42 U.S.C. § 5511 : US Code - Section 5511: Federally assisted or federally constructed housing

Search 42 U.S.C. § 5511 : US Code - Section 5511: Federally assisted or federally constructed housing

(a) Maximum dollar amount of federally assisted mortgage loan or
maximum per unit or other cost or floor area limitation of
federally constructed housing
(1) In determining the maximum dollar amount of any federally
assisted mortgage loan (as defined in subsection (b) of this
section) or the maximum per unit or other cost or floor area
limitation of any federally constructed housing (as defined in
subsection (c) of this section), where the law establishing the
program under which the loan is made or the housing is constructed
specifies such maximum per unit or other cost on floor area
limitation and the structure involved is furnished with solar
heating or combined solar heating and cooling equipment under the
demonstration program established by section 5503, 5504, or 5507 of
this title, the maximum amount or cost or floor area limitation so
specified which is applicable to such structure shall be deemed to
be increased by the amount by which (as determined by the Secretary
or the Secretary of Defense, as appropriate) the price or cost or
floor area limitation of the structure including such solar heating
or combined solar heating and cooling equipment exceeds the price
or cost or floor area limitation of the structure with such
equipment replaced by conventional heating equipment or
conventional heating and cooling equipment (as the case may be).
(2) In addition, in the case of a federally assisted mortgage
loan, the cost excess specified in subsection (a) of this section
shall be fully taken into account in determining the value or cost
of the structure involved for purposes of applying any statutory
provision specifying the maximum loan-to-value or -cost ratio;
except that, if the law specifies different rates of downpayment
for successive increments of such value or cost, the lowest such
rate shall apply to the additional cost attributable to the solar
heating or combined solar heating and cooling equipment, and such
equipment shall otherwise be excluded in determining the total
value or cost of the structure.
(b) "Mortgage loan" and "federally assisted mortgage loan" defined
As used in subsection (a) of this section, the term "mortgage
loan" means a loan which is made to finance the purchase or
construction of a residence or any other building or structure; and
the term "federally assisted mortgage loan" means a mortgage loan
which -
(1) is made in whole or in part by any lender the deposits or
accounts of which are insured by any agency of the Federal
Government, or is made in whole or in part by any lender which is
itself regulated by any agency of the Federal Government; or
(2) is made in whole or in part, or insured, guaranteed,
supplemented, or assisted in any way, by the Secretary or any
other officer or agency of the Federal Government or under or in
connection with a housing, urban development, or related program
administered by the Secretary or a housing or related program
administered by any other such officer or agency; or
(3) is eligible for purchase by the Federal National Mortgage
Association, the Government National Mortgage Association, or the
Federal Home Loan Mortgage Corporation, or from any financial
institution from which it could be purchased by the Federal Home
Loan Mortgage Corporation; or
(4) is made in whole or in part by any "creditor," as defined
in section 1602(f) of title 15, who makes or invests in
residential real estate loans aggregating more than $1,000,000
per year.
(c) "Federally constructed housing" defined
As used in subsection (a) of this section, the term "federally
constructed housing" means (1) residential or multifamily housing
which is constructed by agencies of the Federal Government to
provide dwelling accommodations for particular types or classes of
persons under programs administered by such Federal agencies
(including all housing constructed by the Department of Defense to
provide dwelling accommodations for personnel of the armed services
or for such personnel and their families), and (2) residential or
multifamily housing which is constructed by agencies of State or
local government, with financial assistance in any form from the
Federal Government, to provide dwelling accommodations for
particular types or classes of persons under programs administered
by such State or local agencies.