---
kind: "section"
citation: "12 U.S.C. § 1735f–1"
title: "12"
title_heading: "Banks and Banking"
number: "1735f–1"
heading: "Waiver of deduction on assignment of property to Secretary in lieu of foreclosure"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1735f-1"
units:
  - "Chapter 13 — National Housing"
  - "Subchapter V — Miscellaneous"
---

# §1735f–1. Waiver of deduction on assignment of property to Secretary in lieu of foreclosure


Notwithstanding any other provision of this chapter, from and after November 3, 1966, the [Secretary](/usc/12/1715z–22a.md?p=4), under such terms and conditions as he may approve, may waive all or a part of the 1 per centum deduction otherwise made from insurance benefits with respect to [multifamily housing](/usc/12/1715z–22a.md?p=1) or land development [mortgages](/usc/12/1707.md?p=a) assigned to him, where the assignment is made at his request in lieu of foreclosure of the [mortgage](/usc/12/1707.md?p=a).


## Source credit

(June 27, 1934, ch. 847, title V, § 523, as added Pub. L. 89–754, title III, § 312, Nov. 3, 1966, 80 Stat. 1271.)