
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC1735f-3]

 
                       TITLE 12--BANKS AND BANKING
 
                      CHAPTER 13--NATIONAL HOUSING
 
                       SUBCHAPTER V--MISCELLANEOUS
 
Sec. 1735f-3. Insurance of mortgage proceeds advanced during 
        construction or rehabilitation or prior to final endorsement of 
        project mortgage
        
    The Secretary is authorized to insure mortgage proceeds advanced 
during construction or rehabilitation or otherwise prior to final 
endorsement of a project mortgage for the purpose of (1) financing 
improvements to the property and the purchase of materials and building 
components delivered to the property, and (2) providing funds to cover 
the cost of building components where such components have been 
assembled and specifically identified for incorporation into the 
property but are located at a site other than the mortgaged property, 
with such security as the Secretary may require.

(June 27, 1934, ch. 847, title V, Sec. 525, as added Pub. L. 93-383, 
title III, Sec. 301, Aug. 22, 1974, 88 Stat. 676.)
