2016 US Code
Title 42 - The Public Health and Welfare
Chapter 8A - Slum Clearance, Urban Renewal, and Farm Housing
Subchapter III - Farm Housing
Sec. 1490f - Loans and insurance of loans for condominium housing in rural areas

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Citation 42 U.S.C. § 1490f (2016)
Section Name

§1490f. Loans and insurance of loans for condominium housing in rural areas

Section Text

(a) Individual loans and insurance of loans to low or moderate income persons or families for purchase of units; terms and conditions

The Secretary is authorized, upon such terms and conditions (substantially identical insofar as may be feasible with those specified in section 1472 of this title) as he may prescribe, to make loans to persons and families of low or moderate income, and to insure and make commitments to insure loans made to persons and families of low or moderate income, to assist them in purchasing dwelling units in condominiums located in rural areas.

(b) Scope of individual loans and insurance of loans; condominium requirements

Any loan made or insured under subsection (a) shall cover a one-family dwelling unit in a condominium, and shall be subject to such provisions as the Secretary determines to be necessary for the maintenance of the common areas and facilities of the condominium project and to such additional requirements as the Secretary deems appropriate for the protection of the consumer.

(c) Blanket loans and insurance of loans; terms and conditions; certification by borrower of future ownership of multifamily project; maximum amount of principal obligation

In addition to individual loans made or insured under subsection (a) the Secretary is authorized, upon such terms and conditions (substantially identical insofar as may be feasible with those specified in section 1485 of this title) as he may prescribe, to make or insure blanket loans to a borrower who shall certify to the Secretary, as a condition of obtaining such loan or insurance, that upon completion of the multifamily project the ownership of the project will be committed to a plan of family unit ownership under which (1) each family unit will be eligible for a loan or insurance under subsection (a), and (2) the individual dwelling units in the project will be sold only on a condominium basis and only to purchasers eligible for a loan or insurance under subsection (a). The principal obligation of any blanket loan made or insured under this subsection shall in no case exceed the sum of the individual amounts of the loans which could be made or insured with respect to the individual dwelling units in the project under subsection (a).

(d) "Condominium" defined

As used in this section, the term "condominium" means a multi-unit housing project which is subject to a plan of family unit ownership acceptable to the Secretary under which each dwelling unit is individually owned and each such owner holds an undivided interest in the common areas and facilities which serve the project.

Source Credit

(July 15, 1949, ch. 338, title V, §526, as added Pub. L. 93–383, title V, §516(a), Aug. 22, 1974, 88 Stat. 698; amended Pub. L. 98–181, title I [title V, §519(a)], Nov. 30, 1983, 97 Stat. 1249; Pub. L. 100–242, title III, §316(f), Feb. 5, 1988, 101 Stat. 1898.)

Editorial Notes

AMENDMENTS

1988—Subsecs. (a), (c). Pub. L. 100–242 struck out "and" after "is authorized,".

1983—Subsecs. (a), (c). Pub. L. 98–181 struck out "in his discretion" after "Secretary is authorized,".

Publication Title United States Code, 2012 Edition, Supplement 4, Title 42 - THE PUBLIC HEALTH AND WELFARE
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 42 - THE PUBLIC HEALTH AND WELFARE
CHAPTER 8A - SLUM CLEARANCE, URBAN RENEWAL, AND FARM HOUSING
SUBCHAPTER III - FARM HOUSING
Sec. 1490f - Loans and insurance of loans for condominium housing in rural areas
Contains section 1490f
Date 2016
Laws In Effect As Of Date January 6, 2017
Positive Law No
Disposition standard
Statutes at Large References 88 Stat. 698
97 Stat. 1249
101 Stat. 1898
Public Law References Public Law 93-383, Public Law 98-181, Public Law 100-242
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