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3489

FEDERAL REGISTER, Tuesday, August 1, 1939
with the purpose, intent, or result of pre venting the producer members, officers, or directors of such a cooperative, from exercising their free and unimpeded judgment as to its organization, man agement, control, or operation.
It is further ordered, That there spondents shall, within sixty 60 days after service upon them of this order, file with the Commission a report in writing setting forth in detail the form and manner in which they have com plied with this order.
By the Commission, Commissioner Davis dissenting.
seal
O t is B. J o h n so n , Secretary.
fP. R. Doc. 392808; Piled, July 31, 1939;
9:26 a. m.

TITLE 24-HOUSING CREDIT
FEDERAL HOUSING
ADMINISTRATION
M ulttfamily and G roup H ousing I nsurance PART 532 ADMINISTRATIVE RULES UNDER
SECTION 207, NATIONAL HOUSING ACTt Application
Sea
532.1
532.2
532.3
532.4
532.5
532.6
532.7
532.8
532.9
532.10
532.11
532.12
532.13
632.14
532.15
a b 532.16

and
Co m m itm en t
Information for preliminary exam i nation.
Evidence of acceptance of mortgage.
Rr.TfiTRT.E M ortgages Mortgage forms.
Eligibility for insurance.
Maturity.
Payment requirements.
Interest rate.
Release provisions.
Covenant against liens.
Covenants for fire insurance.
Soundness of property.
Provisions for accum ulation of n ext premium.
Application of payments.
E ligible M ortgagors Prevailing wage requirements.
Classification of mortgagors.
Private mortgagors.
Public mortgagors.
Definition of term slum or blighted area.

Supervision op M ortgagors 532.17 In general.
532.18 Required supervision of private m ort gagors.
E ligible M ortgagees 532.19 Classifications.
532.20 Special provisions for approval.
E ligible P roperties 532.21 Eligibility of property.
532.22 Development of property.
T itle .532.23 Eligibility of title.
532.24 Title evidence.
532.25 Effective date.
Sections 532.1 to 532.25, inclusive, issued under authority contained in Sec. 211 of the National Housing Act, as amended.
tThe source of Sections 532.1 to 532.25, inclusive, is M ultifamily and Group Housing Insurance, Administrative Rules and Regulations under Section 207 of T itle II of the National Housing Act, Revised June 30, 1939

Application and Commitment 532.1 Information for preliminary examination. Information required for preliminary examination of a Rental Housing project under Section 207 shall be executed by an approved mortgagee or by an authorized representative of said mortgagee and by the sponsors of such project, and shall be submitted through the local Federal Housing Ad ministration office on FHA Form 2013, executed in triplicate. No application will be considered unless the exhibits called for by that form are furnished.
The submission of Form 2013 will be deemed to be the sponsors agreement to pay in accordance with the provisions of this section and on account of the costs of appraisal and inspection by the Ad ministrator, the following sums:
a One dollar and fifty cents per thousand of the face amount of the mortgage loan applied for referred to as "Application Fee upon submission of application, and b A sum referred to as "Commit ment Fee which when added to the Application Fee will aggregate $3.00 per thousand of the face amount of the mortgage loan approved for insurance by the Administrator, and which shall be paid a t the time of delivery pf the com mitment letter.
However, in the case of a Public Hous ing project, the fee to be paid under this section shall be fixed by the Administra tor, but shall not exceed $3.00 per thou sand of the original face amount of the mortgage.
If the Administrator shall issue a com mitment as herein provided and the commitment fee shall not be paid and delivery accepted by the applicant within the period of time specified in the commitment letter, such commitment shall, unless the period for such pay ment be specifically extended, be con sidered void and of no effect. If an application to increase the amount of the insured mortgage is presented after commitment, a new application fee based upon the amount of such increase must be paid a t the time the applica tion for such increase is filed which payment will be subject to adjustment as above provided in accordance with the amount of the increase approved by the Administrator. If the amount of the insured mortgage is increased after insurance either by the amendment or by the substitution of a new insured mortgage, the fees herein provided for shall be based upon the amoqpt of such increase.
If an application is rejected upon pre liminary examination as determined by the Administrator, the application fee will be returned to the applicant.
Otherwise fees paid as above provided shall not be returned. In special cases the Administrator may charge prior to closing an additional fee not exceeding $2.00 per thousand of the face amount
of the loan approved for insurance.t ESec. I, par. 11
532.2 Evidence of acceptance of mortgage. Upon approval of an appli cation and payment of the commitment fee, acceptance of the mortgage for in surance will be evidenced by the issu ance of a commitment setting forth the terms and conditions upon which the mortgage will be insured, including spe cial requirements applicable to the proj ect and requiring the submission in final form within a time specified of all ap propriate documents, drawings, plans, specifications, estimates, and other in struments evidencing full compliance satisfactory to the Administrator with these Rules and with such terms and conditions. No commitment shall be valid unless signed by the Administrator or his duly authorized agent, and shall be effective for a stated period, not in excess of 120 days, and may be renewed in such manner as the Administrator may from time to time specify.! ESec.
I, par. 21
Eligible Mortgages 532.3 Mortgage forms. The Ad ministrator does not furnish mortgage forms for each project or for each juris diction. The forms customarily used in any particular jurisdiction if so modi fied and amplified as to include the matters herein set forth, and if other wise satisfactory to the Administrator, will be aprpoved.! ESec. n , par 11
1 532.4 Eligibility for insurance. In order to be eligible for insurance under these Rules a mortgage shall create a first lien securing a principal obligation not in excess of $5,000,000, and such part thereof as may be attributable to dwell ing use shall not exceed $1,350 per room, depending upon the location of the proj ect and local building costs and rental conditions. The principal obligation of such mortgage shall not exceed eighty per centum 80% of the amount which the Administrator estimates will be the value of the property or project when the proposed improvements are completed:
Provided, T hat such mortgage shall not in any event exceed the amount which the Administrator estimates will be the cost of the completed physical improve ments on the property or project, ex clusive of the following: Public utilities except lead ins from abutting streets to the project; public streets except ap proaches from abutting streets to private streets in the project; abutting sidewalks and curbing outside the project site; real estate taxes, interest on the mortgage, hazard insurance, owners liability insur ance and other insurance customarily payable by the mortgagor; organization and legal expenses; financing charges;
and miscellaneous charges during or in cidental to construction and customarily payable by the mortgagor, including but not limited to Federal Housing Adminis tration appraisal and inspection fees and mortgage insurance premium, title and