12 U.S.C. § 1715v
Insurance of mortgages for housing for elderly persons
United States · Title 12 — BANKS AND BANKING · Status: effective
Cite this
- Citation
- 12 U.S.C. § 1715v, Insurance of mortgages for housing for elderly persons, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/437745
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Full text
The purpose of this section is to assist in relieving the shortage of housing for elderly persons and to increase the supply of rental housing for elderly persons.
For the purposes of this section—
The Secretary is authorized to insure any mortgage (including advances on mortgages during construction) in accordance with the provisions of this section upon such terms and conditions as he may prescribe and to make commitments for insurance of such mortgages prior to the date of their execution or disbursement thereon.
To be eligible for insurance under this section, a mortgage to provide housing for elderly persons shall—
The Secretary may consent to the release of a part or parts of the mortgaged property or project from the lien of any mortgage insured under this section upon such terms and conditions as he may prescribe, and shall prescribe such procedures as in his judgment are necessary to secure to elderly persons a preference or priority of opportunity to rent the dwellings included in such property or project.
The provisions of subsections (d), (e), (g), (h), (i), (j), (k), (l), and (n) of section 1713 of this title shall apply to mortgages insured under this section and all references therein to section 1713 of this title shall refer to this section.
Notwithstanding any of the provisions of this section, the housing provided under this section may include family units which are specially designed for the use and occupancy of any person or family qualifying as a handicapped family as defined in section 1701q 1 of this title, and such special facilities as the Secretary deems adequate to serve handicapped families (as so defined). The Secretary may also prescribe procedures to secure to such families preference or priority of opportunity to rent the living units specially designed for their use and occupancy.
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone. The law that originally enacted this section predates the public laws loaded here, so only later amendments are listed.
- Housing and Community Development Act of 1974House: no recorded tallySenate: no recorded tally
- A bill to amend section 2 of the National Housing Act to increase the maximum loan amounts for the purchase of mobile homes.House: no recorded tallySenate: no recorded tally
- Housing Authorization Act of 1976House: no recorded tallySenate: no recorded tally
- Housing and Community Development Amendments of 1979House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1980House: no recorded tallySenate: no recorded tally
- Omnibus Budget Reconciliation Act of 1981House: no recorded tallySenate: no recorded tally
- Further Continuing Appropriations Act, 1983House: no recorded tallySenate: no recorded tally
- Supplemental Appropriations Act, 1984House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1987House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1992House: 377–37Senate: no recorded tally
- Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 2002
- FHA Downpayment Simplification Act of 2002House: no recorded tallySenate: no recorded tally
- American Dream Downpayment ActHouse: no recorded tallySenate: no recorded tally
- Consolidated Appropriations Act, 2008
- 21st Century ROAD to Housing Act