12USC1715b

Page 585

TITLE 12—BANKS AND BANKING

I, § 122, 64 Stat. 59; Pub. L. 87–70, title VI, § 612(d),
June 30, 1961, 75 Stat. 181; Pub. L. 89–117, title XI,
§ 1108(f), Aug. 10, 1965, 79 Stat. 504; Pub. L. 90–19,
§ 1(a)(3), (f), May 25, 1967, 81 Stat. 17, 18.)
AMENDMENTS
1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Commissioner’’ wherever appearing and inserted ‘‘in connection with the insurance programs’’ after ‘‘made’’.
1965—Pub. L. 89–117 struck out ‘‘or account or accounts,’’ after ‘‘fund or funds,’’.
1961—Pub. L. 87–70 substituted ‘‘shall be charged as a
general expense of such insurance fund or funds, or account or accounts, as the Commissioner shall determine’’ for ‘‘shall be charged as a general expense of the
Fund, the Housing Fund, and the Defense Housing Insurance Fund in such proportion as the Commissioner
shall determine’’.
1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’
for ‘‘Administrator’’ wherever appearing.
1941—Act Mar. 28, 1941, substituted ‘‘Fund, the Housing Fund, and the Defense Housing Insurance Fund’’ for
‘‘Fund and the Housing Fund’’.
1938—Act Feb. 3, 1938, inserted ‘‘and the Housing
Fund in such proportion as the Administrator shall determine’’ after ‘‘Fund’’.

§ 1715a. Repealed. June 3, 1939, ch. 175, § 13, 53
Stat. 807
Section, act June 27, 1934, ch. 847, title II, § 210, as
added by act Feb. 3, 1938, ch. 13, § 3, 52 Stat. 22, related
to additional housing insurance.
APPLICATIONS PRIOR TO REPEAL
Section 13 of act June 3, 1939, which repealed this section, also provided: ‘‘That the Administrator is authorized to insure under said section [this section] any
mortgage for the insurance of which an application has
been filed with him prior to the effective date of this
act.’’

§ 1715b. Rules and regulations
The Secretary is authorized and directed to
make such rules and regulations as may be necessary to carry out the provisions of this subchapter.
(June 27, 1934, ch. 847, title II, § 211, as added Feb.
3, 1938, ch. 13, § 3, 52 Stat. 23; amended Apr. 20,
1950, ch. 94, title I, § 122, 64 Stat. 59; Pub. L. 90–19,
§ 1(a)(3), May 25, 1967, 81 Stat. 17.)
AMENDMENTS
1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Commissioner’’.
1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’
for ‘‘Administrator’’.
REGULATIONS
Pub. L. 98–479, title I, § 104(f), Oct. 17, 1984, 98 Stat.
2226, required Secretary of Housing and Urban Development, not later than Oct. 31, 1984, to issue regulations
to carry out amendments made to section 1715z–7 of
this title by section 436 of Housing and Urban-Rural Recovery Act of 1983, Pub. L. 98–181.

§ 1715c. Labor standards
(a) The Secretary shall not insure under section 1713 or section 1715a of this title or under
section 1743 of this title pursuant to any application for insurance filed subsequent to the effective date of this section, or under section 1715e
of this title, or under subchapter VII of this
chapter pursuant to any application filed subsequent to sixty days after April 20, 1950, or under

§ 1715c

section 1748b or 1748h–2 of this title, or under
section 1750g of this title, a mortgage or investment which covers property on which there is or
is to be located a dwelling or dwellings, or a
housing project, the construction of which was
or is to be commenced subsequent to such date,
unless the principal contractor files a certificate
or certificates (at such times, in course of construction or otherwise, as the Secretary may
prescribe) certifying that the laborers and mechanics employed in the construction of the
dwelling or dwellings or the housing project involved have been paid not less than the wages
prevailing in the locality in which the work was
performed for the corresponding classes of laborers and mechanics employed on construction of
a similar character, as determined by the Secretary of Labor, in accordance with sections
3141–3144, 3146, and 3147 of title 40, prior to the
beginning of construction and after the date of
the filing of the application for insurance. The
provisions of this section shall also apply to the
insurance of any loan or mortgage under section
1715k or section 1715x of this title which covers
property on which there is located a dwelling or
dwellings designed principally for residential
use for twelve or more families. The provisions
of this section shall apply to the insurance
under section 1715l of this title of any mortgage
described in subsection (d)(3) or (d)(4) and (deeming the term ‘‘construction’’ as used in the first
sentence of this subsection to mean rehabilitation) of any mortgage described in subsection
(h)(1) or section 1715z(j)(1) of this title which
covers property on which there is located a
dwelling or dwellings designed principally for
residential use for more than eight families; except that compliance with such provisions may
be waived by the Secretary—
(1) with respect to mortgages described in
such subsection (d)(3) or (d)(4), in cases or
classes of cases where laborers or mechanics
(not otherwise employed at any time in the
construction of the project) voluntarily donate their services without compensation for
the purpose of lowering their housing costs in
a cooperative housing project and the Secretary determines that any amounts saved
thereby are fully credited to the cooperative
undertaking the construction, and
(2) with respect to mortgages described in
such subsection (h)(1) or section 1715z(j)(1) of
this title, in cases or classes of cases where
prospective owners of such dwellings, voluntarily donate their services without compensation, or other persons (not otherwise employed
at any time in the rehabilitation of the property) voluntarily donate their services without compensation, and the Secretary determines that any amounts saved thereby are
fully credited to the nonprofit organization
undertaking the rehabilitation.
The provisions of this section shall also apply to
the insurance of any mortgage under sections
1715v, 1715w, or 1715z–1 of this title except that
compliance with such provisions may be waived
by the Secretary in cases or classes of cases
where laborers or mechanics, not otherwise employed at any time on the project, voluntarily
donate their services without full compensation
for the purpose of lowering the costs of con-