Laws and Regulations

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[Laws in effect as of January 7, 2003]

[Document not affected by Public Laws enacted between

January 7, 2003 and February 12, 2003]

[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).