EXCERPT FROM HOUSING AND URBAN DEVELOPMENT ACT OF 1970 [Public Law 91-609; 84 Stat. 1770, 1814; 12 U.S.C. 1709-2] EQUITY SKIMMING SEC. 912. Whoever, with intent to defraud, willfully engages in a pattern or practice of— (1) purchasing one- to four-family dwellings which are subject to a loan in default at time of purchase or in default within one year subsequent to the purchase and the loan is secured by a mortgage or deed of trust insured or held by the Secretary of Housing and Urban Development or guaranteed by the Veterans' Administration, or the loan is made by the Veterans' Administration, (2) failing to make payments under the mortgage or deed of trust as the payments become due, and (3) applying or authorizing the application of rents from such dwellings for his own use, shall be fined not more than $5,000 or imprisoned not more than three years, or both. This section shall apply to a purchaser of such a dwelling, or a beneficial owner under any business organization or trust purchasing such dwelling, or to an officer, director, or agent of any such purchaser. Nothing in this section shall apply to the purchaser of only one such dwelling. Approved December 31, 1970. EXCERPT FROM THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974 [Public Law 93-383; 88 Stat. 633; 12 U.S.C. 17011-1] MORTGAGE PROCEEDS FRAUDULENTLY MISAPPROPRIATED BY MORTGAGOR SEC. 819. The Secretary of Housing and Urban Development shall take action to secure the payment of any deficiency after foreclosure on a mortgage insured or assisted under Federal law where the Secretary has reason to believe that mortgage proceeds have been fraudulently misappropriated by the mortgagor. Approved August 22, 1974. INSURANCE OF BMIR AND SECTION 202 MORTGAGES EXCERPT FROM HOUSING AND URBAN DEVELOPMENT ACT OF 1968 [Public Law 90-448; 82 Stat. 476; 12 U.S.C. 1701u] TITLE II-RENTAL HOUSING FOR LOWER INCOME FAMILIES PART A-PRIVATE HOUSING RENTAL AND COOPERATIVE HOUSING FOR LOWER INCOME FAMILIES SEC. 201. (a) Title II of the National Housing Act is amended by adding after section 235 (as added by section 101 of this Act) the following new section: (c) The Secretary of Housing and Urban Development is authorized, upon such terms and conditions as he may prescribe, to transfer to section 236(j) of the National Housing Act the insurance of a mortgage which has not been finally endorsed for insurance under section 221(d)(3) of such Act and which has been approved for the below-market interest rate prescribed in the proviso of section 221(d)(5) of such Act. (d) The Secretary of Housing and Urban Development is authorized, upon such terms and conditions as he may prescribe, to insure under section 236(j) of the National Housing Act a mortgage meeting the requirements of such section which is given to refinance a mortgage loan made under section 202 of the Housing Act of 1959: Provided, That the application for such insurance is filed with the Secretary on or before the date of project completion, or within such reasonable time thereafter as the Secretary may permit. Approved August 1, 1968. MINIMUM PROPERTY STANDARDS-MASONRY CONSTRUCTION EXCERPT FROM HOUSING AND COMMUNITY DEVELOPMENT [Public Law 96-153; 93 Stat. 1119] INVALIDATION OF HUD INCREASES IN THERMAL REQUIREMENTS SEC. 322. The final rule revision 6A of the Department of Housing and Urban Development (entitled "Increases in Thermal Requirements for HUD Minimum Property Standards" and contained in the Federal Register, volume 44, number 74, April 16, 1979, 24 CFR Part 200) is hereby disapproved and invalidated insofar as it applies to masonry construction. Approved December 21, 1979. EXCERPT FROM HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1980 [Public Law 96–399; 94 Stat. 1614] EXTENSION OF HUD MINIMUM PROPERTY STANDARDS; LOCAL SEC. 331. (a) Until the Secretary of Housing and Urban Development submits the report required by subsection (b) to the Congress, any final rule published for effect by the Secretary pertaining to increases in thermal requirements for the Department of Housing and Urban Development's minimum property standards shall provide for the continuation of any local acceptable standards exemptions, approved by the Secretary prior to May 31, 1979, which are applicable to masonry construction. (b) The Secretary shall conduct an analysis and, on August 1, 1981, report to Congress on the cost of construction, heating, and cooling masonry, frame, log, and other buildings that comply with the increased thermal requirements and on the competitive economic impact of applying such increased thermal standards or permitting any exemptions from them. (c) If such analysis shows there is an economic justification for any exemption from the thermal standards, an appropriate exemption for a specific construction type in a specific geographical location may be provided by the Secretary. Approved October 8, 1980. EXCERPT FROM HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1977 [Public Law 95-128; 91 Stat. 1149; 42 U.S.C. 3540] PROTOTYPE COSTS. SEC. 904. (a) Beginning in calendar year 1979, the Secretary of Housing and Urban Development shall prepare and publish annually prototype housing costs for one- to four-family dwelling units for each housing market area in the United States, as determined by the Secretary. Prototype housing costs for an area shall be determined on the basis of the Secretary's identification and estimate of reasonable construction and other costs (including reasonable allowances for the cost of land and site improvements) for that area of various types and sizes of new one- to four-family dwelling units designed for various segments of the housing market of the area, as determined by the Secretary. In determining prototype housing costs, the Secretary is authorized to take into account the need for durability required for economic maintenance of housing, the need for amenities suitable to assure a safe and healthy family life and neighborhood environment, the application of good design and quality in architecture, and the need for maximum conservation of energy, as well as the advice and recommendations of local housing producers. (b) The Secretary is authorized to take such action as may be necessary to develop, aggregate, and evaluate data and other information required for the timely development, implementation, and maintenance of the prototype housing cost system referred to in subsection (a). Approved October 12, 1977. |