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us/statute/12/1715r/a — Requirement · Axiom

Requirement

Except as provided in subsection (b) and notwithstanding any other provision of this chapter, no mortgage covering new or rehabilitated multifamily housing or a property or project described in subchapter IX–B shall be insured under this chapter unless the mortgagor has agreed (A) to certify, upon completion of the physical improvements on the mortgaged property or project and prior to final endorsement of the mortgage, either (i) that the approved percentage of actual cost (as those terms are herein defined) equaled or exceeded the proceeds of the mortgage loan or (ii) the amount by which the proceeds of the mortgage loan exceeded such approved percentage of actual cost, as the case may be, and (B) to pay forthwith to the mortgagee, for application to the reduction of the principal obligation of such mortgage, the amount, if any, certified to be in excess of such approved percentage of actual cost. Upon the Secretary’s approval of the mortgagor’s certification as required hereunder, such certification shall be final and incontestable, except for fraud or material misrepresentation on the part of the mortgagor.

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Rules

repair_rehabilitation_no_purchase_approved_percentage

Parameter

source: 12 USC 1715r(c)

- name: repair_rehabilitation_no_purchase_approved_percentage
  kind: parameter
  dtype: Rate
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: the approved percentage shall be 100 per centum
  versions:
    - effective_from: '0001-01-01'
      formula: '1.0'

builder_sponsor_profit_risk_allowance_rate

Parameter

source: 12 USC 1715r(c)

- name: builder_sponsor_profit_risk_allowance_rate
  kind: parameter
  dtype: Rate
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: an allowance for builder's and sponsor's profit and risk of 10 per centum
  versions:
    - effective_from: '0001-01-01'
      formula: '0.10'

approved_percentage

Derived

source: 12 USC 1715r(c)

- name: approved_percentage
  kind: derived
  entity: Mortgage
  dtype: Rate
  period: Year
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: >-
              except that if the mortgage is to assist the financing of repair or rehabilitation and
              no part of the proceeds will be used to finance the purchase of the land or structure
              involved, the approved percentage shall be 100 per centum
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if mortgage_assists_repair_or_rehabilitation and
        no_proceeds_used_to_finance_purchase_of_land_or_structure:
        repair_rehabilitation_no_purchase_approved_percentage else:
        secretary_authorized_percentage_under_applicable_provisions

actual_cost_new_construction

Derived

source: 12 USC 1715r(c)

- name: actual_cost_new_construction
  kind: derived
  entity: Mortgage
  dtype: Money
  period: Year
  unit: USD
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: >-
              in case the mortgage is to assist the financing of new construction, the term means
              the actual cost to the mortgagor of such construction
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        new_construction_cost_items

        + (if mortgagor_is_also_builder and not special_builder_sponsor_allowance_mortgage:
        reasonable_builder_profit_allowance else: 0)

        + land_or_leasehold_value_for_new_construction

        - kickbacks_rebates_or_trade_discounts_received_for_construction

        + (if special_builder_sponsor_allowance_mortgage and mortgagor_is_also_builder:
        applicable_builder_sponsor_profit_risk_rate *
        special_allowance_base_excluding_land_leasehold_and_clause_ii_additions else: 0)

        + (if special_builder_sponsor_allowance_mortgage and not mortgagor_is_also_builder:
        applicable_sponsor_profit_risk_rate *
        special_sponsor_allowance_base_excluding_land_leasehold_clause_ii_additions_and_general_construction_contract
        else: 0)

actual_cost_repair_or_rehabilitation

Derived

source: 12 USC 1715r(c)

- name: actual_cost_repair_or_rehabilitation
  kind: derived
  entity: Mortgage
  dtype: Money
  period: Year
  unit: USD
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: >-
              in case the mortgage is to assist the financing of repair or rehabilitation the term
              means the actual cost to the mortgagor of such repair or rehabilitation
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        repair_or_rehabilitation_cost_items

        + (if mortgagor_is_also_builder and not special_builder_sponsor_allowance_mortgage:
        reasonable_builder_profit_allowance else: 0)

        + (if
        land_and_improvements_to_be_acquired_and_purchase_price_financed_with_mortgage_proceeds:
        min(purchase_price_of_land_and_improvements_before_repair_or_rehabilitation,
        secretary_estimated_fair_market_value_before_repair_or_rehabilitation) else: 0)

        + (if land_and_improvements_owned_subject_to_indebtedness_refinanced_with_mortgage_proceeds:
        min(outstanding_indebtedness_secured_by_land_and_improvements, approved_percentage *
        secretary_estimated_fair_market_value_before_repair_or_rehabilitation) else: 0)

        - kickbacks_rebates_or_trade_discounts_received_for_construction

        + (if special_builder_sponsor_allowance_mortgage and mortgagor_is_also_builder:
        applicable_builder_sponsor_profit_risk_rate *
        special_allowance_base_excluding_land_leasehold_and_clause_ii_additions else: 0)

        + (if special_builder_sponsor_allowance_mortgage and not mortgagor_is_also_builder:
        applicable_sponsor_profit_risk_rate *
        special_sponsor_allowance_base_excluding_land_leasehold_clause_ii_additions_and_general_construction_contract
        else: 0)

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Requirement

Official source

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▸rulespec code

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statutes/12/1715r.yaml

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This encoding covers the parent provision us/statute/12/1715r; no dedicated encoding exists for this exact provision yet.

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Rules

repair_rehabilitation_no_purchase_approved_percentage

Parameter

source: 12 USC 1715r(c)

- name: repair_rehabilitation_no_purchase_approved_percentage
  kind: parameter
  dtype: Rate
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: the approved percentage shall be 100 per centum
  versions:
    - effective_from: '0001-01-01'
      formula: '1.0'

builder_sponsor_profit_risk_allowance_rate

Parameter

source: 12 USC 1715r(c)

- name: builder_sponsor_profit_risk_allowance_rate
  kind: parameter
  dtype: Rate
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: an allowance for builder's and sponsor's profit and risk of 10 per centum
  versions:
    - effective_from: '0001-01-01'
      formula: '0.10'

approved_percentage

Derived

source: 12 USC 1715r(c)

- name: approved_percentage
  kind: derived
  entity: Mortgage
  dtype: Rate
  period: Year
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: >-
              except that if the mortgage is to assist the financing of repair or rehabilitation and
              no part of the proceeds will be used to finance the purchase of the land or structure
              involved, the approved percentage shall be 100 per centum
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if mortgage_assists_repair_or_rehabilitation and
        no_proceeds_used_to_finance_purchase_of_land_or_structure:
        repair_rehabilitation_no_purchase_approved_percentage else:
        secretary_authorized_percentage_under_applicable_provisions

actual_cost_new_construction

Derived

source: 12 USC 1715r(c)

- name: actual_cost_new_construction
  kind: derived
  entity: Mortgage
  dtype: Money
  period: Year
  unit: USD
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: >-
              in case the mortgage is to assist the financing of new construction, the term means
              the actual cost to the mortgagor of such construction
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        new_construction_cost_items

        + (if mortgagor_is_also_builder and not special_builder_sponsor_allowance_mortgage:
        reasonable_builder_profit_allowance else: 0)

        + land_or_leasehold_value_for_new_construction

        - kickbacks_rebates_or_trade_discounts_received_for_construction

        + (if special_builder_sponsor_allowance_mortgage and mortgagor_is_also_builder:
        applicable_builder_sponsor_profit_risk_rate *
        special_allowance_base_excluding_land_leasehold_and_clause_ii_additions else: 0)

        + (if special_builder_sponsor_allowance_mortgage and not mortgagor_is_also_builder:
        applicable_sponsor_profit_risk_rate *
        special_sponsor_allowance_base_excluding_land_leasehold_clause_ii_additions_and_general_construction_contract
        else: 0)

actual_cost_repair_or_rehabilitation

Derived

source: 12 USC 1715r(c)

- name: actual_cost_repair_or_rehabilitation
  kind: derived
  entity: Mortgage
  dtype: Money
  period: Year
  unit: USD
  source: 12 USC 1715r(c)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/12/1715r
            excerpt: >-
              in case the mortgage is to assist the financing of repair or rehabilitation the term
              means the actual cost to the mortgagor of such repair or rehabilitation
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        repair_or_rehabilitation_cost_items

        + (if mortgagor_is_also_builder and not special_builder_sponsor_allowance_mortgage:
        reasonable_builder_profit_allowance else: 0)

        + (if
        land_and_improvements_to_be_acquired_and_purchase_price_financed_with_mortgage_proceeds:
        min(purchase_price_of_land_and_improvements_before_repair_or_rehabilitation,
        secretary_estimated_fair_market_value_before_repair_or_rehabilitation) else: 0)

        + (if land_and_improvements_owned_subject_to_indebtedness_refinanced_with_mortgage_proceeds:
        min(outstanding_indebtedness_secured_by_land_and_improvements, approved_percentage *
        secretary_estimated_fair_market_value_before_repair_or_rehabilitation) else: 0)

        - kickbacks_rebates_or_trade_discounts_received_for_construction

        + (if special_builder_sponsor_allowance_mortgage and mortgagor_is_also_builder:
        applicable_builder_sponsor_profit_risk_rate *
        special_allowance_base_excluding_land_leasehold_and_clause_ii_additions else: 0)

        + (if special_builder_sponsor_allowance_mortgage and not mortgagor_is_also_builder:
        applicable_sponsor_profit_risk_rate *
        special_sponsor_allowance_base_excluding_land_leasehold_clause_ii_additions_and_general_construction_contract
        else: 0)