The Secretary shall transfer all assets and liabilities of the fund established pursuant to section 717 of the Housing and Urban Development Act of 1970, as amended ([42 U.S.C. 4518](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4518&num=0&edition=prelim)), to the Revolving fund (liquidating programs) established pursuant to title II of the Independent Offices Appropriation Act, 1955, as amended ([12 U.S.C. 1701g–5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701g-5&num=0&edition=prelim)).
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Stable record: federal_law:legal_authorities:record_usc_aa7b9f7cca3d6d9e0ff84c59 Source file: Laws/federal/codes/united-states-code/title-12/section-1709-transfer-of-new-communities-fund-assets-and-liabilities--31deb57c7b.md Pages: Not recorded – Not recorded Passage SHA-256: c36581441e98a731891a7849009f2d82b33f31d7177019ea853a64b6d58f2d63 Retained source evidence SHA-256: 81bfd8cdc543e559f89976a23f3e79af502ffd9400b877433d6948c73dcddfff
Source location: Title 12, Chapter 13, § 1709; chapter-013-national-housing.md
Stored source content
The Secretary shall transfer all assets and liabilities of the fund established pursuant to section 717 of the Housing and Urban Development Act of 1970, as amended ([42 U.S.C. 4518](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4518&num=0&edition=prelim)), to the Revolving fund (liquidating programs) established pursuant to title II of the Independent Offices Appropriation Act, 1955, as amended ([12 U.S.C. 1701g–5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701g-5&num=0&edition=prelim)).
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Federal law — U.S. Code and appendices · legal_authorities
Page 433
TITLE 12—BANKS AND BANKING
§ 1701g–5
tive studies with industry, labor, etc.; and exercise of
powers by Secretary. See sections 1701z–1 to 1701z–4 of
this title.
§ 1701f–1. Repealed. Pub. L. 90–19, § 5(c), May 25,
1967, 81 Stat. 21
Section, act Aug. 10, 1948, ch. 832, title III, § 304, as
added July 15, 1949, ch. 338, title IV, § 401, 63 Stat. 431,
provided for appointment, powers, and compensation of
a Director. Section was previously repealed by Pub. L.
89–534, § 8(a), Sept. 6, 1966, 80 Stat. 655.
§§ 1701g to 1701g–3. Omitted
Editorial Notes
CODIFICATION
Sections 1701g to 1701g–3 were from sections 102 to
102c of the Housing Act of 1948, and provided for loans
to aid production and distribution of prefabricated
housing; provided for loans to assure maintenance of
industrial capacity for production of such homes for
national defense; provided for the powers of the Hous-
ing and Home Finance Administrator; and included mo-
bile or portable houses within the term ‘‘prefabricated
houses’’. Authority for issuance of section 1701g obliga-
tions under section 1(4) of Reorg. Plan No. 23 of 1950 as
terminating June 30, 1954, see section 1701g–5 of this
title. Authority to make or purchase section 1701g–1
loans or obligations as terminating July 31, 1954, see
section 1591c of Title 42, The Public Health and Welfare.
Section 1701g, act Aug. 10, 1948, ch. 832, title I, § 102,
62 Stat. 1275, amended Sept. 1, 1951, ch. 378, title V, § 501,
65 Stat. 311.
Section 1701g–1, act Aug. 10, 1948, ch. 832, title I,
§ 102a, added Sept. 1, 1951, ch. 378, title V, § 502, 65 Stat.
312.
Section 1701g–2, act Aug. 10, 1948, ch. 832, title I,
§ 102b, added Sept. 1, 1951, ch. 378, title V, § 502, 65 Stat.
312; amended July 14, 1952, ch. 723, § 10(e), 66 Stat. 6
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 1701g. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 1709. Insurance of mortgages
(a) Authorization
The Secretary is authorized, upon application
by the mortgagee, to insure as hereinafter pro-
vided any mortgage offered to him which is eli-
gible for insurance as hereinafter provided, and,
upon such terms as the Secretary may prescribe,
to make commitments for the insuring of such
mortgages prior to the date of their execution or
disbursement thereon.
(b) Eligibility for insurance; mortgage limits
To be eligible for insurance under this section
a mortgage shall comply with the following:
(1) Have been made to, and be held by, a
mortgagee approved by the Secretary as re-
Page 540
TITLE 12—BANKS AND BANKING
§ 1709
sponsible and able to service the mortgage
properly.
(2) Involve a principal obligation (including
such initial service charges, appraisal, inspec-
tion, and other fees as the Secretary shall ap-
prove) in an amount—
(A) not to exceed the lesser of—
(i) in the case of a 1-family residence, 115
percent of the median 1-family house price
in the area, as determined by the Sec-
retary; and in the case of a 2-, 3-, or 4-fam-
ily residence, the percentage of such me-
dian price that bears the same ratio to
such median price as the dollar amount
limitation determined under the sixth sen-
tence of section 1454(a)(2) of this title for a
2-, 3-, or 4-family residence, respectively,
bears to the dollar amount limitation de-
termined under such section for a 1-family
residence; or
(ii) 150 percent of the dollar amount lim-
itation determined under the sixth sen-
tence of such section 1454(a)(2) for a resi-
dence of applicable size;
except that the dollar amount limitation in
effect under this subparagraph for any size
residence for any area may not be less than
the greater of: (I) the dollar amo