us/statute/12/1715r/c/2

loading…

The term “approved percentage” means the percentage figure which, under applicable provisions of this chapter, the Secretary is authorized to apply to his estimate of value, cost, or replacement costs, as the case may be, of the property or project in determining the maximum insurable mortgage amount; 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; and

in view

Whole section

▸rulespec code

Shown source

statutes/12/1715r.yaml

Displaying the canonical repository encoding.

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

View on GitHub

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)

loading…

us/statute/12/1715r/c/2 · Axiom

Official source

in view

Whole section

▸rulespec code

Shown source

statutes/12/1715r.yaml

Displaying the canonical repository encoding.

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

View on GitHub

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)