of this chapter is to create a uniform Federal foreclosure remedy for multifamily mortgages.
(Pub. L. 97–35, title III, § 362, Aug. 13, 1981, 95 Stat. 422; Pub. L. 102–550, title V, § 517(a), Oct. 28, 1992, 106 Stat. 3791.)
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Cited by 71 sections · top 60
U.S. Code
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- § 5302General provisions
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- § 1701xAssistance with respect to housing for low- and moderate-income families
- § 1490aLoans to provide occupant owned, rental, and cooperative housing for low and moderate income, elderly or handicapped persons or families
- § 1703Insurance of financial institutions
- § 1721Management and liquidation functions of Government National Mortgage Association
- § 1713Rental housing insurance
- § 4081Services by insurance industry
- § 4026Expiration of program
- § 4017National Flood Insurance Fund
- § 1715zHomeownership or membership in cooperative association for lower income families
- § 1490cMutual and self-help housing
- § 5308Guarantee and commitment to guarantee loans for acquisition of property
- § 1436aRestriction on use of assisted housing by non-resident aliens
- § 1437cContributions for low-income housing projects
- § 1715lHousing for moderate income and displaced families
- § 1715eCooperative housing insurance
- § 1437nEligibility for assisted housing
- § 1715kRehabilitation and neighborhood conservation housing insurance
- § 1715yMortgage insurance for condominiums
- § 1483Program levels and authorizations
- § 1437jLabor standards and community service requirement
- § 1715nMiscellaneous mortgage insurance
- § 1715vInsurance of mortgages for housing for elderly persons
- § 5307Special purpose grants
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- § 5303Grants to States, units of general local government and Indian tribes; authorizations
- § 1439Local housing assistance plan
- § 5309Nondiscrimination in programs and activities
- § 1735cGeneral Insurance Fund
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- § 1749aaaInsurance of mortgages
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- § 4127Authorization of appropriations; availability
- § 1437bLoans and commitments to make loans for low-income housing projects
- § 5310Labor standards; rate of wages; exceptions; enforcement powers
- § 1437iObligations of public housing agencies; contestability; full faith and credit of United States pledged as security; tax exemption
- § 8107Appropriations
- § 5313Reporting requirements
- § 5312Use of grants for settlement of outstanding urban renewal loans of units of general local government
- § 2294aContracts for periodic payments to offset costs of purchase of obligations of local public housing agencies
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U.S. Code
10 references not yet in our index
- Pub. L. 97–35, title III, § 362
- 95 Stat. 422
- Pub. L. 102–550, title V, § 517(a)
- 106 Stat. 3791
- Pub. L. 102–550, § 517(a)(1)
- Pub. L. 102–550, § 517(a)(2)
- Pub. L. 97–35, title III, § 371
- 95 Stat. 431
- Pub. L. 97–35
- Pub. L. 97–35, title III, § 361
Citation graph
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§ 3701
Findings and purpose
U.S.C.×53
Fed. Reg.×9
Stat.×4
Bills×3
Stat. Comp.×2
Pub. L.Pub. L. 97–35, title III, § 362
Stat.95 Stat. 422
Pub. L.Pub. L. 102–550, title V, § 517(a)
Stat.106 Stat. 3791
Pub. L.Pub. L. 102–550, § 517(a)(1)
Cites 11 · showing 6Cited by 71 across 5 sources