
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: 42USC1490f]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
       CHAPTER 8A--SLUM CLEARANCE, URBAN RENEWAL, AND FARM HOUSING
 
                      SUBCHAPTER III--FARM HOUSING
 
Sec. 1490f. Loans and insurance of loans for condominium housing 
        in rural areas
        

(a) Individual loans and insurance of loans to low or moderate income 
        persons or families for purchase of units; terms and conditions

    The Secretary is authorized, upon such terms and conditions 
(substantially identical insofar as may be feasible with those specified 
in section 1472 of this title) as he may prescribe, to make loans to 
persons and families of low or moderate income, and to insure and make 
commitments to insure loans made to persons and families of low or 
moderate income, to assist them in purchasing dwelling units in 
condominiums located in rural areas.

(b) Scope of individual loans and insurance of loans; condominium 
        requirements

    Any loan made or insured under subsection (a) of this section shall 
cover a one-family dwelling unit in a condominium, and shall be subject 
to such provisions as the Secretary determines to be necessary for the 
maintenance of the common areas and facilities of the condominium 
project and to such additional requirements as the Secretary deems 
appropriate for the protection of the consumer.

(c) Blanket loans and insurance of loans; terms and conditions; 
        certification by borrower of future ownership of multifamily 
        project; maximum amount of principal obligation

    In addition to individual loans made or insured under subsection (a) 
of this section the Secretary is authorized, upon such terms and 
conditions (substantially identical insofar as may be feasible with 
those specified in section 1485 of this title) as he may prescribe, to 
make or insure blanket loans to a borrower who shall certify to the 
Secretary, as a condition of obtaining such loan or insurance, that upon 
completion of the multifamily project the ownership of the project will 
be committed to a plan of family unit ownership under which (1) each 
family unit will be eligible for a loan or insurance under subsection 
(a) of this section, and (2) the individual dwelling units in the 
project will be sold only on a condominium basis and only to purchasers 
eligible for a loan or insurance under subsection (a) of this section. 
The principal obligation of any blanket loan made or insured under this 
subsection shall in no case exceed the sum of the individual amounts of 
the loans which could be made or insured with respect to the individual 
dwelling units in the project under subsection (a) of this section.

(d) ``Condominium'' defined

    As used in this section, the term ``condominium'' means a multi-unit 
housing project which is subject to a plan of family unit ownership 
acceptable to the Secretary under which each dwelling unit is 
individually owned and each such owner holds an undivided interest in 
the common areas and facilities which serve the project.

(July 15, 1949, ch. 338, title V, Sec. 526, as added Pub. L. 93-383, 
title V, Sec. 516(a), Aug. 22, 1974, 88 Stat. 698; amended Pub. L. 98-
181, title V, Sec. 519(a), Nov. 30, 1983, 97 Stat. 1249; Pub. L. 100-
242, title III, Sec. 316(f), Feb. 5, 1988, 101 Stat. 1898.)


                               Amendments

    1988--Subsecs. (a), (c). Pub. L. 100-242 struck out ``and'' after 
``is authorized,''.
    1983--Subsecs. (a), (c). Pub. L. 98-181 struck out ``in his 
discretion'' after ``Secretary is authorized,''.

                  Section Referred to in Other Sections

    This section is referred to in sections 1487, 1490a of this title.
