
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC1434]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                      CHAPTER 8--LOW-INCOME HOUSING
 
Sec. 1434. Records; contents; examination and audit

    Every contract between the Department of Housing and Urban 
Development and any person or local body (including any corporation or 
public or private agency or body) for a loan, advance, grant, or 
contribution under the United States Housing Act of 1937, as amended [42 
U.S.C. 1437 et seq.], the Housing Act of 1949, as amended [42 U.S.C. 
1441 et seq.], or any other Act shall provide that such person or local 
body shall keep such records as the Department of Housing and Urban 
Development shall from time to time prescribe, including records which 
permit a speedy and effective audit and will fully disclose the amount 
and the disposition by such person or local body of the proceeds of the 
loan, advance, grant, or contribution, or any supplement thereto, the 
capital cost of any construction project for which any such loan, 
advance, grant, or contribution is made, and the amount of any private 
or other non-Federal funds used or grants-in-aid made for or in 
connection with any such project. No mortgage covering new or 
rehabilitated multifamily housing (as defined in section 1715r of title 
12) shall be insured unless the mortgagor certifies that he will keep 
such records as are prescribed by the Secretary of Housing and Urban 
Development at the time of the certification and that they will be kept 
in such form as to permit a speedy and effective audit. The Department 
of Housing and Urban Development and the Comptroller General of the 
United States shall have access to and the right to examine and audit 
such records. This section shall become effective on the first day after 
the first full calendar month following the date of approval of the 
Housing Act of 1961.

(Aug. 2, 1954, ch. 649, title VIII, Sec. 814, 68 Stat. 647; Pub. L. 87-
70, title IX, Sec. 908, June 30, 1961, 75 Stat. 191; Pub. L. 90-19, 
Sec. 10(h), May 25, 1967, 81 Stat. 23.)

                       References in Text

    The United States Housing Act of 1937, as amended, referred to in 
text, is act Sept. 1, 1937, ch. 896, as revised generally by Pub. L. 93-
383, title II, Sec. 201(a), Aug. 22, 1974, 88 Stat. 653, which is 
classified generally to this chapter (Sec. 1437 et seq.). For complete 
classification of this Act to the Code, see Short Title note set out 
under section 1437 of this title and Tables.
    The Housing Act of 1949, as amended, referred to in text, is act 
July 15, 1949, ch. 338, 63 Stat. 413, as amended, which is classified 
principally to chapter 8A (Sec. 1441 et seq.) of this title. For 
complete classification of this Act to the Code, see Short Title note 
set out under section 1441 of this title and Tables.
    The first day after the first full calendar month following the date 
of approval of the Housing Act of 1961, referred to in text, probably 
means Aug. 1, 1961, which is the first day after the first full calendar 
month following approval of Pub. L. 87-70, which was approved on June 
30, 1961.

                          Codification

    Section was not enacted as part of the United States Housing Act of 
1937 which comprises this chapter.
    Section was formerly classified to sections 1446 of this title and 
1715s of Title 12, Banks and Banking.


                               Amendments

    1967--Pub. L. 90-19 substituted ``Secretary of Housing and Urban 
Development'' for ``Federal Housing Commissioner'' in second sentence 
and ``Department of Housing and Urban Development'' for ``Housing and 
Home Finance Agency (or any official or constituent thereof)'' and 
``Housing and Home Finance Agency (or such official or constituent 
thereof)'' in first sentence and for ``Housing and Home Finance Agency 
or any official or constituent agency thereof'' in third sentence, 
respectively.
    1961--Pub. L. 87-70 required record keeping provisions in contracts 
under the Housing Act of 1949 and in contracts under any other act, 
prohibited insurance of mortgages covering new or rehabilitated 
multifamily housing unless the mortgagor certifies that he will keep 
records, and empowered the Comptroller General to examine and audit 
records, and substituted ``Housing Act of 1961'' for ``Housing Act of 
1954''.


                             Effective Date

    The fourth sentence of section 814 of act Aug. 2, 1954 (prior to the 
amendment by section 908 of act June 30, 1961) provided that this 
section is effective on first day after first calendar month following 
the date of approval of the act (Aug. 2, 1954).
