### Question
How is the "operating loss" defined?


### Answer
The term **operating loss** is defined in *12 U.S.C. § 1715n* as follows -

> the amount by which the sum of the taxes, interest on the mortgage debt, mortgage insurance premiums, hazard insurance premiums, and the expense of maintenance and operation of the project covered by the mortgage, exceeds the income of the project

#### Citation:
  - *12 U.S.C. § 1715n*
  - Heading: **CHAPTER 12-SAVINGS ASSOCIATIONS > SUBCHAPTER II-MORTGAGE INSURANCE**

