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201 records in US in 1975
United States · United States Congress · 28 April 1975
Adds for condominium owners, homeowner's associations, and cooperative housing corporations not organized for profit to the list of tax-exempt organizations under the Internal Revenue Code of 1954.
United States · United States Congress · 28 April 1975
Authorizes to be appropriated, under the Housing and Community Development Act of 1974, $500,000,000 for community development grants to units of general local government, except urban counties.
United States · United States Congress · 28 April 1975
Directs that an additional 300,000,000 in contract authority for low-income housing be channeled through local housing authorities under the U.S. Housing Act of 1937.
United States · United States Congress · 28 April 1975
Appropriates $500,000,000 for community development grants under the Housing and Community Development Act to units of general local government, except urban counties.
United States · United States Congress · 28 April 1975
Authorizes to be appropriated, under the Housing and Community Development Act of 1974, $500,000,000 for community development grants to units of general local government, except urban counties.
United States · United States Congress · 28 April 1975
Appropriates $500,000,000 for community development grants under the Housing and Community Development Act to units of general local government, except urban counties.
United States · United States Congress · 24 April 1975
Authorizes the Secretary of Housing and Urban Development, under the Housing and Community Development Act, to make grants to any State housing finance or development agency to finance 30 percent of specified housing project development costs. Permits the Secretary to condition any such grant on the promise that such agency agree to retain the housing project for 12 years, and to use the project for housing low-, moderate-, or middle-income families. Authorizes to be appropriated such sums as may be necessary to make the grants authorized by this Act.
United States · United States Congress · 22 April 1975
New Homestead Act - Provides that in the case of any farm purchase loan to any person who is (1) a nonowner-operator of a farm or (2) an owner-operator of a farm who is not reliant on such farm for his principal source of income, the Secretary of Agriculture may make or insure any such loan up to $100,000 or 90 percent of the value of the farm being purchased, whichever is greater. States that the repayment of any farm purchase loan by any person who was at the time of such loan a nonowner-operator of a farm or an owner-operator of a farm, but not reliant on such farm for his principal source of income, shall, upon the request of such person at the time the loan is made or insured, be made as follows: (1) during the first twelve-month period beginning on the first day of the first month after the loan is made and during each of the next fourteen twelve-month periods, one-eightieth of the total amount to be financed including interest; and (2) (A) during each of the next twenty-five twelve-month periods, one twenty-fifth of an amount equal to the total amount to be financed including interest minus the amount paid pursuant to paragraph (1); or (B) at the close of the fifteenth twelve-month period, the balance of the principal plus an amount of interest which would have been due and payable during the first fifteen twelve-month periods had the forty-year loan been paid in four hundred and eighty equal installments; except that the balance of the loan shall become due and payable if such farm or any interest therin is transferred without the approval of the Secretary to any person ineligible for a loan. Authorizes appropriations of such sums as may be necessary to carry out the purposes of this Act.
United States · United States Congress · 22 April 1975
New Homestead Act - Provides that in the case of any farm purchase loan to any person who is (1) a nonowner-operator of a farm or (2) an owner-operator of a farm who is not reliant on such farm for his principal source of income, the Secretary of Agriculture may make or insure any such loan up to $100,000 or 90 percent of the value of the farm being purchased, whichever is greater. States that the repayment of any farm purchase loan by any person who was at the time of such loan a nonowner-operator of a farm or an owner-operator of a farm, but not reliant on such farm for his principal source of income, shall, upon the request of such person at the time the loan is made or insured, be made as follows: (1) during the first twelve-month period beginning on the first day of the first month after the loan is made and during each of the next fourteen twelve-month periods, one-eightieth of the total amount to be financed including interest; and (2) (A) during each of the next twenty-five twelve-month periods, one twenty-fifth of an amount equal to the total amount to be financed including interest minus the amount paid pursuant to paragraph (1); or (B) at the close of the fifteenth twelve-month period, the balance of the principal plus an amount of interest which would have been due and payable during the first fifteen twelve-month periods had the forty-year loan been paid in four hundred and eighty equal installments; except that the balance of the loan shall become due and payable if such farm or any interest therin is transferred without the approval of the Secretary to any person ineligible for a loan. Authorizes appropriations of such sums as may be necessary to carry out the purposes of this Act.
United States · United States Congress · 22 April 1975
Transfers the responsibility for setting income limitations and rent income ratios from the Federal Government to State agencies where such States have entered into contracts with the Secretary of Housing and Urban Development, pursuant to the National Housing Act, for interest reduction payments.
United States · United States Congress · 22 April 1975
Building Energy Conservation Standards Act - States that the purposes of this Act include redirecting Federal policies and practices so that Federal financial assistance for construction purposes is provided only under conditions which assure that reasonable energy conservation features will be incorporated into new buildings receiving such assistance. Requires the Secretary of Housing and Urban Development, within six months after the enactment of this Act, and after consultation with the Administrator of the Federal Energy Administration and the Secretary of Commerce, to develop and publish for public comment proposed prescriptive energy conservation standards for new residential buildings. Directs the Secretary to develop and publish proposed performance energy conservation standards for new commercial buildings Provides that no Federal officer or agency shall approve any financial assistance for the construction of any building in any area of a State unless the State has certified that the unit of general local government having jurisdiction over such area has adopted and is implementing a building code or similar requirement which provides for the enforcement of any effective energy conservation standards or standards promulgated pursuant to this Act. Authorizes the Secretary to make grants to the States to assist them in meeting the costs of developing State building codes or State certification procedures to carry out the provisions of this Act. Authorizes to be appropriated not more than $5,000,000 for fiscal year 1976 for such grants. Directs the Secretary to undertake research to assist in the development of standards under this Act.
United States · United States Congress · 22 April 1975
Emergency Low-Income Housing Act - Directs the Secretary of Housing and Urban Development and the Secretary of Agriculture to provide assistance for the purpose of producing 3,000,000 new dwelling units for low-income individuals. Authorizes additional appropriations under the National Housing Act and the Housing Act to finance the provisions of this Act.
United States · United States Congress · 18 April 1975
Emergency Housing Act - Title I: Amendments to the Emergency Home Purchase Assistance Act - Activates the program to purchase mortgages whenever the Director of the Census determines that the four-month moving average annual rate of private housing starts is less than 1,600,000. Revises the maximum annual rate of interest on a mortgage which the Federal National Mortgage Association may purchase to the lesser of 8 percent or the rate set by the Secretary applicable to mortgages insured under the National Housing Act. Prohibits the purchase of any such mortgage by the association unless accompanied by a certification that no points in excess of 1 percent will be assessed against the prospective buyer. Authorizes the Association to deal in mortgages which cover more than four-family residences, or a single-family unit in a condominium. Title II: Emergency Middle-Income Housing - Authorizes the Secretary of Housing and Urban Development to assist middle-income families who purchase homes by making periodic interest reduction payments and by making home purchase incentive payments. Requires any family assisted under this Act to pay a specified amount of assistance back to the Secretary if such family sells the property within four years. Authorizes to be appropriated such sums as are necessary to carry out the provisions of this Act. Limits the aggregate amount of interest reduction payments to $300,000,000 per year. Limits the aggregate of home purchase assistance to $400,000,000 per annum. Title III: Building Conservation Standards - Directs the Secretary of Housing and Urban Development with the Secretary of Commerce and the Federal Energy Administrator to develop and publish in the Federal Register proposed component performance energy conservation standards for new residential buildings. Requires that similar standards be established for new commercial buildings. Prohibits any Federal agency from approving any financial assistance for the construction of any building in any State unless such State has adopted or is implementing a similar building code to that promulgated under this Act. Authorizes the Secretary to make grants to States to assist them in developing local codes. Limits such grants to an aggregate of $5,000,000 for fiscal year 1976. Permits the Secretary to extend technical assistance to States to meet the requirements of this Act. Directs the Secretary to carry out such research activities as he deems necessary to promulgate the standards required by this Act. Title IV: Miscellaneous Amendments - Authorizes the Secretary under the Housing Act in carrying out the purposes of this Act to issue to the Secretary of the Treasury obligations not in excess of $150,000,000 in any fiscal year. Authorizes to be appropriated to the fund a specified amount not to exceed $7,500,000 in any fiscal year. Requires under the United States Housing Act that the Secretary process all applications during distinct time periods not to exceed 75 days.
United States · United States Congress · 17 April 1975
Emergency Homeowners' Relief Act - Declares that the purpose of this Act is to prevent widespread mortgage defaults and the distress-sale of homes as a result of adverse economic conditions. Authorizes and directs the Secretary of Housing and Urban Development to make repayable emergency mortgage relief payments on behalf of distressed homeowners when he determines that such action is necessary and that there is a reasonable prospect that the homeowner will be able to make necessary adjustments for the full resumption of mortgage payments. States that such assistance may not be made available unless the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions, and is financially unable to make the full mortgage payments. Limits the relief payments to a period not exceeding two years. Provides that payments be repaid on such terms as the Secretary prescribes. Requires mortgagors to report increases in income which will permit a reduction or termination of mortgage relief payments. Authorizes appropriations of $500,000,000 for mortgage relief assistance. Grants the Government National Mortgage Association, under the National Housing Act, emergency authority to acquire specified outstanding mortgages upon a determination that the assistance provided by this Act will enable the mortgagor under such mortgage to avoid a default or cure a default before foreclosure without exposing the Association to an excessive risk of loss. Permits the Association to refinance the entire amount of the mortgage, if it deems it necessary in order to assist the mortgagor's financial rehabilitation, and to take other actions to enable the mortgagor to retain the property. Sets forth the powers and authority of the Association with respect to the emergency mortgage relief program authority by this Act. States that such authority may not be exercised after 2 years from the date of enactment. Requires the Secretary of Housing and Urban Development to make periodic reports to Congress on the status of mortgage defaults in the Country, together with recommendations on how such defaults may be avoided.
United States · United States Congress · 17 April 1975
Increases to $450,000,000 the minimum amount of the annual contributions to public housing agencies to be made by the Secretary of Housing and Urban Development under the Housing Act of 1937.
United States · United States Congress · 17 April 1975
Requires the inclusion of emergency power equipment in federally assisted multifamily housing facilities which are designed for occupancy in whole or substantial part by the elderly. Authorizes Federal loans to finance the provision of such equipment for those facilities, and sets forth the terms of such loans. Authorizes such appropriations as necessary to carry out the purposes of this Act.
United States · United States Congress · 15 April 1975
Authorizes to be appropriated, under the Housing and Community Development Act of 1974, $500,000,000 for community development grants to units of general local government, except urban counties.
United States · United States Congress · 15 April 1975
Appropriates $500,000,000 for community development grants under the Housing and Community Development Act to units of general local government, except urban counties.
United States · United States Congress · 15 April 1975
Prohibits the Secretary of Housing and Urban Development from making any grant to any urban county, except grants for hold harmless amounts, under title I of the Housing and Community Development Act of 1974 until July 1, 1975, so that Congress may have time to reexamine the method for allocating funds for grants under such title.
United States · United States Congress · 10 April 1975
Housing Cooperative Financing Association - Title I: Housing Cooperative Financing Association - States that it is the policy of the Congress and the purpose of this Act to encourage and assist consumer-oriented groups in their efforts to improve housing conditions through the establishment of nonprofit cooperative corporations to construct, acquire, manage, and maintain housing projects for occupancy by the members of such corporations. Creates a body corporate known as the Housing Cooperative Financing Association, in the Department of Housing and Urban Development, with the authority to make and service loans, issue obligations, and exercise other enumerated powers. Vests the powers and duties of the Association in the Secretary, initially, and management in a board of five directors. States that the Association may issue prefered capital stock in the amount of $5,000,000 and prescribes the procedures for such issuance. States that the Association may issue common capital stock for subscription by eligible cooperatives in an amount not to exceed $50,000,000. Authorizes the Association, with the approval of the Secretary, to issue and have outstanding at any one time bonds and other obligations for purchase by the Secretary of the Treasury in an amount not to exceed $50,000,000. Authorizes the Association to issue and have outstanding another $1,000,000,000 in bonds which will be guaranteed by the United States. Specifies the character of the loans which may be made by the Association, including: (1) to finance the construction of new housing projects; (2) to finance the acquisition of existing properties for conversion to cooperative ownership; and (3) supplemental loans to finance the rehabilitation, improvement, repair, or modernization of existing housing projects. Prescribes the eligibility requirements required from each cooperative obtaining a loan pursuant to this Act, and the regulatory requirements imposed. Authorizes the Secretary to insure and to make commitments to insure any loan made pursuant to this Act. Stipulates that the provisions of this Act shall be construed as a supplement to, and not as a substitute for, other laws now existing relating to cooperative housing.
United States · United States Congress · 10 April 1975
Permits a home owner whose mortgage is insured under the provisions of the National Housing Act to apply for Federal compensation for defects in such home up to nineteen months (presently one year) after the issuance of such mortgage.
United States · United States Congress · 8 April 1975
Low-Income Home Insulation Act - States that the purpose of this Act is to provide for the effective insulation of existing homes of low- income households through Federal grant programs. Authorizes the Director of the Community Services Administration to make grants to the States upon annual application. States that the Director shall develop and publish criteria to evaluate State applications. Provides for reasonable notice and opportunity for a hearing before final disapproval of an application. Directs that no more than 15 percent per annum of the grant to any State may be used by the State for administration of the grant. Provides that no more than 12 1/2 percent per annum of the total amount appropriated for any fiscal year under this Act may be granted to any State. Authorizes the Director to require a State receiving a Federal assistance under this Act to file with the Director reports upon necessary to enable the Director to carry out his functions under this Act. Requires States receiving aid to keep such records as necessary to assure an effective audit of the disposition of the funds. Authorizes the Director to take specified actions to enforce the provisions of the applications. Provides for review of the Director's final action to the United States Court of Appeals. Provides sanctions against discrimination by any program funded by this Act. States that wages for employees paid with funds secured by this Act shall be at rates not less than those prevailing on similar construction in the locality. Requires the Director to submit, by March 31, 1978, a report to the President and Congress presenting the results of insulation programs receiving Federal assistance under this Act. Authorizes the appropriation of $100,000,000 for fiscal year 1976 and for each of the three succeeding fiscal years for the purposes of this Act.
United States · United States Congress · 26 March 1975
Emergency Home Purchase Assistance Amendments - Authorizes the Federal National Mortgage Association to deal in mortgages insured by qualified private insurers as determined by the Association. Permits a mortgage to be purchased if it does not exceed $36,500 in a condomimum cooperative project, or other multifamily structure. Stipulates that, after the enactment of this Act, the interest rate with respect to such mortgages may be adjusted not more than once every six months. Prohibits Associations from imposing any discount or other charge, other than a commitment fee, of not to exceed one percent of the amount of the mortgage. Limits the Secretary of Housing and Urban Development to using 75 percent of his authority each fiscal year to purchase mortgages covering housing upon which construction or substantial rehabilitation was completed during the 12 month period immediately preceding the execution of the mortgages. Increases the total amount of purchases and commitments authorized to be made by the Secretary from $7,750,000,000 to $10,000,000,000.
United States · United States Congress · 25 March 1975
Emergency Homeowners' Relief Act - Authorizes the Secretary of Housing and Urban Development to make repayable emergency mortgage relief payments on behalf of homeowners who are delinquent in their mortgage payments in cases where the mortgagor has incurred a substantial reduction in income due to adverse economic conditions. States that the payments made under this Act shall be repayable at not more than 8 percent interest. Authorizes to be appropriated for the purpose of this Act up to $500,000,000. Provides that mortgage relief payments shall not be made after July 1, 1976. Directs the Secretary to report every 60 days to the Congress with respect to the delinquencies and forclosures in the housing market areas of the country and government action with respect thereto.
United States · United States Congress · 25 March 1975
Urban Forestry Act - States that the growth of trees and shrubs helps to improve the quality of the urban environment by preventing erosion, providing shade, and reducting noise and air pollution levels. Authorizes the Secretary of Agriculture to make grants to cities to pay up to 100 percent of the cost of trees and shrubs planted under the cities' and park districts' forestry programs, including programs of cities or park districts which provide for the planting of trees on privately owned land. Authorizes to be appropriated $1,000,000 for the fiscal year 1975 for grants under this section. States that the Secretary may make grants to cities with populations exceeding ten thousand and park districts to pay 75 percent of the annual salaries of urban foresters. Authorizes to be appropriated $5,000,000 for the fiscal year 1975 for grants under this section. Directs the Secretary to provide technical assistance to cities and park districts to assist such cities in planning, developing, and administering forestry programs.
United States · United States Congress · 25 March 1975
States that the purpose of this Act is to provide a source of financial assistance for homeowners and builders to enable them to purchase and install solar heating equipment or combined solar heating and cooling equipment while substantially reducing energy use. Authorizes the Secretary of Housing and Urban Development to make loans to individuals and families owning and occupying one-to-four family residential structures to assist them in purchasing and installing qualified solar heating and cooling equipment. States that such loans may be made in an amount covering up to 75 percent of the cost of purchasing and installing the necessary equipment, and not exceeding amounts specified in this Act. Sets forth the terms and conditions governing the loans. Defines "qualified solar heating equipment" as meaning equipment which utilizes solar energy to provide heating for a residential sturcture and which is certified by the Secretary as meeting minimum specified standards, including a requirement that the eqipment must be designed to meet more than 40 percent of the total heating needs of the types of structure for which it is intended. Directs the Energy Research and Development Administration to establish procedures for periodic inspection and review of solar heating and cooling equipment models and certifications. Directs the Secretary to disseminate full, complete, and current information concerning recommended standards and types of qualified solar heating or solar heating and cooling equipment appropriate for use in residential structures of varying sizes and types and in various regions of the country. Authorizes appropriations to a revolving fund of $100,000,000 to provide an initial amount for the program under this Act, and such additional sums as may thereafter be necessary to carry out such program.
United States · United States Congress · 24 March 1975
Emergency Homeowners' Relief Act - Authorizes the Secretary of Housing and Urban Development, under specified conditions, to make repayable emergency mortgage relief payments on behalf of homeowners who are delinquent in their mortgage payments. Provides that such payments shall include the principal, interest, taxes, ground rents, hazard insurance, and mortgage insurance premiums not to exceed $250 per month. Directs that such payments may continue for a period of up to twelve months. Requires that the Secretary make periodic reports to Congress of action under this program.
United States · United States Congress · 24 March 1975
Emergency Homeowners' Relief Act - Declares that the purpose of this Act is to prevent widespread mortgage defaults and the distress-sale of homes as a result of adverse economic conditions. Authorizes and directs the Secretary of Housing and Urban Development to make repayable emergency mortgage relief payments on behalf of distressed homeowners when he determines that such action is necessary and that there is a reasonable prospect that the homeowner will be able to make necessary adjustments for the full resumption of mortgage payments. Defines "distressed homeower" as one or more persons who own and occupy a dwelling as a principal residence and whose income has declined by more than 20 percent as the result of unemployment or other adverse economic conditions. Limits relief payments to a period not exceeding two years. Provides that payments be repaid on such terms as the Secretary prescribes. Empowers the Secretary to delegate any of his functions under this Act to other Federal agencies or private entities. Authorizes the Secretary to establish a revolving fund for mortgage relief payments and other specified purposes, including payment of obligations issued to the Secretary of the Treasury to enable the Secretary of Housing and Urban Development to carry out his functions under this Act. Provides for a payment expiration date of July 1, 1976.
United States · United States Congress · 20 March 1975
Authorizes the Secretary of Housing and Urban Development, in consultation with the Secretary of Health, Education, and Welfare, under the National Housing Act, to provide insurance for loans to finance improvements to long-term care facilities required to correct deficiencies identified in State surveys and Federal certification procedures.
United States · United States Congress · 20 March 1975
Federal Housing Bank Act - Declares the finding of the Congress that: (1) for decades this Nation has been able to produce housing at reasonable cost, but long-term projections of capital and materials shortages, threaten this goal; (2) decent, safe, and sanitary housing cannot be provided if interest rates on home mortgages are inordinately high; and (3) Congress must create an institution which can reduce the costs of financing the purchase of a home for the average American family. Creates a body corporate to be known as the Federal Housing Bank, which shall have succession until dissolved by Act of Congress. Requires that the Bank, which shall be an agency of the United States Government, shall maintain such offices as may be necessary or appropriate in the conduct of its business. Sets forth the general powers of the Bank. Provides for the management of the Bank. Authorizes the Secretary of the Treasury, in order to facilitate the formation of the Bank, to pay initial organizing and operating expenses. Authorizes to be appropriated not to exceed $500,000 for this purpose. Grants the Bank the authority: (1) to make commitments to purchase, and to purchase, service, and sell, on terms and conditions determined by the Bank, home mortgages on single family homes, or condominiums or cooperatives, from the Federal National Mortgage Association or the Federal Home Loan Bank system; and (2) to make commitments to purchase, and to purchase, hold, and refinance mortgages on homes of persons who certify that they have been unemployed for six months and do not have assets that could be used to pay the mortgage on their principal dwelling place. Authorizes the Bank to declare a moratorium on payments of principal, interest, or both for a period of eighteen months on terms and conditions to be determined by the Bank so as to alleviate hardship arising from unemployment. Requires an audit report to the Congress on an annual basis. Provides for an additional annual report to the Congress on the Bank's activities. Authorizes the appropriation of such sums as are necessary to carry out this Act.
United States · United States Congress · 20 March 1975
Establishes an independent agency in the executive branch of the Federal Government to be known as the Federal Housing Administration to carry on and continue the functions, powers and duties of the Department of Housing and Urban Development under the National Housing Act. Grants succession to the FHA until dissolved by Act of Congress. Vests management in a Board of Directors and a Commissioner who shall be a member of the Board. Declares that the composition of the Board shall be the Chairman of the Federal Home Loan Bank Board, the Chairman of the Federal Reserve Board, the Secretary of the Treasury, the Secretary of the Department of Housing and Urban Development, and the Comptroller of the Currency, or their delegates. Vests responsibility in the Board to make decisions of broad and general supervisory, advisory, or policy nature, and vests the Commissioner with all administrative powers. Transfers all functions, powers and duties under specified sections of the National Housing Act to the FHA. Transfers personnel, assets, liabilities, contracts, property, records, and funds held under such Act to the FHA. Authorizes the FHA to borrow from the Treasury such sums as are necessary for insurance purposes. Requires the financial transactions of the FHA to be audited by the General Accounting Office. Requires that a report of the audit for each fiscal year be made by the Comptroller General to the Congress.
United States · United States Congress · 19 March 1975
Authorizes additional appropriations not exceeding $10,194,000 for support of military family housing, including operating expenses and maintenance of real property.
United States · United States Congress · 19 March 1975
Extends the authority of the Secretary of Housing and Urban Development to make 3 percent interest rate loans to property owners to rehabilitate their property in urban renewal areas through September 30, 1978. Permits the Secretary to require borrowing property owners to pay a greater interest rate when the income of such borrower exceeds the median income for a family of four persons. Directs the Secretary to administer the loan program in a manner designed to: (1) encourage communities to undertake programs which facilitate public or private financing of rehabilitation with funds not made available under any Federal housing program; (2) encourage communities to address the rehabilitation needs of owner-occupants living in areas participating in rehabilitation programs whose incomes are too low to afford such Federal loans; and (3) accommodate the needs of communities which have no other feasible source of loan funds for rehabilitation. Transfers the funding for such program from the appropriations process to the Treasury borrowing process. Authorizes appropriations of up to $7,500,000 for any fiscal year for such program.
United States · United States Congress · 19 March 1975
Provides that until specified statistics indicate that: (1) the rate of unemployment for any 12 month period which ends after the date of enactment of this Act does not exceed 4 percent of the labor force; and (2) the increase in the retail cost of consumer goods for such period does not exceed 5 percent; the sum of the rental charges, utility charges, and other costs which anyone receiving assistance under a federally assisted housing program may be required to pay in connection with occupancy of a unit in any federally assisted housing shall not be increased above the corresponding sum which was required in connection with occupancy of such unit on the date of the enactment of this Act. Provides that whenever the lessor of such a housing unit proposes to make any increase in the fee, he shall notify the Secretary of Housing and Urban Development. States that if the Secretary determines that the proposed increase is necessary and proper and in accordance with all applicable Federal, State, and local laws and regulations, he may approve such increase and (upon such approval) shall pay the amount of the increase to the lessor. Stipulates that under no circumstances shall the amount of any such increase be chargeable to or payable by the individual or family occupying the unit involved during such period. Authorizes to be appropriated to the Secretary of Housing and Urban Development such sums as may be necessary to enable him to make such payments.
United States · United States Congress · 18 March 1975
Escrow Account System Improvement Act - States that it is the purpose of this Act, recognizing that the escrow system is a valuuable asset to borrowers, lenders, and local taxing authorities alike, to preserve and strengthen such system to the maximum extent possible while eliminating the inequities and abuses which have too often kept it from being fully effective. Requires an escrow account to be established in connection with any federally related mortgage loan if, at the time the loan is made or at any time thereafter, either the borrower or the lender requests it. States that any such account shall be continuously maintained (without any right on the part of the borrower to withdraw any part thereof) until the borrower has fully discharged his obligation under the loan. Provides that whenever the borrower in connection with a federally related mortgage loan has acquired an equity of at least 20 percent in the property covered by the loan and enters into an agreement to maintain a savings account with a balance equal to assessments and hazard insurance premiums: (1) the lender shall no longer have the right to require the establishment of an escrow account in connection with such loan; and (2) the borrower shall have the right to terminate any escrow account theretofore establsihed in connection with such loan. States that on each deposit in an escrow account which is made, in connection with a federally related mortgage loan, to a bank, interest shall be paid from the date of deposit to the date of withdrawal at a rate not less than the rate then prevailing for loans by Federal Reserve banks to member banks in the district where the property involved is situated. Sets forth limitations on requirements by lenders of advance deposits in escrow accounts of taxes and insurance premiums. Provides that payments of taxes and insurance premiums by the lender from any escrow account in connection with a federally related mortgage loan shall be made at such times and in such manner as will insure that the borrowers receive the maximum benefit of any discounts and other financial considerations which may be allowed or provided in the jurisdiction where the escrow account is being held.
United States · United States Congress · 18 March 1975
Authorizes the Administrator of Veterans' Affairs to designate rural areas and small cities or towns as "housing credit shortage areas" for purposes of providing direct loans to veterans where private capital is unavailable at the statutory interest rate.
United States · United States Congress · 18 March 1975
Increases the limitations with respect to direct loans for housing to veterans from $21,000 to $25,000. (Amends 38 U.S.C. 1811)
United States · United States Congress · 18 March 1975
Emergency Homeowners' Relief Act - Declares that the purpose of this Act is to prevent widespread mortgage defaults and the distress-sale of homes as a result of adverse economic conditions. Authorizes and directs the Secretary of Housing and Urban Development to make repayable emergency mortgage relief payments on behalf of distressed homeowners when he determines that such action is necessary and that there is a reasonable prospect that the homeowner will be able to make necessary adjustments for the full resumption of mortgage payments. Defines "distressed homeower" as one or more persons who own and occupy a dwelling as a principal residence and whose income has declined by more than 20 percent as the result of unemployment or other adverse economic conditions. Limits relief payments to a period not exceeding two years. Provides that payments be repaid on such terms as the Secretary prescribes. Empowers the Secretary to delegate any of his functions under this Act to other Federal agencies or private entities. Authorizes the Secretary to establish a revolving fund for mortgage relief payments and other specified purposes, including payment of obligations issued to the Secretary of the Treasury to enable the Secretary of Housing and Urban Development to carry out his functions under this Act. Provides for a payment expiration date of July 1, 1976.
United States · United States Congress · 17 March 1975
Extends the authority of the Secretary of Housing and Urban Development to make 3 percent interest rate loans to property owners to rehabilitate their property in urban renewal areas through September 30, 1978. Permits the Secretary to require borrowing property owners to pay a greater interest rate when the income of such borrower exceeds the median income for a family of four persons. Directs the Secretary to administer the loan program in a manner designed to: (1) encourage communities to undertake programs which facilitate public or private financing of rehabilitation with funds not made available under any Federal housing program; (2) encourage communities to address the rehabilitation needs of owner-occupants living in areas participating in rehabilitation programs whose incomes are too low to afford such Federal loans; and (3) accommodate the needs of communities which have no other feasible source of loan funds for rehabilitation. Transfers the funding for such program from the appropriations process to the Treasury borrowing process. Authorizes appropriations of up to $7,500,000 for any fiscal year for such program.
United States · United States Congress · 17 March 1975
Revises the Internal Revenue Code to permit to be deducted from gross income as interest any loan origination fees, loan placement fees, loan processing fee, points, premium, or other fee paid or accrued by the seller of any real property solely for the use or forebearance of money loaned to the purchaser of real property.
United States · United States Congress · 17 March 1975
Truth is Housing Act - Provides that any person who sells or acts as an agent in the sale of or who furnishes mortgage credit for the purchase of a dwelling for occupancy by not more than four families shall be responsibile for the written disclosure, in such form as the Federal Trade Commission may require, to the purchaser of the dwelling of any substantial defects which exist as of the date of the disclosure. States that contract for the purchase of a dwelling for occupancy by not more than four families, where the written disclosure required by this section has not been made to the purchaser in advance or at the time of his signing, shall be voidable at the option of the purchaser. Stipulates that if any part of a written disclosure contains an unture statement of a material fact or fails to state a material fact required to be stated therein, the purchaser acquiring the dwelling covered by such written disclosure (unless he knew of such untruth or omission at the time of closing) may bring an action in any court of competent jurisdiction, against the seller or his agent in the sale, and the person who furnished mortgage credit for the purchase of that dwelling. States that in any action brought under this Act the plaintiff is entitled to recover actual damages and not more than $1,000 punitive damages, together with court costs and reasonable attorney fees. Provides that rights and remedies provided by this Act shall be in addition tp any other legal purchaser of a dwelling to which this Act applies. Stipulates that any person who willfully fails to make written disclosure in violation of this Act or who willfully, in such written disclosure, makes any unture statement of a material fact or omits to state any material fact required to be stated therein, shall upon conviction be fined not more than $5,000 or imprisoned not more than five years, or both. Authorizes the district courts of the United States to have jurisdiction and consult with the Commission in the exercise of its functions under this Act.
United States · United States Congress · 14 March 1975
Exempts range sheep industry mobile housing from regulations promulgated by the Secretary of Labor affecting permanent housing for agricultural workers.
United States · United States Congress · 13 March 1975
Home Heating Efficiency Act - Authorizes the Secretary of Housing and Urban Development to make payments to assist low-and middle-income owners of existing residential structures to purchase and install energy conservation improvements. Limits such payments in the case of middle- income households to the lower of $300 or 25 percent of the cost of the improvements, and in case of low-income households to the lower of $300 or 90 percent of the cost of the improvements. Defines the terms used in this Act. Authorizes appropriations of up to $800,000,00 without fiscal year limitation to carry out the provisions of this Act.
United States · United States Congress · 13 March 1975
Broadens the coverage of home health services under the supplementary medical insurance (Medicare) program of the Social Security Act and removes the 100-visit limitation presently applicable to the home health service program. Extends the coverage of posthospital home health services to include payment for items and services which the individual could otherwise obtain only in a skilled nursing facility. Requires the inclusion of home health services in a State's medicaid program under the Social Security Act and permits the payments of rent under such program for elderly persons who would otherwise require nursing home care. Provides expanded Federal funding for congregate housing for the displaced and the elderly by increasing the amount available for such housing under the low income housing program. Imposes on individuals receiving payment of expenses under the medicaid program a deduction, cost sharing, or similar charge equal to 5 percent of the taxable income of each adult child of the recipient.
United States · United States Congress · 13 March 1975
Allows a tax deduction up to $750 for ordinary and necessary expenses incurred by a taxpayer under the Internal Revenue Code in making repairs and improvements to his residence during the taxable year. Allows the owner of rental housing to amortize at an accelerated rate (over a 60-month period) the cost of rehabilitating or restoring such housing. Authorizes the taxpayer to switch from such accelerated amortization to the regular depreciation deduction allowable under the Internal Revenue Code for property used in a trade or business or held for the production of income.
United States · United States Congress · 13 March 1975
Requires, under the United States Housing Act that future increases in social security benefits under title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act be excluded in determining the eligibility of an individual or family for admission to or occupancy of low-income housing and the amount of the rent payable for accommodations in such housing. Provides a similar exclusion under the Housing Act, the National Housing Act, the Housing and Urban Development Act, or any other Federal or federally assisted housing program.
United States · United States Congress · 12 March 1975
Campuses for the Elderly Act - Authorizes the Secretary of Health, Education, and Welfare to institute a program under which qualified organizations, public and private, will submit plans for the development of carefully conceived and innovative projects to meet the special health care, housing, and related needs of elderly persons in the campus-type setting. Provides that from the plans submitted the Secretary shall select which he determines are most promising in furtherance of the objectives of this Act. Authorizes the Secretary to make, and contract to make, interest subsidy payments to the holder of any mortgage covering a project designed in accordance with a plan selected under this Act. Provides that as a condition for receiving such a subsidy the owner shall operate the project in accordance with such requirements as the Secretary may prescribe. Authorizes to be appropriated such sums as may be necessary to make such payments. Requires an evaluation of such projects not later than two years after their implementation to determine their effectiveness and suitability in meeting the needs of elderly persons. Provides that such evaluation shall be made by a committee consisting of the following members: (1) three members of the Congress to be appointed jointly by the President of the Senate and the Speaker of the House of Represenatives; and (2) six members to be appointed by the Secretary of which three shall be representative of the medical profession and three shall be persons who have had experience in the administration of health-care facilities, both proprietary and nonproprietary. Provides that the Committee shall submit to the Secretary for transmittal to the Congress a report with respect to its findings and recommendations not later than six months after the date on which the committee is fully organized. Authorizes to be appropriated such sums (not to exceed $70,000) as may be necessary to carry out this evaluation.
United States · United States Congress · 12 March 1975
Campuses for the Elderly Act - Authorizes the Secretary of Health, Education, and Welfare to institute a program under which qualified organizations, public and private, will submit plans for the development of carefully conceived and innovative projects to meet the special health care, housing, and related needs of elderly persons in the campus-type setting. Provides that from the plans submitted the Secretary shall select which he determines are most promising in furtherance of the objectives of this Act. Authorizes the Secretary to make, and contract to make, interest subsidy payments to the holder of any mortgage covering a project designed in accordance with a plan selected under this Act. Provides that as a condition for receiving such a subsidy the owner shall operate the project in accordance with such requirements as the Secretary may prescribe. Authorizes to be appropriated such sums as may be necessary to make such payments. Requires an evaluation of such projects not later than two years after their implementation to determine their effectiveness and suitability in meeting the needs of elderly persons. Provides that such evaluation shall be made by a committee consisting of the following members: (1) three members of the Congress to be appointed jointly by the President of the Senate and the Speaker of the House of Represenatives; and (2) six members to be appointed by the Secretary of which three shall be representative of the medical profession and three shall be persons who have had experience in the administration of health-care facilities, both proprietary and nonproprietary. Provides that the Committee shall submit to the Secretary for transmittal to the Congress a report with respect to its findings and recommendations not later than six months after the date on which the committee is fully organized. Authorizes to be appropriated such sums (not to exceed $70,000) as may be necessary to carry out this evaluation.
United States · United States Congress · 12 March 1975
National Condominium Act - Provides for the designation of an Assistant Secretary for Condominiums under the Department of Housing and Urban Development Act to assist in the planning, development, construction, or operation of condominiums or the purchase of condominium units. Establishes minimum national standards for all condominium units the sale of which is financed with Federal assistance in any form, and encourages the States through a new program of Federal grants to establish such standards to protect both the residents of previously leased units to be converted and the potential purchasers of such units from undue hardships and unexpected economic expenses. States that any person who willfully violates any of the provisions of this Act shall be fined not less than $15,000 and be imprisoned for not less than two years.
United States · United States Congress · 11 March 1975
Disaster Insurance Act - States that it is the purpose of this Act to assure the widest possible provision of adequate insurance coverage against catastrophic losses resulting from disasters by requiring such coverage in the case of residential housing and small business receiving Federal assistance, by encouraging the purchase of such coverage by property owners in all other cases, and by creating a new federally chartered quasi-public entity to assist the private insurance industry, through risk-sharing reinsurance and otherwise, in making such coverage available on the widest possible basis and facilitating its provision and administration. Requires that no officer or agency of the United States shall make or enter into a contract or commitment to make any grant or loan, or provide or enter into a contract or commitment to provide assistance in the form of mortgage insurance or loan guaranty or in any other form, to aid in the purchase, construction, rehabilitation, or maintenance of residential real property which is designed principally for the occupancy of from one to four families or of nonresidential property which is owned or leased and operated by one or more small businesses, unless the property involved is or will upon completion be covered (as a part of the coverage provided under a fire or extended coverage insurance policy or otherwise) by insurance against catastrophic losses. States that no loan or other financial assistance to aid in the purchase, construction, rehabilitation, or maintenance of residential real property which is designed principally for the occupancy of from one to four families or of nonresidential property which is owned or leased and operated by one or more small businesses shall be made or provided by any financial institution or other lender the deposits or accounts of which are insured by an agency of the Federal Government, or which is itself regulated by an agency of the Federal Government, unless the property involved is or will upon completion be covered (as a part of the coverage provided under a fire or extended coverage insurance policy or otherwise) by insurance against catastrophic losses. Establishes a Disaster Insurance Corporation. States that the basic function of the Corporation is to encourage and facilitate the provision by private insurance companies of insurance against catastrophic losses for owners and lessors of real property of reinsuring such companies (directly or by purchasing policies of reinsurance) against abnormally high losses resulting from the provision of such insurance. Provides that if at any time catastrophic insurance is unavailable from private industry, the Corporation shall provide such insurance through the facilities of the Federal Government. Establishes in the Treasury of the United States a fund to be used by the Corporation for its operating and capital expenses under this Act. Authorizes to be appropriated to the fund out of any money in the Treasury not otherwise appropriated, not to exceed $100,000,000 to provide such fund with necessary initial capital.