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101 records in 1975
United States · United States Congress · 8 September 1975
Prohibits discrimination based on sex or marital status with respect to the sale or rental of housing under the Civil Rights Act and the National Housing Act.
United States · United States Congress · 4 September 1975
Provides that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H.R. 8650) to assist low-income persons in insulating their homes, to facilitate State and local adoption of energy conservation standards for new buildings, and to direct the Secretary of Housing and Urban Development to undertake research and to develop energy conservation performance standards. Directs that after general debate, which shall be confined to the bill and shall continue not to exceed one hour, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Banking, Currency and Housing, the bill shall be read for amendment under the five-minute rule by titles instead of by sections. Provides that at the conclusion of the consideration of the bill for amendment the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.
United States · United States Congress · 1 August 1975
Authorizes the Secretary of the Army to expedite accomplishment of urban flood control and flood plain management plans by establishing firm plans to solve flood control problems.
United States · United States Congress · 1 August 1975
Revises the Consolidated Farm and Rural Development Act and the Housing Act of 1949 by redefining "rural area" to permit towns of twenty-five thousand or less inhabitants to be considered rural areas for purposes of this Act.
United States · United States Congress · 1 August 1975
Neighborhood Preservation and Rehabilitation Amendments - Declares it to be the finding of Congress that neighborhoods in United States cities have deteriorated due to lack of public facilities and a lack of capital resources to rehabilitate and maintain such neighborhoods States that private financing is increasingly unavailable in such neighborhoods and declares it to be the purpose of this Act to establish a neighborhood preservation and rehabilitation program. Authorizes to be appropriated specified amounts for fiscal years 1976, 1977, and 1978, for grants under the Housing and Community Development Act of 1974. States that such grants shall be for units of general local government to assist them in carrying out programs to improve basic community facilities and services in designated neighborhood preservation areas. States that an area proposed by a unit of general local government as a neighborhood preservation area must be found by the Secretary of Housing and Urban Development to have a reasonable prospect of being restored or maintained. Requires, as a second condition for receiving a grant under this Act, that an application by a unit of general local government include a three-year rehabilitation plan, and that the Secretary find this plan to be workable. Declares that, in fiscal year 1976, grants will be made to between ten and 20 cities, including at least two with populations of less than 100,000, and in fiscal years 1977 and 1978, grants will be made to between five and ten cities, of which at least one each year must be a city with a population of less than 100,000. Directs the Secretary to prepare guidelines and regulations setting forth the details of the program's administration. Authorizes the Secretary, under the Housing and Urban Development Act of 1970, to make mortgage insurance available to facilitate the refinancing of mortgages covering housing located in neighborhood preservation areas.
United States · United States Congress · 1 August 1975
Veterans' Housing Expansion Act - Increases the availability of guaranteed home loan financing for veterans. Authorizes the Administrator of Veterans' Affairs, when issuing a commitment to guarantee a proposed home mortgage loan for veterans, to issue also a non-assignable commitment to purchase the completed loan. Sets forth terms and conditions for such purchase. Increases the income of the national service life insurance fund. Establishes within the Treasury of the United States a revolving fund known as the national service life insurance investment fund. Authorizes the Administration to transfer from the insurance fund to the investment fund amounts necessary to purchase loans as the consequence of commitments issued or to be issued pursuant to this Act. Directs the Administrator to guarantee the investment fund against loss of interest or principal in the event of a deficiency in the investment fund reserves for expenses and losses. Authorizes the Administrator to sell any loan purchased under the authority of this Act. Requires the Administrator to invest the funds of the investment fund in loans which will represent a broad spectrum of the veteran homebuying population in respect to age, income, and location of the properties which constitute the loan securities. Authorizes the Administrator to adopt standards, policies, and procedures and to promulgate regulations appropriate to carrying out his functions under this Act.
United States · United States Congress · 30 July 1975
Home Buyer and Home Owner Protection Act - States that the purpose of this Act is to strengthen the administration by the Department of Housing and Urban Development of low- and moderate-income housing programs and to eliminate abuses in such programs. Authorizes the Secretary of Housing and Urban Development to take steps to correct defects in property which is improved with a mortgage insured by the provisions of the National Housing Act. States that the Secretary may provide neighborhood counseling services in connection with the insurance of mortgages. Directs the Secretary to prescribe regulations for "fair-dealing requirements" which must be observed by persons selling real property. Establishes in the Department of Housing and Urban Development an Office of Consumer Affairs which shall be an advocate on behalf of the interests of housing consumers in proceedings within the Department. Directs the Secretary to make such expenditures as may be necessary to protect the interests of the United States in properties subject to mortgages insured under this Act and with respect to which foreclosure proceedings have been commenced. Requires the Secretary to inspect the property involved before final mortgage payment is made.
United States · United States Congress · 30 July 1975
United States · United States Congress · 28 July 1975
Extends the coverage of the automobile assistance program and the specially adapted housing program to those disabled veterans whose disability is the result of an injury incurred or disease contracted or aggravated as the result of hospitalization, medical or surgical treatment, or the pursuit of a course of vocational rehabilitation. (Amends 38 U.S.C. 801;1901)
United States · United States Congress · 28 July 1975
Provides that future social security benefit increases shall be disregarded in determining eligiblity for admission to or occupancy of low- rent public housing, the rent which an individual or family must pay for such housing or eligibility for mortgage insurance, assistance payments, or rent supplement payments, notwithstanding any other provision of law.
United States · United States Congress · 28 July 1975
Prohibits discrimination based on sex or marital status with respect to the sale or rental of housing under the Civil Rights Act and the National Housing Act.
United States · United States Congress · 25 July 1975
Revises the Housing and Community Development Act: (1) to provide that 70 percent of the amount appropriated for grants to help finance Community Development Programs be allocated to metropolitan areas; (2) to provide that 30 percent of the amount appropriated for such grants be allocated to units of local government and areas of States outside of metropolitan areas; (3) to set aside a portion of such grants for use by Indian tribes; and (4) to increase from $8,400,000,000 to $8,825,000,000 the amount of obligations which the Secretary of Housing and Urban Development is authorized to incur in the form of grant agreements.
United States · United States Congress · 25 July 1975
Revises the Consolidated Farm and Rural Development Act and the Housing Act of 1949 by redefining "rural area" to permit towns of 25,000 or less inhabitants to be considered rural areas for purposes of such Acts. Makes Guam eligible for assistance under the Consolidated Farm and Rural Development Act.
United States · United States Congress · 25 July 1975
Provides, under title XVI (Supplemental Security Income Benefits) of the Social Security Act, for the payment of supplementary housing allowances in an amount up to $600 to recipients of supplemental security income benefits whose annual housing expenses exceed one-third of his or her annual income.
United States · United States Congress · 23 July 1975
Redefines, for purposes of the Consolidated Farm and Rural Development Act and the Housing Act of 1949, the term "rural area" to permit towns of 30,000 or less inhabitants to be considered rural areas.
United States · United States Congress · 23 July 1975
Provides for the payment of a special housing allowance under the supplementary security income program of the Social Security Act to each recipient of supplemental security income benefits whose housing expenses exceed an amount equal to 25 per cent of his or her income, so as to reduce such expenses to that amount.
United States · United States Congress · 22 July 1975
Veterans' Housing Expansion Act - Increases the availability of guaranteed home loan financing for veterans. Authorizes the Administrator of Veterans' Affairs, when issuing a commitment to guarantee a proposed home mortgage loan for veterans, to issue also a non-assignable commitment to purchase the completed loan. Sets forth terms and conditions for such purchase. Increases the income of the national service life insurance fund. Establishes within the Treasury of the United States a revolving fund known as the national service life insurance investment fund. Authorizes the Administration to transfer from the insurance fund to the investment fund amounts necessary to purchase loans as the consequence of commitments issued or to be issued pursuant to this Act. Directs the Administrator to guarantee the investment fund against loss of interest or principal in the event of a deficiency in the investment fund reserves for expenses and losses. Authorizes the Administrator to sell any loan purchased under the authority of this Act. Requires the Administrator to invest the funds of the investment fund in loans which will represent a broad spectrum of the veteran homebuying population in respect to age, income, and location of the properties which constitute the loan securities. Authorizes the Administrator to adopt standards, policies, and procedures and to promulgate regulations appropriate to carrying out his functions under this Act.
United States · United States Congress · 22 July 1975
Revises the Consolidated Farm and Rural Development Act and the Housing Act of 1949 by redefining "rural area" to permit towns of twenty-five thousand or less inhabitants to be considered rural areas for purposes of this Act.
United States · United States Congress · 22 July 1975
Extends until January 1, 1975, the time period during which a mortgage had to be insured in order to receive funds for correcting defects in the house under the National Housing Act.
United States · United States Congress · 18 July 1975
Authorizes cost-of-living increases in supplemental security income benefits under Title XVI (Grants to States for Aid to the Aged, Blind, and Disabled) of the Social Security Act whenever an equivalent cost-of-living adjustment is made under Title II (Old Age, Survivors', and Disability Insurance) of such Act. Authorizes the Secretary of Health, Education, and Welfare to grant financial assistance to individuals eligible for Social Security whose expenses exceed one-third of his or her annual income. Limits such assistance to the lesser of: (1) the amount by which such individual's housing expenses exceed one-third of his or her income or; (2) $600. Permits individuals receiving supplemental security benefits to elect to retain food stamp eligibility in lieu of receiving the bonus value of food stamps in the form of a supplementary payment increase. Directs the Secretary to provide financial assistance to Social Security recipients whose benefit checks or the cash proceeds thereof are lost or stolen, where the loss or theft has been promptly reported to and verified by appropriate local law enforcement officials. Requires the Secretary to supplement to the correct amount any check which is determined to be in an amount less than that to which the individual was entitled. Permits financial grant assistance to individuals receiving benefits who are faced with extreme financial need due to specified circumstances, including the destruction or loss by theft or natural disaster of furniture and clothing and to prevent eviction due to non-payment of rent when such nonpayment is due to poor financial management or extraordinary expenses. Limits such assistance grants to no more than $500 per occurrence.
United States · United States Congress · 17 July 1975
Federal Disaster Insurance Act - Establishes a Federal Disaster Insurance Corporation in the executive branch of the Government. Defines terms used in this Act. Authorizes $1,000,000,000 for capital stock of the Corporation. Creates a National Disaster Insurance Fund in the Treasury of the United States, to make insurance payments as may be required from time to time. States that the function of the Corporation is to provide insurance against damage or loss of property due to natural disaster. Provides that such insurance shall cover 90 percent of the total amount of damage to or loss of property to which the policy relates. Requires the payment of premiums in order to maintain insurance by the Corporation. States that claims for losses covered by insurance provided by the Corporation shall be adjusted and paid under rules provided by the Board of Directors. Sets forth the powers and duties of the Board. Enumerates the powers of the Corporation. Authorizes the Corporation to consult with all other Federal departments, agencies, and instrumentalities having disaster relief functions.
United States · United States Congress · 17 July 1975
Provides an exemption from income taxation under the Internal Revenue Code for non-profit condominium housing associations and homeowners' associations to the extent that the income does not inure to the benefit of any particular member and is not derived from business purposes unrelated to the preservation, maintenance, and management of the common areas and facilities owned by such organization.
United States · United States Congress · 16 July 1975
Provides, under the Internal Revenue Code, an exemption from income taxation for specified income of condominium housing associations, homeowner associations, and cooperatve housing corporations operated for the management, maintenance, landscaping, and repair of common areas and dwellings.
United States · United States Congress · 15 July 1975
Exempts range sheep industry mobile housing and temporary range cattle camps from regulations affecting permanent housing for agricultural workers.
United States · United States Congress · 11 July 1975
Increases the Federal share of financial assistance to community action agencies under the Community Services Act.
United States · United States Congress · 10 July 1975
Building Energy Conservation Standards Act - Declares it to be the purpose of this Act: (1) to assist in the development and implementation as soon as feasible of energy conservation standards for new residential and commercial buildings to achieve the maximum practicable economics in fuels and energy consumption within reasonable cost levels; and (2) to encourage States and local governments to adopt and enforce such standards through their existing building codes and other construction control mechanisms. Directs the Secretary of Housing and Urban Development, within 18 months after enactment of this Act, to develop and promulgate proposed performance standards for new commercial buildings, and to promulgate standards within six months of the publication of the proposed standards. Requires the Secretary to promulgate such proposed standards for new residential buildings within three years of the enactment of this Act. Requires standards to be published within six months of the publication of the proposed standards. Directs the Secretary, assisted by the National Institute of Building Sciences: (1) to monitor the progress of the States in adopting and enforcing such standards; (2) to identify obstacles inhibiting implementation of such standards; (3) to evaluate the effectiveness of existing standards; and (4) to report to Congress on the progress of the States and to recommend additional measures to encourage the application of such standards. Authorizes the Secretary to make grants to the States to assist them in implementing the standards approved by the Secretary. Authorizes the appropriation of $10,000,000 to make such grants. Directs the Secretary to consult with builders, public officials, and representatives of consumer groups in developing and promulgating performance standards under this Act. Directs the Secretary to conduct such research and demonstration activities as are necessary to assist in the development of performance standards under this Act.
United States · United States Congress · 10 July 1975
Provides that a cooperative housing association shall be taxable in the same manner as a corporation under the Internal Revenue Code, except that income received from the following sources shall be tax-exempt: (1) tenant-shareholder in the case of a cooperative housing association; (2) owners of condominium housing units in the case of a condominium management association; or (3) owners of real property in the case of a residential real estate management association
United States · United States Congress · 10 July 1975
Directs the Secretary of the Interior to establish the Santa Moncia Mountains and Seashore Urban National Park in the State of California. Specifies which lands shall be included within the boundaries of the Park. Requires the Secretary to identify lands which should be acquired to achieve the purposes of this Act. States that with respect to improved properties, the Secretary shall not acquire fee title unless he determines that such property is being used, or is threatened with uses, which are detrimental to the purposes of this Act. Defines "improved property" as property on which a detatched single family dwelling is located or property developed for agricultural uses. Permits owners of improved properties to retain a right of use and occupancy for a definite term of up to 25 years. Requires the Secretary to submit to the Committees on Interior and Insular Affairs and to the Committees on Appropriations of the United States Congress a detailed program identifying the lands selected and the annual acquisition program which he recommends for the ensuing five fiscal years. Authorizes the Secretary to cooperate with local government in establishing zoning laws or ordinances which will assist of achieving the purposes of this Act. Establishes the Santa Monica Mountains and Seashores Urban National Park Advisory Commission, to be composed of 15 members appointed by the Secretary for terms of three years each. Directs the Secretary to meet at least annually with the Commission to consult on general policies and specific matters related to planning, administration, and development affecting the park. Authorizes specific appropriations of up to $500,000 for the development of needed public facilities. Authorizes appropriations of such sums as are necessary to carry out the provisions of this Act.
France · Senate · 30 June 1975
United States · United States Congress · 26 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of 7 1/2 percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase specified mortgages of multifamily residences not purchasable under present law. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at last three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund on the books of the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within 60 days after enactment and at 60-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 26 June 1975
Revises the Consolidated Farm and Rural Development Act and the Housing Act of 1949 by redefining "rural area" to permit towns of twenty-five thousand or less inhabitants to be considered rural areas for purposes of this Act.
United States · United States Congress · 26 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of 7 1/2 percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase specified mortgages of multifamily residences not purchasable under present law. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at last three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund on the books of the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within 60 days after enactment and at 60-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 26 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of seven and one-half percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $12,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase mortgages of multifamily residences not purchasable under present laws. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at least three months; (3) that adverse economic condition have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund in the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within sixty days after enactment and at sixty-day intervals thereafter on the action taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 25 June 1975
Emergency Mortgage Relief Act - Authorizes the Secretary of Housing and Urban Development to make emergency mortgage relief payments to mortgagees on behalf of distressed homeowners. Sets forth as conditions for making such payments: (1) the holder of the mortgage has indicated an intention to foreclose; (2) mortgage payments have been delinquent for at least two months; (3) the mortgagor has incurred a substantial reduction in income as result of involuntary unemployment or underemployment due to adverse economic conditions and is financially unable to make the full payments; (4) there is a reasonable prospect that the mortgager will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) the mortgaged property is the principal residence of the mortgagor. States that mortgage relief payments may be made in amounts up to $250 per month for up to twelve months with an extension of up to an additional twelve months. States that the payments shall be repayable with an annual interest rate not exceeding eight percent. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Authorizes to be appropriated for the purposes of this Act not to exceed $500,000,000. States that mortgage relief payments shall not be made after July 1, 1976. Directs the Secretary to report to Congress within sixty days after enactment and at sixty-day intervals thereafter on the actions taken under this Act.
United States · United States Congress · 25 June 1975
Emergency Mortgage Relief Payments Act - Authorizes the Secretary of Housing and Urban Development to make emergency mortgage relief payments to morgagees on behalf of distressed homeowners. Sets forth as conditions for making such payments: (1) the holder of the mortgage has indicated his intention to foreclose; (2) mortgage payments have been delinquent for at least two months; (3) the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions and is fanancially unable to make the full payments; (4) there is a reasonable prospect that the mortgager will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) the mortgaged property is the principal residence of the mortgagor. States that mortgage relief payments may be made in amounts up to $250 per month for up to twelve months with an extension of up to an additional twelve months. States that the payments shall be repayable with an annual interest rate not exceeding eight percent. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Authorizes to be appropriated for the purposes of this Act not to exceed $500,000,000. States that mortgage relief payments shall not be made after July 1, 1976. Directs the Secretary to report to Congress within sixty days after enactment and at sixty-day intervals thereafter on the action taken under this Act.
United States · United States Congress · 25 June 1975
Prohibits discrimination based on sex or marital status with respect to the sale or rental of housing under the Civil Rights Act and the National Housing Act.
United States · United States Congress · 25 June 1975
Emergency Housing and Mortgage Assistance Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Governmental National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of seven and one-half percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase mortgages of multifamily residence not purchased under present laws. Title II: Emergency Mortgage Relief - Emergency Homeowner's Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes, resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at least three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund in the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgages to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within sixty days of the enactment and at sixty-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 25 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of 7 1/2 percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase specified mortgages of multifamily residences not purchasable under present law. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at last three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund on the books of the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within 60 days after enactment and at 60-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 25 June 1975
Emergency Housing Act - Title I: Emergency Middle-Income Housing - Authorizes the Secretary of Housing and Urban Development to provide financial assistance with regard to home mortgages for middle-income families: (1) by making, and contracting to make, periodic interest reduction payments; and (2) by purchasing, and committing to purchase, below-market-interest-rate mortgages, through the facilities of the Government National Mortgage Association. Provides that the aggregate amount of mortgages assisted under this title shall not exceed amounts approved in appropriation Acts, and in no event shall such amount exceed $7,500,000,000. Provides that in making financial assistance available under this part, the Secretary shall take appropriate steps to encourage the construction or sale of dwelling units which he determines will contribute to the conservation of land and energy resources because of their design or their location in clusters or projects or otherwise. Title II: Emergency Mortgage Relief Payments - 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. Authorizes to be appropriated for purposes of this title up to $250,000,000. Directs the Secretary to report to the Congress concerning specified characteristics of the housing market.
United States · United States Congress · 24 June 1975
Authorizes cost-of-living increases in supplemental security income benefits under Title XVI (Grants to States for Aid to the Aged, Blind, and Disabled) of the Social Security Act whenever an equivalent cost-of-living adjustment is made under Title II (Old Age, Survivors', and Disability Insurance) of such Act. Authorizes the Secretary of Health, Education, and Welfare to grant financial assistance to individuals eligible for Social Security whose expenses exceed one-third of his or her annual income. Limits such assistance to the lesser of: (1) the amount by which such individual's housing expenses exceed one-third of his or her income or; (2) $600. Permits individuals receiving supplemental security benefits to elect to retain food stamp eligibility in lieu of receiving the bonus value of food stamps in the form of a supplementary payment increase. Directs the Secretary to provide financial assistance to Social Security recipients whose benefit checks or the cash proceeds thereof are lost or stolen, where the loss or theft has been promptly reported to and verified by appropriate local law enforcement officials. Requires the Secretary to supplement to the correct amount any check which is determined to be in an amount less than that to which the individual was entitled. Permits financial grant assistance to individuals receiving benefits who are faced with extreme financial need due to specified circumstances, including the destruction or loss by theft or natural disaster of furniture and clothing and to prevent eviction due to non-payment of rent when such nonpayment is due to poor financial management or extraordinary expenses. Limits such assistance grants to no more than $500 per occurrence.
United States · United States Congress · 24 June 1975
Emergency Housing and Mortgage Assistance Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Governmental National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of seven and one-half percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase mortgages of multifamily residence not purchased under present laws. Title II: Emergency Mortgage Relief - Emergency Homeowner's Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes, resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at least three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund in the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgages to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within sixty days of the enactment and at sixty-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 24 June 1975
Provides, under title XVI (Supplemental Security Income Benefits) of the Social Security Act, for the payment of supplementary housing allowances in an amount up to $600 to recipients of supplemental security income benefits whose annual housing expenses exceed one-third of his or her annual income.
United States · United States Congress · 23 June 1975
Abandonment Disaster Demonstration Relief Act - States that it is the purpose of this Act to establish a Neighborhood Protection Corporation which will have the authority, on a demonstration basis, to enter and take possession of abandoned residential properties in order to prevent the continued deterioration and destruction of neighborhoods and communities and to hold and assemble parcels of land for the development and redevelopment of neighborhoods and communities. Establishes a corporation to be known as the Neighborhood Protection Corporation, which shall be an independent agency of the United States. Prohibits the Corporation or any of its functions, powers, or duties, from being transferred to or consolidated with any other department, agency, or establishment of the Federal Government. Requires the demonstration program to be conducted in three metropolitan housing areas. States that in the case of abandoned residential property subject to a mortgage which is insured or guaranteed by an agency of the United States, the Corporation may file in the United States district court wherein the property is located an action for forfeiture of such property to the United States, and an application for an order to seize and take possession of such property as the receiver of the court. Provides that, not later than 30 days after the issuance of an order, the court shall hold a hearing on the merits to determine whether forfeiture should be ordered. Directs the Corporation to acquire, in exchange for obligations issued by it, residential properties to which title is held by the Secretary of Housing and Urban Development or the Administrator of Veterans' Affairs at the fair market value of the property as of the date the title is passed to the Corporation. Allows the Corporation to acquire real or residential properties by condemnation for the purpose of redeveloping a community or neighborhood. Permits the Corporation to construct, erect, remodel, repair, and rehabilitate structures on residential property, or rent, lease, insure, maintain, exchange, convey, sell for cash or credit, or otherwise dispose of real or residential property, improvements or interests therein. States that the Corporation may acquire in exchange for obligations issued by it, real properties, residential properties, mortgages on residential properties, and other obligations and liens secured by residential properties. Directs the Corporation to provide directly or by contract counseling on household management, property management, budgeting, and related counseling services which would assist low-and moderate-income families who purchase homes from the Corporation. Provides that the Corporation, when it sells property improved by dwellings for occupancy by fewer than five families to a purchaser, may originate and service the mortgage covering such property. Requires the Board of Directors of the Corporation to determine the minimum amount of capital stock in the Corporation and to increase such capital stock from time to time in such amount as may be necessary, but not to exceed in the aggregate $35,000,000. Directs that, in its fourth annual report, the Corporation shall include its recommendations with respect to whether the demonstration authorized under this Act should be continued, expanded, or terminated.
United States · United States Congress · 23 June 1975
Emergency Housing and Mortgage Assistance Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Governmental National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of seven and one-half percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase mortgages of multifamily residence not purchased under present laws. Title II: Emergency Mortgage Relief - Emergency Homeowner's Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes, resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at least three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund in the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgages to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within sixty days of the enactment and at sixty-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 23 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of 7 1/2 percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase specified mortgages of multifamily residences not purchasable under present law. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at last three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund on the books of the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within 60 days after enactment and at 60-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 23 June 1975
Emergency Housing and Mortgage Assistance Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Governmental National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of seven and one-half percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase mortgages of multifamily residence not purchased under present laws. Title II: Emergency Mortgage Relief - Emergency Homeowner's Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes, resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at least three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund in the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgages to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within sixty days of the enactment and at sixty-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 23 June 1975
Waves specified points of order against the bill (H.R. 8070) making appropriations for the Department of Housing and Urban Development, and for sundry independent executive agencies, boards, bureaus, commissions, corporations, and offices for fiscal year 1976, and the period ending September 30, 1976.
United States · United States Congress · 20 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of 7 1/2 percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase specified mortgages of multifamily residences not purchasable under present law. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at last three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund on the books of the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within 60 days after enactment and at 60-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 20 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of 7 1/2 percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase specified mortgages of multifamily residences not purchasable under present law. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at last three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund on the books of the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within 60 days after enactment and at 60-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 20 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of 7 1/2 percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase specified mortgages of multifamily residences not purchasable under present law. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at last three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund on the books of the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within 60 days after enactment and at 60-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.