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Rules

direct_loan_maximum_term_years

Parameter

source: 42 USC 1485(a)

- name: direct_loan_maximum_term_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: such a loan may be made for a period of up to 30 years
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

direct_loan_revolving_fund_authorization_amount

Parameter

source: 42 USC 1485(a)

- name: direct_loan_revolving_fund_authorization_amount
  kind: parameter
  dtype: Money
  unit: USD
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: There is authorized to be appropriated not to exceed $50,000,000
  versions:
    - effective_from: '0001-01-01'
      formula: '50000000'

insured_loan_maximum_term_years

Parameter

source: 42 USC 1485(b)

- name: insured_loan_maximum_term_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: such a loan may be made for a period of up to 30 years
  versions:
    - effective_from: '0001-01-01'
      formula: '30'

insured_loan_payment_amortization_schedule_years

Parameter

source: 42 USC 1485(b)

- name: insured_loan_payment_amortization_schedule_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: amortization schedule of 50 years
  versions:
    - effective_from: '0001-01-01'
      formula: '50'

secretary_held_insured_loan_principal_outstanding_limit

Parameter

source: 42 USC 1485(b)

- name: secretary_held_insured_loan_principal_outstanding_limit
  kind: parameter
  dtype: Money
  unit: USD
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: shall not exceed $10,000,000 outstanding at any one time
  versions:
    - effective_from: '0001-01-01'
      formula: '10000000'

final_payment_new_loan_additional_period_limit_years

Parameter

source: 42 USC 1485(b)

- name: final_payment_new_loan_additional_period_limit_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: for an additional period not to exceed twenty years
  versions:
    - effective_from: '0001-01-01'
      formula: '20'

development_cost_initial_operating_expense_cap_rate

Parameter

source: 42 USC 1485(e)

- name: development_cost_initial_operating_expense_cap_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1485(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: initial operating expenses up to 2 per centum
  versions:
    - effective_from: '0001-01-01'
      formula: '0.02'

state_or_local_similar_assistance_minimum_contract_years

Parameter

source: 42 USC 1485(l)

- name: state_or_local_similar_assistance_minimum_contract_years
  kind: parameter
  dtype: Integer
  source: 42 USC 1485(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: rental assistance for a period of not less than five years
  versions:
    - effective_from: '0001-01-01'
      formula: '5'

general_equity_contribution_cap_rate

Parameter

source: 42 USC 1485(r)

- name: general_equity_contribution_cap_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: may require not more than a 3 percent contribution to equity
  versions:
    - effective_from: '0001-01-01'
      formula: '0.03'

tax_credit_project_equity_contribution_required_rate

Parameter

source: 42 USC 1485(r)

- name: tax_credit_project_equity_contribution_required_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              shall require a 5 percent contribution in the case of a project that is allocated a
              low-income housing tax credit
  versions:
    - effective_from: '0001-01-01'
      formula: '0.05'

direct_loan_principal_within_security_limit

Derived

source: 42 USC 1485(a)

- name: direct_loan_principal_within_security_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              no such loan shall exceed the development cost or the value of the security, whichever
              is less
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_principal_amount <= min(development_cost, security_value)

direct_loan_term_within_limit

Derived

source: 42 USC 1485(a)

- name: direct_loan_term_within_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: up to 30 years from the making of the loan
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_term_years <= direct_loan_maximum_term_years

insured_loan_principal_within_security_limit

Derived

source: 42 USC 1485(b)

- name: insured_loan_principal_within_security_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              no such loan shall exceed the development cost or the value of the security, whichever
              is less
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_principal_amount <= min(development_cost, security_value)

insured_loan_term_within_limit

Derived

source: 42 USC 1485(b)

- name: insured_loan_term_within_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: up to 30 years from the making of the loan
  versions:
    - effective_from: '0001-01-01'
      formula: requested_loan_term_years <= insured_loan_maximum_term_years

insured_loan_amortization_schedule_within_limit

Derived

source: 42 USC 1485(b)

- name: insured_loan_amortization_schedule_within_limit
  kind: derived
  entity: Loan
  dtype: Judgment
  period: Month
  source: 42 USC 1485(b)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: amortization schedule of 50 years
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        periodic_payment_amortization_schedule_years <=
        insured_loan_payment_amortization_schedule_years

development_cost_included_initial_operating_expenses

Derived

source: 42 USC 1485(e)

- name: development_cost_included_initial_operating_expenses
  kind: derived
  entity: Project
  dtype: Money
  period: Month
  unit: USD
  source: 42 USC 1485(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: initial operating expenses up to 2 per centum of the aforementioned costs
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if nonprofit_or_consumer_cooperative_financing_housing_under_this_section and
        project_allocated_low_income_housing_tax_credit: 0 else:
        min(approved_initial_operating_expenses,
        development_cost_base_before_initial_operating_expenses *
        development_cost_initial_operating_expense_cap_rate)

state_or_local_similar_assistance_market_feasibility_demonstrated

Derived

source: 42 USC 1485(l)

- name: state_or_local_similar_assistance_market_feasibility_demonstrated
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        market_exists_for_persons_and_families_eligible_for_state_or_local_similar_assistance

        and state_or_local_similar_assistance_contract_years >=
        state_or_local_similar_assistance_minimum_contract_years

        and (reasonable_assurance_assistance_contract_will_be_extended_or_renewed or
        adequate_rental_market_exists_without_assistance_for_remaining_loan_term)

        and
        state_or_local_government_makes_required_rental_assistance_amounts_available_at_least_annually

rehabilitation_or_repair_carbon_monoxide_alarm_requirement_satisfied

Derived

source: 42 USC 1485(m)

- name: rehabilitation_or_repair_carbon_monoxide_alarm_requirement_satisfied
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: shall contain installed carbon monoxide alarms or detectors
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        not housing_or_related_facilities_rehabilitated_or_repaired_with_section_loan_amounts
        or installed_carbon_monoxide_alarms_or_detectors_meet_required_standards

rehabilitation_or_repair_qualifying_smoke_alarm_requirement_satisfied

Derived

source: 42 USC 1485(m)

- name: rehabilitation_or_repair_qualifying_smoke_alarm_requirement_satisfied
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(m)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: shall contain qualifying smoke alarms
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        not housing_or_related_facilities_rehabilitated_or_repaired_with_section_loan_amounts
        or qualifying_smoke_alarms_installed_in_required_locations_and_meet_required_standards

assistance_denial_based_on_rental_assistance_requirement_complies

Derived

source: 42 USC 1485(o)

- name: assistance_denial_based_on_rental_assistance_requirement_complies
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(o)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              may not deny assistance under this section on the basis that rental assistance
              payments ... may be required unless the authority to provide such assistance is not
              available
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        not assistance_denied_because_rental_assistance_payments_may_be_required
        or authority_to_provide_rental_assistance_payments_is_not_available

occupancy_denial_based_on_rental_assistance_requirement_complies

Derived

source: 42 USC 1485(o)

- name: occupancy_denial_based_on_rental_assistance_requirement_complies
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(o)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              may not ... promulgate any regulation that would have the effect of denying occupancy
              to eligible persons
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        not
        regulation_denies_occupancy_to_eligible_persons_because_they_require_rental_assistance_payments

baseline_equity_contribution_rate_before_secretary_adjustment

Derived

source: 42 USC 1485(r)

- name: baseline_equity_contribution_rate_before_secretary_adjustment
  kind: derived
  entity: Project
  dtype: Rate
  period: Month
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              not more than a 3 percent contribution ... except that the Secretary shall require a 5
              percent contribution
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if project_allocated_low_income_housing_tax_credit:
        tax_credit_project_equity_contribution_required_rate else:
        general_equity_contribution_cap_rate

initial_operating_reserve_letter_of_credit_allowed

Derived

source: 42 USC 1485(r)

- name: initial_operating_reserve_letter_of_credit_allowed
  kind: derived
  entity: Project
  dtype: Judgment
  period: Month
  source: 42 USC 1485(r)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1485
            excerpt: >-
              may require that the initial operating reserve under this section may be in the form
              of an irrevocable letter of credit
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        initial_operating_reserve_under_this_section
        and initial_operating_reserve_is_irrevocable_letter_of_credit

Equity takeout loans

(1)Authority#

Equity takeout loans

(1)Authority#

(2)Timing#

(3)Amount of the takeout#

(4)Submission of plan#

(5)Regulations#

(6)Effective date#

direct_loan_maximum_term_years

direct_loan_revolving_fund_authorization_amount

insured_loan_maximum_term_years

insured_loan_payment_amortization_schedule_years

secretary_held_insured_loan_principal_outstanding_limit

final_payment_new_loan_additional_period_limit_years

development_cost_initial_operating_expense_cap_rate

state_or_local_similar_assistance_minimum_contract_years

general_equity_contribution_cap_rate

tax_credit_project_equity_contribution_required_rate

direct_loan_principal_within_security_limit

direct_loan_term_within_limit

insured_loan_principal_within_security_limit

insured_loan_term_within_limit

insured_loan_amortization_schedule_within_limit

development_cost_included_initial_operating_expenses

state_or_local_similar_assistance_market_feasibility_demonstrated

rehabilitation_or_repair_carbon_monoxide_alarm_requirement_satisfied

rehabilitation_or_repair_qualifying_smoke_alarm_requirement_satisfied

assistance_denial_based_on_rental_assistance_requirement_complies

occupancy_denial_based_on_rental_assistance_requirement_complies

baseline_equity_contribution_rate_before_secretary_adjustment

initial_operating_reserve_letter_of_credit_allowed