us/statute/12/1715r/c/1

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The term “new or rehabilitated multifamily housing” means a project or property approved for mortgage insurance prior to the construction or the repair and rehabilitation involved and covered by a mortgage insured or to be insured (i) under section 1713 of this title , (ii) under section 1715e of this title with respect to any property or project of a corporation or trust of the character described in paragraph (1) of subsection (a) of section 1715e of this title or with respect to any property or project of a mortgagor of the character described in paragraph (3) of subsection (a) thereof, (iii) under section 1715k of this title if the mortgage meets the requirements of paragraph (3)(B) of subsection (d) thereof, (iv) under section 1715 l of this title if the mortgage meets the requirements of paragraph (3) or paragraph (4) of subsection (d) thereof, (v) under section 1715v of this title , (vi) under section 1715x of this title if the mortgage meets the requirements of subsection (b), (vii) under section 1748h–2 of this title if the mortgage meets the requirements of subsection (f), (viii) under section 1715y(d) of this title , or (ix) under section 1715z–1 of this title ;

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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)

▸citations (10)

References

This rule cites 10 other rules.

12 USC § 1713inferredUS Federal › Statutes › Title 12 › § 1713
12 USC § 1715einferredUS Federal › Statutes › Title 12 › § 1715e
12 USC § 1715einferredUS Federal › Statutes › Title 12 › § 1715e
12 USC § 1715kinferredUS Federal › Statutes › Title 12 › § 1715k
12 USC § 1715inferredUS Federal › Statutes › Title 12 › § 1715
12 USC § 1715vinferredUS Federal › Statutes › Title 12 › § 1715v
12 USC § 1715xinferredUS Federal › Statutes › Title 12 › § 1715x
12 USC § 1748hinferredUS Federal › Statutes › Title 12 › § 1748h
12 USC § 1715y (d)inferredUS Federal › Statutes › Title 12 › § 1715y › (d)
12 USC § 1715zinferredUS Federal › Statutes › Title 12 › § 1715z

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us/statute/12/1715r/c/1 · Axiom

Official source

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▸rulespec code

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statutes/12/1715r.yaml

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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)

▸citations (10)

References

This rule cites 10 other rules.

12 USC § 1713inferredUS Federal › Statutes › Title 12 › § 1713
12 USC § 1715einferredUS Federal › Statutes › Title 12 › § 1715e
12 USC § 1715einferredUS Federal › Statutes › Title 12 › § 1715e
12 USC § 1715kinferredUS Federal › Statutes › Title 12 › § 1715k
12 USC § 1715inferredUS Federal › Statutes › Title 12 › § 1715
12 USC § 1715vinferredUS Federal › Statutes › Title 12 › § 1715v
12 USC § 1715xinferredUS Federal › Statutes › Title 12 › § 1715x
12 USC § 1748hinferredUS Federal › Statutes › Title 12 › § 1748h
12 USC § 1715y (d)inferredUS Federal › Statutes › Title 12 › § 1715y › (d)
12 USC § 1715zinferredUS Federal › Statutes › Title 12 › § 1715z