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146 records in 1974
United States · United States Congress · 24 April 1974
Provides that the prohibitions against discrimination in the sale or rental of housing shall apply to all dwellings after December 31, 1975.
United States · United States Congress · 23 April 1974
Housing Act for Older Americans and the Handicapped - States the finding of the Congress that among the low-income people of the Nation, millions of our elderly and many handicapped persons, unable to perform to the extent of providing their essential needs for a suitable living environment, are unnecessarily suffering in need for assistance. Makes it the purpose of this Act to give appropriate and positive support to the elderly and the handicapped, by making available a Federal housing assistance program. States that it is the intent of Congress that a community's planning, development, and management activities, directly or indirectly supported by Federal programs, will permit and encourage participation by elderly and handicapped persons so that the needs and potential contributions of these special groups can be readily acknowledged. Provides, under the provisions of the United States Housing Act of 1937, that for the purpose of providing more adequate assistance to low income elderly and handicapped individuals, each public housing agency under such Act shall, to the maximum extent consistent with the achievement of the objectives of such Act, and supplemental to other provisions of such Act which make specific reference to the elderly and the handicapped, provide housing for such individuals in accordance with this Act. Requires that at least 25 percent of the total amount of contracts for annual contribution contracts entered into in any fiscal year under such Act shall be entered into with respect to units of low-rent housing specially designed for the elderly or the handicapped in accordance with this Act. Requires that multifamily housing projects assisted under such Act for the predominant or exclusive use of elderly or handicapped individuals shall be specifically designed to accomodate the special environmental needs of the intended occupant, and be in appropriate support of, and supported by, applicable plans of a State, the District of Columbia, Puerto Rico and possessions of the United States, or of a subdivision within any State, which respond to Federal program requirements. Requires that public housing agencies under such Act, where practicable, contract for the use of dwelling units in a manner which will promote the efficient provision of needed services to elderly and handicapped individuals, as in a community's comprehensive plan for the aged or the handicapped. Authorizes a public housing agency, notwithstanding any otherwise applicable limit on the number of units which could be contracted for in any structure, to enter into lease contracts with the owners of structures containing dwelling units predominantly or exclusively for occupancy by elderly or handicapped families for the use of all or some of such units in accordance with the provisions of this Act.
United States · United States Congress · 23 April 1974
Development, Volunteer, and Other Community Assistance Programs Act - Title I: Domestic Volunteer Services - Provides for the establishment of the Volunteers in Service to America (VISTA) program of full-time volunteer service. States that the purpose of this Act is to strengthen and supplement efforts to eliminate poverty and poverty-related human, social, and environmental problems in the United States. Authorizes the Director of the program to recruit, select, and train persons to serve in full-time volunteer programs consistent with the provisions, and to carry out the purposes, of this Act. Authorizes the Director to provide a stipend to volunteers, while they are in training and during their assignments, enrolled for periods of service of not less than one year under this Act. States that such stipend shall not exceed $50 per month during the volunteer's service. Provides for the University Year for ACTION (UYA) program of full-time volunteer service by students enrolled in institutions of higher education. States that the purpose of this Act is to strengthen and supplement efforts to eliminate poverty and poverty related human, social, and environmental problems. Authorizes the use of funds for special service-learning programs. Empowers the Director to engage in special volunteer programs or demonstration programs, such as a program to provide alternatives to the incarceration of youthful offenders. Sets up a series of national older American volunteers programs, including: (1) a retired senior volunteer program; (2) a foster grandparent program; and (3) an older American community service program. Details the conditions for the making of grants and contracts for such programs. Provides for national volunteers programs to assist small businesses and promote volunteer service by persons with business experience. Sets up the framework for the organization and administration of such programs. Title II: Community Services - Provides for community action programs and agencies, prescribes the structure, and describes the functions of community action agencies. Authorizes financial assistance to community programs and related projects and activities. Enumerates the authorities which a community action agency must hold to qualify for designation under this Act. Provides for the establishment of boards of not more than 51 members to govern the community action agencies, detailing the powers and functions of such agencies. Requires each agency to encourage the establishment of housing developments and service organizations to focus on the housing needs of low-income families and individuals. Prescribes the general provisions to be followed by the Director in providing financial assistance to community action agencies in carrying out programs under this Act. Provides for the development of special programs relating to: (1) legal services; (2) emergency food and community nutrition; (3) environmental action; and (4) rural housing development and rehabilitation. Calls for the development of neighborhood centers and employment of area residents in carrying out the purposes of this Act. Provides for the allotment of funds among the States and sets limitations on assistance. Empowers the Director to make grants to community-based design and planning organizations to provide technical and architectural service to persons and organizations not otherwise able to afford such assistance. Provides for the creation of a youth recreation and sports program for disadvantaged youth and for consumer action and cooperative programs to low-income persons. Directs the Director to further the extension of benefits to residents of rural areas. Requires the submission of plans to State Governors prior to the granting of assistance under this Act. Sets special financial and regulatory limitations on programs, including that the use of family services shall not be a prerequisite to the receipt of other services under this Act. Establishes a series of special programs to combat poverty in rural areas, including rural loan programs and assistance for migrant and other seasonally employed farmworkers and their families. Provides for assistance in establishing and strengthening small business concerns. Empowers the Administrator of the Small Business Administration to provide aid for technical and managerial assistance for projects. Sets up work experience, training, and day care programs. Provides for the establishment of special programs of assistance to agencies conducting activities which are directed toward the solution of critical problems existing in particular low-income communities. Prescribes the requirements to be met before financial assistance will be granted for such purposes. Provides for support to self-help programs which promote the economic development and independence of low-income persons in rural areas. Requires the Director to provide for the continuing evaluation of programs under this Act. Calls for cooperation among Federal agencies. Requires the publication of evaluation results and the evaluation of programs by other administering agencies. Title III: Administration and Coordination - Establishes in the executive branch the Agency for Development, Volunteer, and Other Community Assistance Programs, headed by a Director. Outlines the powers and duties of the Director and places restrictions on any political activities pursuant to this Act. Creates in the Agency a National Advisory Council on Community Services to advise the Director and review programs under this Act. Creates in the Agency a National Voluntary Service Council to perform policy and advisory duties. Expresses the intent of Congress that the problems of the elderly poor shall be considered in carrying out this Act. Sets limitations: (1) on benefits to those who are voluntarily poor; (2) with respect to specified unlawful activities; and (3) on Federal administrative expenses. Provides for: (1) notice and hearing procedures for suspension and termination of financial assistance; (2) the distribution of benefits between rural and urban areas; and (3) audits and the transfer of personnel of ACTION and the Office of Economic Opportunity. Details the responsibilities of the Director and provides for coordination of the programs under this Act with other appropriate and related projects. Establishes an information center to insure maximum use is made of available programs under this Act. Title IV: Transfer of Programs - Headstart - Follow Through Act - Authorizes the Secretary of Health, Education, and Welfare to provide financial aid to Project Headstart agencies. Authorizes appropriations for such purposes. Enumerates the required powers and functions of Headstart agencies prior to receiving funds under this Act. Requires annual revision of the poverty line which shall be used as a criterion of eligibility for participation in Headstart programs. Requires the Secretary to make a public announcement of research or demonstration contracts. Provides for the continuing evaluation of programs under this title. Defines the terms used in this Act. Authorizes appropriations through fiscal year 1977 to carry out the purposes of this part. Native American Program Extension Act - Provides for financial and technical assistance to promote the economic and social self-sufficiency for American Indians and Alaskan natives. Authorizes appropriations for such programs. Empowers the Secretary to provide aid for pilot and demonstration projects which are designed to test or assist in the development of new methods to overcome special problems or otherwise further the purposes of this title. Authorizes appropriations of such sums as necessary for fiscal years 1975-1977 for such aid. Directs the Secretary to establish: (1) in the Administration on Aging, a Senior Opportunities and Services Program to identify and meet the needs of older, poor persons over sixty; and (2) a Comprehensive Health Services Program to concentrate on health services for the poor. Title V: Authorization of Appropriations - Authorizes appropriations for specified titles and provisions of this Act. Title VI: General Provisions - Defines the terms used in this Act. Repeals the Domestic Volunteer Service Act of 1973 and the Economic Opportunity Act of 1974.
United States · United States Congress · 23 April 1974
Sets forth criteria for the exemption of new communities from the requirements of the Interstate Land Sales Full Disclosure Act.
United States · United States Congress · 11 April 1974
Revises the National Housing Act by authorizing Federal Housing Administration insurance of mortgages covering sales of individual condominium units meeting the requirements for such insurance without regard to whether or not such units are part of a Federal Housing Administration insured project. (Amends 12 U.S.C. 1715y (c))
United States · United States Congress · 10 April 1974
Revises the Federal Deposit Insurance Act by providing that no insured bank, mutual savings, or cooperative bank, or officer, director, agent, or substantial stockholder of any such institution may pay a broker, finder, or other person compensation for obtaining a deposit for such bank. Revises the National Housing Act by providing that no insured institution or officer, director, agent, or substantial stockholder of any such insured institution may pay a broker, finder, or other person compensation for obtaining a deposit for such insured institution. Sets forth penalties for the soliciting of compensation from any insured bank as defined by the Federal Deposit Insurance Act or any insured institution as defined by the National Housing Act in return for obtaining funds of another for deposit or investment in such institutions.
United States · United States Congress · 9 April 1974
Development, Volunteer, and Other Community Assistance Programs Act - Title I: Domestic Volunteer Services - Provides for the establishment of the Volunteers in Service to America (VISTA) program of full-time volunteer service. States that the purpose of this Act is to strengthen and supplement efforts to eliminate poverty and poverty-related human, social, and environmental problems in the United States. Authorizes the Director of the program to recruit, select, and train persons to serve in full-time volunteer programs consistent with the provisions, and to carry out the purposes, of this Act. Authorizes the Director to provide a stipend to volunteers, while they are in training and during their assignments, enrolled for periods of service of not less than one year under this Act. States that such stipend shall not exceed $50 per month during the volunteer's service. Provides for the University Year for ACTION (UYA) program of full-time volunteer service by students enrolled in institutions of higher education. States that the purpose of this Act is to strengthen and supplement efforts to eliminate poverty and poverty related human, social, and environmental problems. Authorizes the use of funds for special service-learning programs. Empowers the Director to engage in special volunteer programs or demonstration programs, such as a program to provide alternatives to the incarceration of youthful offenders. Sets up a series of national older American volunteers programs, including: (1) a retired senior volunteer program; (2) a foster grandparent program; and (3) an older American community service program. Details the conditions for the making of grants and contracts for such programs. Provides for national volunteers programs to assist small businesses and promote volunteer service by persons with business experience. Sets up the framework for the organization and administration of such programs. Title II: Community Services - Provides for community action programs and agencies, prescribes the structure, and describes the functions of community action agencies. Authorizes financial assistance to community programs and related projects and activities. Enumerates the authorities which a community action agency must hold to qualify for designation under this Act. Provides for the establishment of boards of not more than 51 members to govern the community action agencies, detailing the powers and functions of such agencies. Requires each agency to encourage the establishment of housing developments and service organizations to focus on the housing needs of low-income families and individuals. Prescribes the general provisions to be followed by the Director in providing financial assistance to community action agencies in carrying out programs under this Act. Provides for the development of special programs relating to: (1) legal services; (2) emergency food and community nutrition; (3) environmental action; and (4) rural housing development and rehabilitation. Calls for the development of neighborhood centers and employment of area residents in carrying out the purposes of this Act. Provides for the allotment of funds among the States and sets limitations on assistance. Empowers the Director to make grants to community-based design and planning organizations to provide technical and architectural service to persons and organizations not otherwise able to afford such assistance. Provides for the creation of a youth recreation and sports program for disadvantaged youth and for consumer action and cooperative programs to low-income persons. Directs the Director to further the extension of benefits to residents of rural areas. Requires the submission of plans to State Governors prior to the granting of assistance under this Act. Sets special financial and regulatory limitations on programs, including that the use of family services shall not be a prerequisite to the receipt of other services under this Act. Establishes a series of special programs to combat poverty in rural areas, including rural loan programs and assistance for migrant and other seasonally employed farmworkers and their families. Provides for assistance in establishing and strengthening small business concerns. Empowers the Administrator of the Small Business Administration to provide aid for technical and managerial assistance for projects. Sets up work experience, training, and day care programs. Provides for the establishment of special programs of assistance to agencies conducting activities which are directed toward the solution of critical problems existing in particular low-income communities. Prescribes the requirements to be met before financial assistance will be granted for such purposes. Provides for support to self-help programs which promote the economic development and independence of low-income persons in rural areas. Requires the Director to provide for the continuing evaluation of programs under this Act. Calls for cooperation among Federal agencies. Requires the publication of evaluation results and the evaluation of programs by other administering agencies. Title III: Administration and Coordination - Establishes in the executive branch the Agency for Development, Volunteer, and Other Community Assistance Programs, headed by a Director. Outlines the powers and duties of the Director and places restrictions on any political activities pursuant to this Act. Creates in the Agency a National Advisory Council on Community Services to advise the Director and review programs under this Act. Creates in the Agency a National Voluntary Service Council to perform policy and advisory duties. Expresses the intent of Congress that the problems of the elderly poor shall be considered in carrying out this Act. Sets limitations: (1) on benefits to those who are voluntarily poor; (2) with respect to specified unlawful activities; and (3) on Federal administrative expenses. Provides for: (1) notice and hearing procedures for suspension and termination of financial assistance; (2) the distribution of benefits between rural and urban areas; and (3) audits and the transfer of personnel of ACTION and the Office of Economic Opportunity. Details the responsibilities of the Director and provides for coordination of the programs under this Act with other appropriate and related projects. Establishes an information center to insure maximum use is made of available programs under this Act. Title IV: Transfer of Programs - Headstart - Follow Through Act - Authorizes the Secretary of Health, Education, and Welfare to provide financial aid to Project Headstart agencies. Authorizes appropriations for such purposes. Enumerates the required powers and functions of Headstart agencies prior to receiving funds under this Act. Requires annual revision of the poverty line which shall be used as a criterion of eligibility for participation in Headstart programs. Requires the Secretary to make a public announcement of research or demonstration contracts. Provides for the continuing evaluation of programs under this title. Defines the terms used in this Act. Authorizes appropriations through fiscal year 1977 to carry out the purposes of this part. Native American Program Extension Act - Provides for financial and technical assistance to promote the economic and social self-sufficiency for American Indians and Alaskan natives. Authorizes appropriations for such programs. Empowers the Secretary to provide aid for pilot and demonstration projects which are designed to test or assist in the development of new methods to overcome special problems or otherwise further the purposes of this title. Authorizes appropriations of such sums as necessary for fiscal years 1975-1977 for such aid. Directs the Secretary to establish: (1) in the Administration on Aging, a Senior Opportunities and Services Program to identify and meet the needs of older, poor persons over sixty; and (2) a Comprehensive Health Services Program to concentrate on health services for the poor. Title V: Authorization of Appropriations - Authorizes appropriations for specified titles and provisions of this Act. Title VI: General Provisions - Defines the terms used in this Act. Repeals the Domestic Volunteer Service Act of 1973 and the Economic Opportunity Act of 1974.
United States · United States Congress · 9 April 1974
Housing Act for Older Americans and the Handicapped - States the finding of the Congress that among the low-income people of the Nation, millions of our elderly and many handicapped persons, unable to perform to the extent of providing their essential needs for a suitable living environment, are unnecessarily suffering in need for assistance. Makes it the purpose of this Act to give appropriate and positive support to the elderly and the handicapped, by making available a Federal housing assistance program. States that it is the intent of Congress that a community's planning, development, and management activities, directly or indirectly supported by Federal programs, will permit and encourage participation by elderly and handicapped persons so that the needs and potential contributions of these special groups can be readily acknowledged. Provides, under the provisions of the United States Housing Act of 1937, that for the purpose of providing more adequate assistance to low income elderly and handicapped individuals, each public housing agency under such Act shall, to the maximum extent consistent with the achievement of the objectives of such Act, and supplemental to other provisions of such Act which make specific reference to the elderly and the handicapped, provide housing for such individuals in accordance with this Act. Requires that at least 25 percent of the total amount of contracts for annual contribution contracts entered into in any fiscal year under such Act shall be entered into with respect to units of low-rent housing specially designed for the elderly or the handicapped in accordance with this Act. Requires that multifamily housing projects assisted under such Act for the predominant or exclusive use of elderly or handicapped individuals shall be specifically designed to accomodate the special environmental needs of the intended occupant, and be in appropriate support of, and supported by, applicable plans of a State, the District of Columbia, Puerto Rico and possessions of the United States, or of a subdivision within any State, which respond to Federal program requirements. Requires that public housing agencies under such Act, where practicable, contract for the use of dwelling units in a manner which will promote the efficient provision of needed services to elderly and handicapped individuals, as in a community's comprehensive plan for the aged or the handicapped. Authorizes a public housing agency, notwithstanding any otherwise applicable limit on the number of units which could be contracted for in any structure, to enter into lease contracts with the owners of structures containing dwelling units predominantly or exclusively for occupancy by elderly or handicapped families for the use of all or some of such units in accordance with the provisions of this Act.
United States · United States Congress · 9 April 1974
Housing Act for Older Americans and the Handicapped - States the finding of the Congress that among the low-income people of the Nation, millions of our elderly and many handicapped persons, unable to perform to the extent of providing their essential needs for a suitable living environment, are unnecessarily suffering in need for assistance. Makes it the purpose of this Act to give appropriate and positive support to the elderly and the handicapped, by making available a Federal housing assistance program. States that it is the intent of Congress that a community's planning, development, and management activities, directly or indirectly supported by Federal programs, will permit and encourage participation by elderly and handicapped persons so that the needs and potential contributions of these special groups can be readily acknowledged. Provides, under the provisions of the United States Housing Act of 1937, that for the purpose of providing more adequate assistance to low income elderly and handicapped individuals, each public housing agency under such Act shall, to the maximum extent consistent with the achievement of the objectives of such Act, and supplemental to other provisions of such Act which make specific reference to the elderly and the handicapped, provide housing for such individuals in accordance with this Act. Requires that at least 25 percent of the total amount of contracts for annual contribution contracts entered into in any fiscal year under such Act shall be entered into with respect to units of low-rent housing specially designed for the elderly or the handicapped in accordance with this Act. Requires that multifamily housing projects assisted under such Act for the predominant or exclusive use of elderly or handicapped individuals shall be specifically designed to accomodate the special environmental needs of the intended occupant, and be in appropriate support of, and supported by, applicable plans of a State, the District of Columbia, Puerto Rico and possessions of the United States, or of a subdivision within any State, which respond to Federal program requirements. Requires that public housing agencies under such Act, where practicable, contract for the use of dwelling units in a manner which will promote the efficient provision of needed services to elderly and handicapped individuals, as in a community's comprehensive plan for the aged or the handicapped. Authorizes a public housing agency, notwithstanding any otherwise applicable limit on the number of units which could be contracted for in any structure, to enter into lease contracts with the owners of structures containing dwelling units predominantly or exclusively for occupancy by elderly or handicapped families for the use of all or some of such units in accordance with the provisions of this Act.
United States · United States Congress · 8 April 1974
Provides, under the Housing and Urban Development Act, that in order to develop subunits within the structure of local government which will be sensitive to individual and neighborhood needs and will assure that authority is exercised at the most appropriate level of governmental operation, the Secretary of Housing and Urban Development is authorized to make grants to units of general local government to carry out demonstration programs of neighborhood and district governmental subunits. States that each such demonstration program shall provide for full participation of citizens and public officials.
United States · United States Congress · 4 April 1974
United States Housing Act - Declares that it is the policy of the United States to promote the general welfare of the Nation by employing its funds and credit to assist the States to remedy unsafe and unsanitary housing conditions and shortages of decent dwellings for families of low income. States that no person should be barred from serving on the governing body of a local public housing agency because of his tenancy in a low-income housing project. Defines the terms used in this Act. Empowers the Secretary of Housing and Urban Development to make loans to public housing agencies to help finance or refinance the development, acquisition, or operation of low-income housing projects. States that the Secretary may have outstanding at any one time obligations in an amount of up to $1,500,000,000. Authorizes the Secretary to make annual contributions to public housing agencies to assist in achieving and maintaining the low-income character of their projects. Sets forth the aggregate allowable amounts for such contributions for fiscal years 1970 through 1975. Requires that specified amounts be available only for low-income housing for persons who are members of any Indian tribe, band, pueblo, group, or community of Indians or Alaska Natives which is recognized as eligible for service from the Bureau of Indian Affairs or who are the wards of any State government. States that any contract for loans or annual contributions entered into by the Secretary with a public housing agency may cover one or more low-income housing projects. Empowers the Secretary, subject to specific limitations, to consent to the modification, with respect to the rate of interest, time of payment, security, or any other term, of any contract. Provides that the Secretary may include in any contract conditions to insure the low-income character of the project involved, and that no otherwise eligible applicant shall be excluded from any project because of race, religion, nationality, age, sex, marital status, or amount or source of income. Sets forth additional contract provisions and requirements. Directs the Secretary to encourage public housing agencies, in providing housing predominantly for displaced, elderly, or handicapped families, to design, develop, or otherwise acquire such housing to meet the special needs of the occupants and, wherever practicable, for use in whole or in part as congregate housing. States that each public housing agency may provide low-rent housing in private accommodations where such housing can be provided at a cost equal to or less than housing in projects assisted under other provisions of this Act. Empowers the Secretary to make annual contributions to public housing agencies for the operation of low-income housing projects in the amount required: (1) to assure the low-income character of the projects involved, and (2) to achieve and maintain adequate operating services and reserve funds. Sets forth general provisions governing the actions by the Secretary with respect to the functions, powers, and duties vested in him by this Act. Prescribes the labor standards required in any contracts made under this Act. Permits the exemption of specified projects from the rental formula.
United States · United States Congress · 4 April 1974
Housing Opportunities for the Handicapped Act - States that the purpose of this Act is to: (1) promote alternatives to institutional living arrangements for severely handicapped adults; (2) promote a more normal living experience and thereby provide an opportunity for the severely handicapped adult to choose how and where to live in order to reduce dependency, to maximize opportunities for vocational evaluation, training, and placement, integration into the community, and to utilize already obtained rehabilitation and educational experiences; (3) focus attention on housing needs which are not already available; (4) promote facility construction adequate for both handicapped and nonhandicapped at the most feasible cost; (5) demonstrate models of housing and services for severely handicapped adults; and (6) utilize existing supportive service systems. Authorizes the Secretary of Health, Education, and Welfare to make grants to eligible sponsors to carry out a demonstration program to provide, in an efficient and innovative manner, housing and coordination of existing supportive services for severely handicapped adults. Sets forth requirements to be met for approval of grant applications under this Act. Authorizes appropriations of $1,000,000 for fiscal year 1975; $1,500,000 for fiscal year 1976; and $2,000,000 for fiscal year 1977 to carry out the purposes ot this Act.
United States · United States Congress · 3 April 1974
Federal Housing Administration Act - Expresses the purposes of this Act. Establishes, under the National Housing Act, a government corporation, called the Federal Housing Administration (FHA) in the executive branch to carry on mortgage insurance programs. Gives the FHA permanent existence, and provides for its powers to continue without interruption until the corporation is formally dissolved by Congress. Provides that the FHA is to be governed by a 6 member Board of Directors, and a Commissioner who is also Chairman of the Board. Sets forth the responsibilities of the Board of Directors of the FHA, including to exercise general supervision over the functioning of the FHA. Requires the Board to approve actions taken by the Commissioner in setting maximum mortgage amounts, fees and premiums, and mortgage market interest rates. Establishes the Commissioner of the FHA as the administrative and executive head of the Corporation, to be appointed by the President for a six year term. Directs the Commissioner to advise the Board and the President on housing matters under the scope of the Act and to provide information and technical assistance on the subject of housing to State and local governments. Makes the Commissioner responsible for maintaining liaison with Congress for the FHA, and with making a yearly report on the FHA's activities. Provides for Assistant Commissioners and a General Counsel. Transfers to the FHA all of the functions, powers and duties now committed to the Department of Housing and Urban Development under specified sections of Title I and Title II of the National Housing Act. Empowers the Commissioner to insure loans made for the purpose of financing the renovation and repair of existing structures and the building of new structures including the financing of the purchase of a mobile home to be used as a principle residence. Authorizes the Commissioner to set standards for the type of improvements and repairs which can be insured, and minimum standards for mobile homes and the sites on which they are to be located. Enumerates the powers of the Commissioner, including to transfer insurance when the loan is sold by one financial institution to another and to set premium charges for the insurance. Authorizes the Commissioner to insure eligible mortgages and to make commitments for the insuring of such mortgages. Sets forth the criteria which must be met for a mortgage to be eligible for insurance. Directs the Commissioner to determine credit standards to be met by mortgages, interest rates and other terms and conditions of the mortgage to be insured, and the minimum amount of cash which must be paid by the mortgagor as a down payment. Provides that any contract of insurance issued by the Commissioner is to be conclusive evidence of the eligibility of the loan or mortgage for insurance. Provides for the insurance of mortgage loans made to reconstruct single-family homes destroyed by flood, fire, hurricane, earthquake, storm, riot, or other catastrophe, under the Disaster Relief Act of 1970. Empowers the Commissioner to insure mortgages in outlying areas or small communities where he finds that it is not practical to obtain conformity with the requirements for mortgages on housing in built-up urban areas. Provides for the Commissioner to insure mortgages on vacation or seasonal homes subject to specified standards. Provides for the payment of insurance by the Commissioner, and attendant proceedings including foreclosure, conveyance of title, issuance of debentures and certificates of claim in lieu of cash. Authorizes the Commissioner to consent to the release of the mortgagor or the property from the lien of the mortgage. Gives the Commissioner the power to deal with, in all respects, and in his discretion, any property conveyed to him in exchange for debentures and certificates of claim. Provides that the Commissioner is authorized to include in the amount of insurance, amounts reasonably incurred by the mortgage in the course of foreclosure for protecting and operating the property, and conveying the property to the Commissioner. Provides for the maintenance of a General Surplus Account and a Participating Reserve Account within the Mutual Mortgage Insurance Fund. Provides for the allocation of aggregate net income or loss sustained by the Mutual Mortgage Insurance Fund between the General Surplus Account and the Participating Reserve Account by the Commissioner. Provides that, after a mortgagor has paid his mortgage in full, and the insurance has been terminated, the Commissioner is to distribute to such mortgagor his share of the Participating Reserve Account. Authorizes the Commissioner to insure mortgages on rental housing designed to provide housing for families at moderate rentals. Sets forth maximum mortgage amounts and loan to value ratios for projects insured along with the Commissioner's authority to change such amounts with the approval of the Board. Provides for the issuance by the Commissioner of certificates of claim as part of the payment of insurance, together with debentures and cash. Provides for the acquisition of title to property by the Commissioner by means of voluntary conveyance or foreclosure. Gives the Commissioner authority to deal with property acquired by him, and to pursue and settle all claims assigned to him. Sets forth the rights of the parties in the case of default or payment of the mortgage. Provides for reissuance of insurance issued prior to the enactment of the National Housing Act amendments of 1938. Provides for application of the prevailing area wage rate standards of the Davis-Bacon Act to construction upon which there is a mortgage insured under this Act. Provides for insurance of mortgages on cooperative housing projects owned and operated by a nonprofit cooperative ownership housing corporation or trust, a nonprofit corporation or nonprofit trust organized for the purpose of construction of homes for members of the corporation or beneficiaries of the trust, or a mortgagor which will sell the property or project to a nonprofit cooperative housing corporation or trust. Authorizes the Commissioner to process applications and issue commitments for insurance of mortgages even through the permanent mortgaging financing may not be insured under this Act. Gives the Commissioner the authority to isure mortgages where the mortgagor is not the occupant of the property by reason of military service where he intends to occupy the property upon discharge from military service. Requires that the purchaser of property approved for mortgage insurance under this Act be provided by the seller or builder with a written appraisal of the property prior to the sale of the property. Provides that no mortgage covering new or rehabilitated multifamily housing is to be insured unless the mortgagor has provided the Commissioner with a cost certification showing that the approved percentage of actual cost equalled or exceeded the proceeds of the mortgage loan, or that any excess is to be paid forthwith to the mortgagee for application to reduction of the principal obligation of the mortgage. Authorizes the Commissioner to terminate insurance under this Act upon request of the borrower or mortgagor, and the financial institution or mortgagee, and payment of a termination charge. Gives the Commissioner the right to acquire the mortgage, upon payment of insurance benefits to the mortgagee, for the purpose of avoiding foreclosure by the mortgagee. Provides for mortgage insurance for condominiums. Transfers the personnel, assets, contracts, property, unexpended appropriations, used in the programs of the National Housing Act, to the new FHA. Provides for the establishment of mortgage fees, interest rates, and premium charges sufficient to meet the expenditures of the FHA and provide adequate reserve funds. Enumerates additional powers and duties of the Commissioner. Authorizes the FHA to borrow from the Treasury such funds as the Board deems necessary for insurance purposes. Provides for investment of money of the FHA not otherwise employed in obligations of the United States or obligations guaranteed as to principal and interest by the United States. Provides that debentures and other obligations of the FHA shall be exempt from all State and Federal taxation, and the FHA, including its franchise, capital, reserves, surplus, and income shall be exempt from all State and Federal taxation, except that the FHA's real property may be taxed as other real property is taxed. Authorizes other Federal instrumentalities currently authorized to purchase mortgages insured under the National Housing Act to purchase mortgages insured by the FHA. Provides for non-abatement of actions by or against agencies whose functions are being transferred by this Act. Provides for the auditing of the affairs of the FHA annually by the General Accounting Office, and the rendering of a report of the results of that audit. Provides for severance of any part of the Act which might at a future time be declared unconstitutional, and for the continued validity of the remainder of the Act. Repeals specified portions of the National Housing Act.
United States · United States Congress · 3 April 1974
Allows a tax deduction under the Internal Revenue Code of not more than $750 for ordinary and necessary expenses paid during the taxable year for the repair or improvement of property used by the taxpayer as his principal residence. Permits any person who is the owner of rental housing and who rehabilitates or restores such housing to deduct the cost of such restoration, with respect to the amortization of the adjusted basis of such housing as so restored, based on a period of 60 months. Entitles any person who acquires rehabilitated or restored rental housing from a taxpayer who elected the amortization deduction and who did not discontinue the amortization deduction, to a deduction with respect to the adjusted basis of such facility based on the remaining amount of the 60-month period. Provides procedures for the election and termination of the amortization deduction and defines the terms used in this Act. (Amends 26 U.S.C. 62,217; 218; Adds 28 U.S.C. 180)
United States · United States Congress · 27 March 1974
Provides an exclusion from income taxation under the Internal Revenue Code for cooperative housing corporations, condominium housing associations, and qualified homeowners' associations.
United States · United States Congress · 20 March 1974
Homeowners' Loan Act - Establishes the Homeowners' Loan Corporation. Requires the Board of Directors of the Corporation to determine the minimum amount of capital stock of the Corporation and to increase such capital stock from time to time in such amounts as may be necessary. Authorizes the Corporation to issue bonds in an aggregate amount not to exceed $10,000,000,000 which may be sold by the Corporation to obtain funds for carrying out the purposes of this Act. Authorizes the Corporation for a period of three years after the date of enactment of this Act, but only during any calendar quarter in which the Federal Home Loan Bank Board determines that the foreclosure rate exceeds one-half of 1 percent, to acquire home mortgages and other obligations and liens secured by real estate. States that each home mortgage or other obligation or lien so acquired shall be carried as a first lien or refinanced as a home mortgage by the Corporation on the basis of the price paid therefore by the Corporation, and shall be amortized by means of monthly payments sufficient to retire the interest and principal within a period of not to exceed thirty years. Directs the Board to issue such rules and regulations as may be necessary, including rules and regulations providng for the appraisal of the property on which loans are made under this section so as to accomplish the purposes of this Act. States that whoever makes any statement, knowing it to be false, or whoever willfully overvalues any security, for the purpose of influencing in any way the action of the Homeowners' Loan Corporation of the Board upon any application, advance, discount, purchase, or repurchase agreement, or loan under this Act, or any extension thereof, shall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both.
United States · United States Congress · 20 March 1974
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 orderly development and redevelopment of neighborhoods and communities. Establishes a corporation to be known as the Neighborhood 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 thirty 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, and or rent, lease, insure, maintain, exchange, convey, sell for cash or credit, or otherwise dispose of real or residential property, improvement or interest 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 authorizes the Board 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 · 20 March 1974
Federal Housing Act - Declares the finding of the Congress that the general welfare of the American people requires, as a matter of national purpose, the sound development of housing, together with adequate financing thereof. Creates, under the provision of the National Housing Act, a body corporate in the executive branch of the Government to be known as the Federal Housing Administration which shall carry on and continue the functions, powers, and duties of the Department of Housing and Urban Development under this Act. Provides that nothing contained herein shall be deemed to prohibit the FHA from servicing other housing programs under this Act, provided such servicing is based on sound credit and actuarial standards. Provides that the FHA shall have succession until dissolved by Act of Congress. Provides that all of the FHA's powers under this Act, including the authority to insure mortgages, and fix maximum amounts, interest rates, and loan-to-value ratios for such mortgages, shall continue in full force and effect and may continue to be exercised until the FHA is dissolved by Act of Congress. Provides that FHA shall maintain its principal office in the District of Columbia, and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Authorizes agencies or offices to be established by the FHA in such other place or places as it may deem necessary or appropriate in the conduct of its business. Provides that the management of the FHA shall be vested in a Board of Directors (hereinafter referred to as the 'Board'), and a Commissioner who shall also be a member of the Board. Provides that the Board shall consist of 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. Provides that the Board of Directors shall be vested with the responsibility to exercise general direction and supervision over the performance of all functions, powers, and duties vested in the FHA when relating in the judgment of the Board to matters of a broad and general supervisory, advisory, or policy nature, including the approval of regulations promulgated by the Commissioner, the setting of maximum mortgage amounts, fees, and premimums, the setting of competitive mortgage market interest rates, and the declaration of high cost areas for increased mortgage insurance. Provides that all administrative powers, functions, and duties of the FHA shall be exercised and performed by the Commissioner. Provides for the administration of the FHA. Provides that the Commissioner shall, among his responsibilities, advise the Board and the President with respect to Federal programs and activities relating to matters concerning development of housing under the authority of this Act, and provide technical assistance and information, including a clearinghouse service, to States, counties, towns, villages, and other local governments, in developing housing. Provides that the Commissioner shall also be responsible for maintenance of such liaison with Congress as may be necessary for proper administration of the FHA. Requires the Commissioner, as soon as practicable after the end of each calendar year, to make a report to the President for submission to the Congress on the activities of the FHA during the preceding calendar year. Transfers to and vests in the FHA all of the functions, powers, and duties of the Department of Housing and Urban Development under specified provisions of the National Housing Act. Authorizes the Commissioner, upon such terms and conditions as he may prescribe, to insure banks, trust companies, personal finance companies, mortgage companies, building and loan associations, installment lending companies, and other such financial institutions, which the Commissioner finds to be qualified by experience or facilities and approves as eligible for credit insurance, against losses which they may sustain as a result of loans and advances of credit, and purchases of obligations representing loans and advances of credit, made by them on and after July 1, 1939. Authorizes the Commissioner, directed by such regulations or procedures as he shall deem advisable, to prevent the use of any financial assistance under this Act with respect to new residential structures other than mobile homes that have not been completed and occupied for at least six months, or which would, through multiple loans, result in an outstanding aggregate loan balance with respect to the same structure exceeding the dollar amount limitation prescribed in this Act for the type of loan involved. Grants the authority whereby this subparagraph may in the discretion of the Commissioner be waived with respect to the period of occupancy or completion of any such new residential structures. Authorizes and directs the Commissioner, with respect to mobile homes to be financed under this Act, to: (1) prescribe minimum property standards to assure the livability and durability of the mobile home and the suitability of the site on which the mobile home is to be located; and (2) obtain assurances from the borrower that the mobile home will be placed on a site which complies with the standards prescribed by the Commissioner and with local zoning. Sets forth the limitation amounts on loans and mortgages insured by the FHA. Sets forth eligibility requirements for insurance coverage by the FHA. Requires the financial transactions of the FHA to be audited by the General Accounting Office. Requires an annual report of such audit to the Congress.
United States · United States Congress · 20 March 1974
Extends, from January 1, 1975, to January 1, 1980, the cutoff date for qualification of low-income housing rehabilitation expenditures for the five-year depreciation privilege provided under the Internal Revenue Code.
United States · United States Congress · 19 March 1974
National Homestead Act - Directs the Secretary of Housing and Urban Development to compile a catalog of all unoccupied single-family dwellings in urban and other areas within the United States which are owned by him or his Department, and which would be suitable for occupancy and rehabilitation by qualified low and moderate-income families. Requires the Secretary to take such steps as may be necessary to assure that the residents of each community or area in which any such dwelling is located will be fully and currently informed of the existence, nature, and location of such dwellings. States that an applicant is qualified, for the purposes of participation in the program under this Act with respect to any dwelling, only if he or she: (1) is eighteen years of age or older; (2) is the head of his or her household; (3) is a citizen of the United States; (4) has not previously participated in the program; (5) is not the owner of any other real property; and (6) possesses the financial, technical, and other resources which are necessary to rehabilitate such dwelling. Requires each applicant to enter into an agreement that, among other things, he or she will reside in the dwelling for a period of at least five years and will during such period rehabilitate and maintain the dwelling so that it satisfies all of the requirements of applicable State and local law. States that the conveyance of any dwelling to an applicant under this Act shall be made on a conditional basis, in return for the payment by such applicant of the aforementioned agreement. Provides that upon any material failure by the applicant to carry out his or her agreement entered into under this Act the conditional conveyance of title to such applicant shall be revoked. States that after the applicant has resided in the dwelling for the required five-year period and has rehabilitated and maintained it and otherwise complied with the terms of his or her agreement throughout such period, he shall be granted a fee simple title to such property.
United States · United States Congress · 14 March 1974
Allows an income tax deduction under the Internal Revenue Code for expenditures made for more effective insulation and heating equipment in residential structures. Sets forth standards for qualified insulative materials and qualified heating materials under this Act.
United States · United States Congress · 13 March 1974
Real Estate Settlement Procedures Act - Expresses the findings of Congress and declares that the purpose of this Act is to effect specified changes in the settlement process for residential real estate. Defines the terms used in this Act. Directs the Secretary of Housing and Urban Development, in consultation with the Administrator of Veterans' Affairs, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board, to develop and prescribe a standard form for the statement of settlement costs which shall be used as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans. Requires such form to conspicuously and clearly itemize the charges imposed upon both the borrower and the seller in connection with the settlement. Directs the Secretary to prepare and distribute special booklets to help persons borrowing money to finance the purchase of residential real estate to better understand the nature and costs of real estate settlement services. Requires lenders to provide the booklet to each person from whom it receives an application to borrow money to finance the purchase of residential real estate. Requires lenders agreeing to make a federally related mortgage loan to provide to the prospective borrower, and to any officer or agency of the Federal Government proposing to insure, guarantee, supplement, or assist such loan, at least ten days prior to settlement, an itemized disclosure in writing of each charge arising in connection with such settlement. Prohibits any person from giving and accepting any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, involving a federally related mortgage loan. Prescribes limits on the amounts a lender, in connection with a federally related mortgage loan, shall require the borrower or prospective borrower to deposit in any escrow account which may be established in connection with such loan for the purpose of assuring payment of taxes and insurance premiums with respect to the property. Directs the Secretary to establish and place in operation on a demonstration basis in various areas of the United States, a model system or systems for the recordation of land parcels in a manner and form calculated to facilitate and simplify land transfers and mortgage transactions and reduce the cost thereof. Directs the Secretary to report to the Congress on the necessity for further Congressional action in connection with real estate settlement practices. States that no fee or charge shall be imposed by a lender in connection with a federally related mortgage loan for or on account of the preparation and submission by such lender of statements required by this Act.
United States · United States Congress · 12 March 1974
Federal Housing Act - Declares the finding of the Congress that the general welfare of the American people requires, as a matter of national purpose, the sound development of housing, together with adequate financing thereof. Creates, under the provision of the National Housing Act, a body corporate in the executive branch of the Government to be known as the Federal Housing Administration which shall carry on and continue the functions, powers, and duties of the Department of Housing and Urban Development under this Act. Provides that nothing contained herein shall be deemed to prohibit the FHA from servicing other housing programs under this Act, provided such servicing is based on sound credit and actuarial standards. Provides that the FHA shall have succession until dissolved by Act of Congress. Provides that all of the FHA's powers under this Act, including the authority to insure mortgages, and fix maximum amounts, interest rates, and loan-to-value ratios for such mortgages, shall continue in full force and effect and may continue to be exercised until the FHA is dissolved by Act of Congress. Provides that FHA shall maintain its principal office in the District of Columbia, and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Authorizes agencies or offices to be established by the FHA in such other place or places as it may deem necessary or appropriate in the conduct of its business. Provides that the management of the FHA shall be vested in a Board of Directors (hereinafter referred to as the 'Board'), and a Commissioner who shall also be a member of the Board. Provides that the Board shall consist of 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. Provides that the Board of Directors shall be vested with the responsibility to exercise general direction and supervision over the performance of all functions, powers, and duties vested in the FHA when relating in the judgment of the Board to matters of a broad and general supervisory, advisory, or policy nature, including the approval of regulations promulgated by the Commissioner, the setting of maximum mortgage amounts, fees, and premimums, the setting of competitive mortgage market interest rates, and the declaration of high cost areas for increased mortgage insurance. Provides that all administrative powers, functions, and duties of the FHA shall be exercised and performed by the Commissioner. Provides for the administration of the FHA. Provides that the Commissioner shall, among his responsibilities, advise the Board and the President with respect to Federal programs and activities relating to matters concerning development of housing under the authority of this Act, and provide technical assistance and information, including a clearinghouse service, to States, counties, towns, villages, and other local governments, in developing housing. Provides that the Commissioner shall also be responsible for maintenance of such liaison with Congress as may be necessary for proper administration of the FHA. Requires the Commissioner, as soon as practicable after the end of each calendar year, to make a report to the President for submission to the Congress on the activities of the FHA during the preceding calendar year. Transfers to and vests in the FHA all of the functions, powers, and duties of the Department of Housing and Urban Development under specified provisions of the National Housing Act. Authorizes the Commissioner, upon such terms and conditions as he may prescribe, to insure banks, trust companies, personal finance companies, mortgage companies, building and loan associations, installment lending companies, and other such financial institutions, which the Commissioner finds to be qualified by experience or facilities and approves as eligible for credit insurance, against losses which they may sustain as a result of loans and advances of credit, and purchases of obligations representing loans and advances of credit, made by them on and after July 1, 1939. Authorizes the Commissioner, directed by such regulations or procedures as he shall deem advisable, to prevent the use of any financial assistance under this Act with respect to new residential structures other than mobile homes that have not been completed and occupied for at least six months, or which would, through multiple loans, result in an outstanding aggregate loan balance with respect to the same structure exceeding the dollar amount limitation prescribed in this Act for the type of loan involved. Grants the authority whereby this subparagraph may in the discretion of the Commissioner be waived with respect to the period of occupancy or completion of any such new residential structures. Authorizes and directs the Commissioner, with respect to mobile homes to be financed under this Act, to: (1) prescribe minimum property standards to assure the livability and durability of the mobile home and the suitability of the site on which the mobile home is to be located; and (2) obtain assurances from the borrower that the mobile home will be placed on a site which complies with the standards prescribed by the Commissioner and with local zoning. Sets forth the limitation amounts on loans and mortgages insured by the FHA. Sets forth eligibility requirements for insurance coverage by the FHA. Requires the financial transactions of the FHA to be audited by the General Accounting Office. Requires an annual report of such audit to the Congress.
United States · United States Congress · 6 March 1974
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 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 thirty 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 · 6 March 1974
Establishes a trust fund in the Treasury of the United States to be known as the National Elderly and Handicapped Housing Loan Fund. Authorizes the Secretary of Housing and Urban Development to use such Fund to make loans under this Act. Directs the Secretary, to the maximum extent practicable, to use the services and facilities of the private mortgage industry in servicing mortgage loans under this Act.
United States · United States Congress · 6 March 1974
Allows, under the Internal Revenue Code, the rapid depreciation of expenditures to rehabilitate low-income rental housing incurred after December 31, 1974.
United States · United States Congress · 6 March 1974
Provides a 20 percent tax credit, under the Internal Revenue Code, to individuals for home improvements, home repairs, furnishings, and appliances. States that the total amount allowable as a tax credit under this Act for any taxable year for any taxpayer or married couple shall not exceed $200. Provides that the amendments made under this Act shall apply to taxable years beginning after December 31, 1973.
United States · United States Congress · 28 February 1974
National Homestead Act - Directs the Secretary of Housing and Urban Development to transfer any real property to local public housing agencies without charge: (1) which is improved by a single-family dwelling; (2) which the Secretary holds title; (3) which is not occupied and (4) which is suitable for use and requested by the Agency for use in a local homestead program. Provides for the establishment of homestead programs to be carried out by such agencies. Directs the Secretary to approve any such program which provides for: (1) the conveyance of residential property by the local public housing agency to qualified applicants on a conditional basis, in return for the payment by the applicant of a nominal fee, not to exceed $100; and (2) an agreement whereby the applicant agrees to occupy such property as a principal residence for a period of not less than three years and to rehabilitate the property as may be necessary to meet the requirements of applicable State and local law. Sets forth the qualifications for applicants in such programs. Requires local public housing agencies to give preference to qualified low-and moderate-income applicants. States that after the applicant has occupied such property for the required three-year period and has rehabilitated and maintained it and otherwise complied with the terms of his or her agreement, the Secretary shall convey to the applicant fee simple title to the property. Authorizes the Secretary to issue such rules and regulations as may be necessary to carry out his functions under this Act. Directs the Secretary to conduct a continuing evaluation of programs carried out pursuant to this Act and, commencing with the third fiscal year beginning after the date of enactment of this Act, to transmit to the Congress an annual report containing a summary of his evaluation of such programs and his recommendations for the future conduct of such programs. Authorizes to be appropriated such sums as may be necessary to carry out this Act.
United States · United States Congress · 27 February 1974
Housing and Community Development Act - Chapter I: Housing Loan Insurance and Mortgage Credit Assistance Title I: General Authority - Revised National Housing Act - Provides for the consolidation and revision of laws relating to housing loan insurance and mortgage credit assistance. Sets forth the definitions of terms used in this Act. Provides that to be eligible for insurance under this Act: (1) a mortgate or loan shall be made and held by a mortgagee or lender approved by the Secretary of Housing and Urban Development; and (2) the mortgage transaction shall be determined by the Secretary to be an insurable risk, with specified exceptions. Empowers the Secretary with general insurance authority to adjust mortgage and interest rate ceilings. Authorizes the Secretary to provide compensation for structural defects in mortgaged homes. Requires specified water and sewer facilities to use technically suitable structural materials prior to mortgage insurance or guarantee approval under this Act. Allocates sums appropriated for home ownership assistance payments and multifamily rental assistance payments, including 75 percent to metropolitan areas. Provides for the development of experimental and demonstration programs. Authorizes the Secretary to furnish counseling to families assisted under this and the National Housing Acts. Title II: Insurance Funds, Premiums and Charges - Provides that the General Insurance Fund, created by the National Housing Act, shall be used as a revolving fund for carrying out the Secretary's duties under that Act and specified obligations under this Act. Enumerates the circumstances under which the Special Risk Insurance Fund and the Cooperative Management Housing Insurance Fund shall be used by the Secretary. Authorizes the Secretary to fix insurance premiums for the insurance of mortgages and loans under this Act. Provides that where the mortgagor is a serviceman specified rules apply as to the mortgage insurance premiums. Empowers the Secretary to charge and collect from the mortgagee or lender reasonable amounts for the processing of applications, property appraisal and other services. Title III: Insurance for Property Improvement, Historic Structure Preservation, and Mobile Home Loans and for Rehabilitation Loan Funds - Authorizes the Secretary to insure financial institutions against losses from making, advancing credit, or purchasing property improvement loans, historic structure preservation loans, and mobile home loans, and mobile home lot loans. Provides that the property improvement loan shall be for financing alterations, repairs, and improvements to existing structures, and the building of new structures, including the restoration of improvements which have been damaged by a natural catastrophe. Specifies the qualifying criteria for mobile home loans and historic structure preservation loans and the terms for such loans. Provides that the Secretary may declare ineligible for financing any item, alteration, improvement, or class thereof, which he determines would not substantially protect or improve the basic livability of properties to be improved by the financing. Limits the insurance granted by the Secretary to any financial institution under this Act to either: (1) 10 percent of the total amount of the loans, advances of credit, and purchases; or (2) 90 percent of the amount of loss on any individual loan, advance of credit, or purchase. Title IV: Home Mortgage Credit Assistance - Authorizes the Secretary to insure a home mortgage (including open-end advances) meeting the requirements of this title. Provides that where the mortgage involves a one-family unit in a condominium, the Secretary shall establish requirements for the protection of the consumer. Provides for maximum mortgage principal obligations of up to 85 percent for newly constructed dwellings meeting specified requirements and for a mortgagor who is not the occupant of the property. Requires the seller, builder, or other person designated, to deliver to the mortgagor (prior to the completion of the sale) a written statement setting forth the amount of the appraised value of the property, as determined by the Secretary. Requires, where the mortgage involves a dwelling approved for insurance prior to construction, the seller to deliver a warranty that the dwelling is constructed in substantial conformity with the plans and specifications on which the Secretary based his valuation. Authorizes the Secretary to insure a home mortgage executed to refinance existing indebtedness and to finance any needed repairs and improvements. Provides that, for the purpose of assisting lower income families in acquiring or maintaining homeownership, the Secretary is authorized to make periodic assistance payments on behalf of such homeowners through payments to mortgagees holding mortgages which meet the requirements of, and are insured under, this title. Authorizes appropriations for the purpose of carrying out the provisions of this title. States that no assistance payments shall be made with respect to any mortgage securing a loan to finance the rehabilitation of any owner-occupied property, unless: (1) the property is located in a neighborhood which is sufficiently stable to support long-term values; (2) the property, without rehabilitation, does not conform to public standards for decent, safe, and sanitary housing; and (3) the improvements are reasonably required to provide decent, safe and sanitary housing. Defines "lower income families" to mean those families whose incomes do not exceed 80 percent of the median income for the area, as determined by the Secretary. Excludes from calculation of such income specified amounts, including income of students and the first $300 of secondary income by a minor member of the family. Title V: Project Mortgage Credit Assistance - Authorizes the Secretary to insure a mortgage (including advances) which covers property involving a multifamily housing project to be executed by a mortgagor approved by the Secretary. Provides that the mortgage may involve the financing of new construction, the rehabilitation of an existing structure, or the purchase or refinancing of an existing project. Describes the principal obligation percentages for each such type of mortgage. Authorizes the Secretary to make periodic assistance payments on behalf of the owner of a multifamily housing project. Authorizes appropriations for such purposes. Authorizes the Secretary to insure a mortgage upon a multifamily housing project to be occupied primarily by those who are lower income tenants at the time of initial occupancy. Provides for mortgage insurance for health facilities and land development. Sets forth cost certification and labor standards requirements to be followed in carrying out the provisions of this title. Title VI: Guarantee of State Housing Bonds - Empowers the Secretary to guarantee bonds issued by State housing finance agencies approved under this title. Prescribes the criteria for approval of such State housing financing agencies. Title VII: Insurance Claims - Sets forth the procedures for home mortgage insurance claim settlement. Provides that the value of the mortgage shall be determined by specified calculations made on the original principal obligation. Allows the Secretary to permit forebearance of payments where the default on the home mortgage was beyond the control of the mortgagor. Permits the Secretary to consent to the assignment of the defaulted mortgage to avoid foreclosure. Prescribes the procedures for: (1) project mortgage insurance claim settlement; (2) modifications in terms of project mortgages; and (3) settlement of insurance claims with debentures. Title VIII: Miscellaneous - Empowers the Secretary with specified authorizations for dealing with and disposing of property. Makes conforming and technical amendments to specified acts. Chapter II: Low-Income Housing Assistance - Declares it to be the policy of the United States to remedy the unsanitary housing conditions and the shortage of decent housing for low-income families. Sets forth the definitions of terms used in this Act, including "low-income housing", and "low-income families". Authorizes the Secretary to make loans to public housing agencies to finance or refinance the development of low-income housing projects. Empowers the Secretary to make annual contributions to public housing agencies to assist in maintaining the low-income character of their projects. Outlines the procedures and amounts of such contributions. Permits the Secretary to include in any contract for loans such covenants as he deems necessary to insure the low-income character of the project involved, including the condition requiring a playground. Sets forth additional provisions required in every contract for annual contributions. Directs the Secretary to encourage public housing agencies to develop housing to meet the needs of displaced, elderly and handicapped families. Directs public housing agencies to provide, to the extent possible, low-income housing in private accommodations. Provides for additional annual contributions by the Secretary to public housing agencies for the operation of low-income housing projects. Makes technical and conforming amendments to the National Bank Act and the Lanham Act. Chapter III: Community Development - Community Development Assistance Act - Sets forth Congressional findings. Provides that the program of Federal assistance provided in this Act is designed to support community development activities which are directed toward specific objectives, including: (a) eliminating slums and preventing deterioration of property and facilities; (b) achieving more rational utilization of land; and (c) expanding and improving the quality of community services. Sets forth definitions of terms used in this chapter. Sets forth specified activities which further the purposes of the Act including: (1) acquisition of property which is blighted or inappropriately developed, appropriate for rehabilitation or conservation, necessary for preservation, beautification, conservation or future development, to be used for public works, facilities or other public purposes; (2) disposition of property at its fair value; (3) clearance or demolition of buildings; (4) acquisition, construction or reconstruction of community facilities; and (5) designing and interim financing for the construction of certain public facilities. Authorizes the Secretary to incur obligations in an amount not exceeding $6.1 billion as approved in an appropriation act, beginning July 1, 1974 for these purposes. Provides that authority to liquidate obligations would be limited to $2.8 billion prior to July 1, 1975, and $6.1 billion prior to July 1, 1976, with sums appropriated remaining available until expended. Requires the Secretary to submit requests for increased authorizations and any needed adjustments in the schedule for liquidation of obligations in a timely manner. Requires that 75 percent of the appropriated funds for community development be allocated to metropolitan areas. Prescribes the procedure for application and review of applications by community development agencies for financial assistance. Authorizes the Secretary to enter into contracts to make grants to community development agencies for activities to be carried out within a two year period. Provides that no grant may exceed 90 percent of any agency's total net program cost. Provides that where the program involves rehabilitation grants or relocation payments, the grant may be increased to include either the full cost of making rehabilitation grants, or the full cost up to $25,000 for each displaced person for relocation. States that non-Federal contributions to the program cost must be in the form of cash grants, with specified exceptions. Provides interim financing for the undertaking of community development programs. Provides that the Secretary in carrying out the provisions of this Act shall consult with other Federal agencies which administer grant-in-aid programs. Authorizes the Secretary to provide technical assistance to smaller communities in developing community programs. Sets forth minimum wage requirements for laborers and mechanics performing construction under this Act. Provides for transitional termination of specified existing programs under other enumerated acts. Chapter IV: Comprehensive Planning - Empowers the Secretary, under the Housing Act of 1954, to make grants to States, local governments, cities, metropolitan counties, areawide organizations in metropolitan areas, Indians, and other governmental units or agencies related to fulfilling the purposes of this Act. Expands provisions of the Housing Act to encompass the goals and objectives of this Act. Calls for coordination of Federal aids in metropolitan areas under the Demonstration Cities and Metropolitan Development Act. Chapter V: Rural Housing Assistance - Extends the Rural Housing Program to include Guam. Directs the Secretary to establish escrow accounts for taxes, insurance, and other expenses. Makes conforming amendments to the Housing Act of 1949 relating to: (1) rehabilitation loans and grants; (2) research and study programs; (3) veteran's preference; (4) utilization of county committees; (5) assistance authorizations; (6) maximum loan amount for rental housing; (7) subsidy and assistance payments for low-income families; (8) mutual and self-help housing; and (9) site loans. Authorizes the Secretary to make loans for programs of technical and supervisory assistance for low-income families, and loans to low or moderate income families for purchase of condominiums located in rural areas. Transfers items held by the Agricultural Credit Insurance Fund to the Rural Housing Insurance Fund. Chapter VI: Mobile Home Construction and Safety Standards - National Mobile Home Construction and Safety Standards Act - Sets forth the purpose of this Act and definitions of terms used in the Act. Directs the Secretary of Housing and Urban Development to establish Federal mobile home construction and safety standards. Provides that in prescribing standards under this Act, the Secretary shall: (1) consider relevant available mobile home safety data; (2) consult with such State or interstate agencies (including legislative committees); (3) consider whether any such proposed standard is reasonable for the particular type of mobile home for which it is prescribed; (4) consider whether any such standard increases the cost of the mobile home substantially beyond the value of expected benefits to the public; and (5) consider the extent to which any such standard will contribute to carrying out the purpose of this chapter. Directs the Secretary to establish a National Mobile Home Advisory Council. Specifies the composition of such Council and their rates of compensation. Provides for judicial review of any order regarding Federal mobile home construction and safety standards. States that whenever any manufacturer is opposed to action taken by the Secretary, such manufacturer shall submit cost and other information for evaluation by the Secretary. Prescribes the procedures for such submission and evaluation. Directs the Secretary to conduct research, testing, development and training necessary to carry out the purposes of this chapter. Authorizes the Secretary to advise and assist Federal agencies, State agencies, and other interested public and private agencies in the planning and development of mobile home safety standards. Sets forth the activities which constitute prohibited actions under this Act. Prescribes a civil penalty not to exceed $1,000 for each violation. Provides that if the Secretrary or a court determines that any mobile home does not conform to Federal standards, the manufacturer shall: (1) repurchase the mobile home; or (2) furnish the equipment, at his own expense, to bring the mobile home into conformance with such standards. Authorizes the Secretary to conduct inspections necessary to enforce the standards promulgated under this chapter. Enumerates additional powers of the Secretary. Requires each manufacturer of mobile homes to submit the building plans of every model to the Secretary for technical evaluation and approval. Requires every manufacturer to furnish notification of any defect which relates to mobile home construction or safety, to the purchase of such mobile homes, within reasonable time after discovery of the defect. Sets forth additional notice and record requirements to be complied with by mobile home manufacturers, including the furnishing of a one-year warranty to the first purchaser of every mobile home. Establishes the National Mobile Home Administration to perform such duties as are delegated to it by the Secretary. Provides for States to assume responsibility for enforcement of mobile home standards, if they so desire. Details the procedures for establishment of acceptable State plans, approval by the Secretary, and grants to the States. Requires the Secretary to submit an annual report to Congress. Specifies the content of such report. Authorizes the appropriation of such sums as are necessary to carry out the provisions of this chapter. Chapter VII: Housing Cooperative Financing Association - Housing Cooperative Financing Association Act - 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 the board of five directors. States that the Association may issue capital stock and prescribes the procedures for such issuance. Outlines the obligations of the Association. Enumerates the character of loans which may be authorized by the Association, including: (1) to finance the construction of new housing projects; and (2) to finance property acquisition for conversion to cooperative ownership. Prescribes the eligibility requirements required from each cooperative obtaining a loan pursuant to this chapter, and the regulatory requirements imposed. Chapter VIII: Miscellaneous - Establishes, under the Housing and Urban Development Act of 1968, a national housing goal. Provides for the expansion of the experimental housing allowance program. Requires the Secretary and the Secretary of the Treasury to study the feasibility of direct financing. Creates a trust fund to be known as the National Elderly and Handicapped Housing Loan Fund. Authorizes the Secretary to issue notes and other obligations aggregating $100,000,000 for the use of such Fund, and authorizes additional appropriations to the Fund. Establishes an Office of Security in the Department of Housing and Urban Development to serve as a clearinghouse for information relating to the physical security of Federally insured or assisted housing projects and to provide Federal assistance for improved security of such projects. Empowers the Secretary to make grants to demonstrate the feasibility of providing assistance for the purpose of increasing housing locational opportunities for lower-income families. Authorizes appropriations of $20,000,000 for fiscal year 1975 for such purposes. Authorizes the Secretary, after consultation with the National Science Foundation, to undertake demonstrations to determine the feasibility of utilizing solar energy in residential housing. Authorizes appropriations of $2,500,000 for fiscal year 1975 for such purposes. Expands discrimination clauses to include fair housing with respect to sex. Authorizes to be established a National Institute of Building Sciences, not as an agency of the United States Government, and governed by a board of directors. States that the Institute shall establish a Consultative Council. Directs the Institute to exercise responsibilities in four general areas relating to building regulations, including development of performance standards, evaluation of building technology, conduct of investigations, and dissemination of data and information. Authorizes appropriations to the Institute of $5,000,000 for fiscal year 1975, and $5,000,000 for fiscal year 1976, after which it shall be self-sustaining. Authorizes the Secretary to: (1) transfer, without payment, real property for use in an urban homestead program; and (2) make loans to finance the rehabilitation of property by owners and tenants. Authorizes appropriations for such rehabilitation loans. Provides for a transitional extension of the FHA insurance authority. Provides for advances, under the Home Owners' Loan Act, from a State chartered central reserve institution, including mortgage finance agencies. Requires, under the Urban Mass Transportation Act, that no Federal financial assistance may be provided for the purchase of buses unless an agreement is entered into whereby the mass transportation operator shall not engage in charter bus operations outside the urban area within which it provides regularly scheduled service.
United States · United States Congress · 27 February 1974
Increases from $17,500 to $20,000 the maximum amount of the grant payable for specially adapted housing for disabled veterans.
United States · United States Congress · 27 February 1974
Federal Housing Act - Declares the finding of the Congress that the general welfare of the American people requires, as a matter of national purpose, the sound development of housing, together with adequate financing thereof. Creates, under the provision of the National Housing Act, a body corporate in the executive branch of the Government to be known as the Federal Housing Administration which shall carry on and continue the functions, powers, and duties of the Department of Housing and Urban Development under this Act. Provides that nothing contained herein shall be deemed to prohibit the FHA from servicing other housing programs under this Act, provided such servicing is based on sound credit and actuarial standards. Provides that the FHA shall have succession until dissolved by Act of Congress. Provides that all of the FHA's powers under this Act, including the authority to insure mortgages, and fix maximum amounts, interest rates, and loan-to-value ratios for such mortgages, shall continue in full force and effect and may continue to be exercised until the FHA is dissolved by Act of Congress. Provides that FHA shall maintain its principal office in the District of Columbia, and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Authorizes agencies or offices to be established by the FHA in such other place or places as it may deem necessary or appropriate in the conduct of its business. Provides that the management of the FHA shall be vested in a Board of Directors (hereinafter referred to as the 'Board'), and a Commissioner who shall also be a member of the Board. Provides that the Board shall consist of 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. Provides that the Board of Directors shall be vested with the responsibility to exercise general direction and supervision over the performance of all functions, powers, and duties vested in the FHA when relating in the judgment of the Board to matters of a broad and general supervisory, advisory, or policy nature, including the approval of regulations promulgated by the Commissioner, the setting of maximum mortgage amounts, fees, and premimums, the setting of competitive mortgage market interest rates, and the declaration of high cost areas for increased mortgage insurance. Provides that all administrative powers, functions, and duties of the FHA shall be exercised and performed by the Commissioner. Provides for the administration of the FHA. Provides that the Commissioner shall, among his responsibilities, advise the Board and the President with respect to Federal programs and activities relating to matters concerning development of housing under the authority of this Act, and provide technical assistance and information, including a clearinghouse service, to States, counties, towns, villages, and other local governments, in developing housing. Provides that the Commissioner shall also be responsible for maintenance of such liaison with Congress as may be necessary for proper administration of the FHA. Requires the Commissioner, as soon as practicable after the end of each calendar year, to make a report to the President for submission to the Congress on the activities of the FHA during the preceding calendar year. Transfers to and vests in the FHA all of the functions, powers, and duties of the Department of Housing and Urban Development under specified provisions of the National Housing Act. Authorizes the Commissioner, upon such terms and conditions as he may prescribe, to insure banks, trust companies, personal finance companies, mortgage companies, building and loan associations, installment lending companies, and other such financial institutions, which the Commissioner finds to be qualified by experience or facilities and approves as eligible for credit insurance, against losses which they may sustain as a result of loans and advances of credit, and purchases of obligations representing loans and advances of credit, made by them on and after July 1, 1939. Authorizes the Commissioner, directed by such regulations or procedures as he shall deem advisable, to prevent the use of any financial assistance under this Act with respect to new residential structures other than mobile homes that have not been completed and occupied for at least six months, or which would, through multiple loans, result in an outstanding aggregate loan balance with respect to the same structure exceeding the dollar amount limitation prescribed in this Act for the type of loan involved. Grants the authority whereby this subparagraph may in the discretion of the Commissioner be waived with respect to the period of occupancy or completion of any such new residential structures. Authorizes and directs the Commissioner, with respect to mobile homes to be financed under this Act, to: (1) prescribe minimum property standards to assure the livability and durability of the mobile home and the suitability of the site on which the mobile home is to be located; and (2) obtain assurances from the borrower that the mobile home will be placed on a site which complies with the standards prescribed by the Commissioner and with local zoning. Sets forth the limitation amounts on loans and mortgages insured by the FHA. Sets forth eligibility requirements for insurance coverage by the FHA. Requires the financial transactions of the FHA to be audited by the General Accounting Office. Requires an annual report of such audit to the Congress.
United States · United States Congress · 27 February 1974
Escrow System Improvement Act - Requires the establishment of an escrow services plan in connection with any federally related mortgage loan if, at the time the loan is made or at any time thereafter, either the borrower of the lender requests it, and after being established any such plan shall continue in effect until the borrower has fully discharged his obligation under the laon. Requires that the contract of sale, deed or trust, or other appropriate document executed in connection with any federally related mortgage loan shall include a covenant fully informing the borrower of his right: (1) to have an escrow service plan established upon his request in connection with such loan as provided under this Act; and (2) to terminate any such plan under and in accordance with this Act. Provides that, within sixty days after the effective date of this of this Act, the lender under any federally related mortgage loan made before the effective date of this Act shall, in accordance with regulations prescribed by the Secretary, provide to any borrower under such a loan a written notice: (1) of his right under this section to request the establishment of an escrow services plan; and (2) describing the advantages to the borrower of an escrow services plan. Provides that if the borrower under any federally related mortgage loan with respect to which there was established an escrow account requests the establishment of an escrow services plan under this Act, the escrow account shall be terminated upon the establishment of the escrow services plan and the balance in such account shall be treated as payments made under the escrow services plan. Requires 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 such loan: (1) the lender shall no longer have the right to require the establishment of an escrow services plan in connection with such loan; and (2) the borrower shall have the right to terminate any escrow services plan theretofore established in connection with such loan under this Act. Provides that payments of taxes and insurance premiums by the lender under any escrow services plan established in connection with a federally-related mortgage loan shall be made at such times and in such manner as will insure that the borrower receives the maximum benefit of any discounts and other financial consideration which may be allowed or provided for in the jurisdictionwhere the property which secures such loan is located.
United States · United States Congress · 25 February 1974
Provides, under Housing Act provisions relating to the making of grants available to individuals for home rehabilitation, for the waiver of the requirements that the property conform to applicable housing code standards in the case where (1) individuals otherwise eligible for a grant will not receive one because of their inability to afford the rehabilitation costs in excess of the grant; and (2) the grant is used to correct substandard conditions seriously affecting health or safety.
United States · United States Congress · 7 February 1974
Federal Housing Act - Declares the finding of the Congress that the general welfare of the American people requires, as a matter of national purpose, the sound development of housing, together with adequate financing thereof. Creates, under the provision of the National Housing Act, a body corporate in the executive branch of the Government to be known as the Federal Housing Administration which shall carry on and continue the functions, powers, and duties of the Department of Housing and Urban Development under this Act. Provides that nothing contained herein shall be deemed to prohibit the FHA from servicing other housing programs under this Act, provided such servicing is based on sound credit and actuarial standards. Provides that the FHA shall have succession until dissolved by Act of Congress. Provides that all of the FHA's powers under this Act, including the authority to insure mortgages, and fix maximum amounts, interest rates, and loan-to-value ratios for such mortgages, shall continue in full force and effect and may continue to be exercised until the FHA is dissolved by Act of Congress. Provides that FHA shall maintain its principal office in the District of Columbia, and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Authorizes agencies or offices to be established by the FHA in such other place or places as it may deem necessary or appropriate in the conduct of its business. Provides that the management of the FHA shall be vested in a Board of Directors (hereinafter referred to as the 'Board'), and a Commissioner who shall also be a member of the Board. Provides that the Board shall consist of 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. Provides that the Board of Directors shall be vested with the responsibility to exercise general direction and supervision over the performance of all functions, powers, and duties vested in the FHA when relating in the judgment of the Board to matters of a broad and general supervisory, advisory, or policy nature, including the approval of regulations promulgated by the Commissioner, the setting of maximum mortgage amounts, fees, and premimums, the setting of competitive mortgage market interest rates, and the declaration of high cost areas for increased mortgage insurance. Provides that all administrative powers, functions, and duties of the FHA shall be exercised and performed by the Commissioner. Provides for the administration of the FHA. Provides that the Commissioner shall, among his responsibilities, advise the Board and the President with respect to Federal programs and activities relating to matters concerning development of housing under the authority of this Act, and provide technical assistance and information, including a clearinghouse service, to States, counties, towns, villages, and other local governments, in developing housing. Provides that the Commissioner shall also be responsible for maintenance of such liaison with Congress as may be necessary for proper administration of the FHA. Requires the Commissioner, as soon as practicable after the end of each calendar year, to make a report to the President for submission to the Congress on the activities of the FHA during the preceding calendar year. Transfers to and vests in the FHA all of the functions, powers, and duties of the Department of Housing and Urban Development under specified provisions of the National Housing Act. Authorizes the Commissioner, upon such terms and conditions as he may prescribe, to insure banks, trust companies, personal finance companies, mortgage companies, building and loan associations, installment lending companies, and other such financial institutions, which the Commissioner finds to be qualified by experience or facilities and approves as eligible for credit insurance, against losses which they may sustain as a result of loans and advances of credit, and purchases of obligations representing loans and advances of credit, made by them on and after July 1, 1939. Authorizes the Commissioner, directed by such regulations or procedures as he shall deem advisable, to prevent the use of any financial assistance under this Act with respect to new residential structures other than mobile homes that have not been completed and occupied for at least six months, or which would, through multiple loans, result in an outstanding aggregate loan balance with respect to the same structure exceeding the dollar amount limitation prescribed in this Act for the type of loan involved. Grants the authority whereby this subparagraph may in the discretion of the Commissioner be waived with respect to the period of occupancy or completion of any such new residential structures. Authorizes and directs the Commissioner, with respect to mobile homes to be financed under this Act, to: (1) prescribe minimum property standards to assure the livability and durability of the mobile home and the suitability of the site on which the mobile home is to be located; and (2) obtain assurances from the borrower that the mobile home will be placed on a site which complies with the standards prescribed by the Commissioner and with local zoning. Sets forth the limitation amounts on loans and mortgages insured by the FHA. Sets forth eligibility requirements for insurance coverage by the FHA. Requires the financial transactions of the FHA to be audited by the General Accounting Office. Requires an annual report of such audit to the Congress.
United States · United States Congress · 6 February 1974
National Homestead Act - Directs the Secretary of Housing and Urban Development to transfer any real property to local public housing agencies without charge: (1) which is improved by a single-family dwelling; (2) which the Secretary holds title; and (3) which is not occupied. Provides for the establishment of homestead programs to be carried out by such agencies. Directs the Secretary to approve any such program which provides for: (1) the conveyance of residential property by the local public housing agency to qualified applicants on a conditional basis, in return for the payment by the applicant of a nominal fee, not to exceed $100; and (2) an agreement whereby the applicant agrees to occupy such property as a principal residence for a period of not less than three years and to rehabilitate the property as may be necessary to meet the requirements of applicable State and local law. Sets forth the qualifications for applicants in such programs. Requires local public housing agencies to give preference to qualified low and moderate-income applicants. States that after the applicant has occupied such property for the required three-year period and has rehabilitated and maintained it and otherwise complied with the terms of his or her agreement, the Secretary shall convey to the applicant fee simple title to the property. Authorizes the Secretary to issue such rules and regulations as may be necessary to carry out his functions under this Act. Directs the Secretary to conduct a continuing evaluation of programs carried out pursuant to this Act and, commencing with the third fiscal year beginning after the date of enactment of this Act, to transmit to the Congress an annual report containing a summary of his evaluation of such programs and his recommendations for the future conduct of such programs. Authorizes to be appropriated such sums as may be necessary to carry out the provisions of this Act.
United States · United States Congress · 6 February 1974
Veterans Housing Act - Authorizes increases in the amount limitations of the veterans home loan programs. Eliminates specific provisions pertaining to the dormant farm and business loans.
United States · United States Congress · 5 February 1974
National Homestead Act - Directs the Secretary of Housing and Urban Development to compile a catalog of all unoccupied single-family dwellings in urban and other areas within the United States which are owned by him or his Department, and which would be suitable for occupancy and rehabilitation by qualified low and moderate-income families. Requires the Secretary to take such steps as may be necessary to assure that the residents of each community or area in which any such dwelling is located will be fully and currently informed of the existence, nature, and location of such dwellings. States that an applicant is qualified, for the purposes of participation in the program under this Act with respect to any dwelling, only if he or she: (1) is eighteen years of age or older; (2) is the head of his or her household; (3) is a citizen of the United States; (4) has not previously participated in the program; (5) is not the owner of any other real property; and (6) possesses the financial, technical, and other resources which are necessary to rehabilitate such dwelling. Requires each applicant to enter into an agreement that, among other things, he or she will reside in the dwelling for a period of at least five years and will during such period rehabilitate and maintain the dwelling so that it satisfies all of the requirements of applicable State and local law. States that the conveyance of any dwelling to an applicant under this Act shall be made on a conditional basis, in return for the payment by such applicant of the aforementioned agreement. Provides that upon any material failure by the applicant to carry out his or her agreement entered into under this Act the conditional conveyance of title to such applicant shall be revoked. States that after the applicant has resided in the dwelling for the required five-year period and has rehabilitated and maintained it and otherwise complied with the terms of his or her agreement throughout such period, he shall be granted a fee simple title to such property.
United States · United States Congress · 5 February 1974
States 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. 11864) to provide for the early commercial demonstration of the technology of solar heating by the National Aeronautics and Space Administration and the Department of Housing and Urban Development, in cooperation with the National Bureau of Standards, the National Science Foundation, the General Services Administration, and other Federal agencies, and for the early development and commercial demonstration of technology for combined solar heating and cooling, and all points of order against section 8 of said bill for failure to comply with the provisions of clause 4, rule XXI are hereby waived. Provides 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 Science and Astronautics, the bill shall be read for amendment under the five-minute rule. Stipulates 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 · 4 February 1974
Provides for income tax purposes that, in the case of an individual, gross income does not include so much of any gain from the sale or exchange of property used by the taxpayer as his principal residence as is equal to the inflation allowance. Defines "inflation allowance" as such portion of any gain upon the sale or exchange of property as has resulted from monetary inflation, as determined under regulations prescribed by the Secretary of the Treasury or his delegate. Prescribes how the inflation allowance shall be calculated. States that, for purposes of this Act, the destruction, theft, seizure, requisition, or condemnation of property shall be treated as the sale of such property.
United States · United States Congress · 31 January 1974
Provides for an additional Assistant Secretary for Housing for the Elderly to coordinate all of the housing programs for the elderly within the Department of Housing and Urban Development. Requires a minimum percentage of housing for the elderly in all present and future Federal housing programs; and to require the inclusion of nursing, intermediate care, and supportive services and facilities in all Federal housing programs for the elderly.
United States · United States Congress · 30 January 1974
Consumer Home Mortgage Assistance Act - Title I: Lending and Investment Powers, Federal Savings and Loan Associations - Revises the Home Owners' Loan Act by making technical changes to modify the lending and investment powers of Federal savings and loan associations so as to increase the availability of mortgage credit for the financing of residential housing. Title II: Mortgage Corporations - Revises the Federal Home Loan Mortgage Corporation Act by increasing the amount of the outstanding principal of a mortgage which may be permitted under the Act. Revises the regulations regarding investment in Federal Home Loan Mortgage Corporation obligations. Title III: National Banks - Revises the regulations governing real estate, forest tract, construction and commercial loans made by national banking associations. Title IV: Federal Credit Unions - Revises the Federal Credit Union Act by setting forth new procedures for the operation of boards of directors of Federal credit unions. Specifies the conditions under which an insured credit union may terminate its status as an insured credit union. Authorizes the Administrator of the National Credit Union Administration to make loans to, or purchase the assets of, or establish accounts in, any insured credit union in order to prevent its closing or in order to reopen a closed insured credit union.
United States · United States Congress · 30 January 1974
Expresses the sense of the Congress that housing, housing assistance, and community development programs authorized by Congress should be carried out at levels at least equal to the levels prevailing in calendar year 1972, until such time as funds appropriated for such programs are exhausted or the Congress enacts legislation terminating or replacing such programs.
United States · United States Congress · 29 January 1974
Permits an individual to take a tax deduction under the Internal Revenue Code for the costs of making energy-conserving alterations to his residence. Limits such tax deduction to $1,000 per year.
United States · United States Congress · 29 January 1974
Transfers, under the National Housing Act and the Small Business Act, without change, from the Small Business Administration to the Department of Housing and Urban Development the function of providing catastrophe assistance to victims, other than small business concerns, and the function of providing assistance to organizations operated in the interest of handicapped individuals.
United States · United States Congress · 24 January 1974
Escrow System Improvement Act - Requires the establishment of an escrow services plan in connection with any federally related mortgage loan if, at the time the loan is made or at any time thereafter, either the borrower of the lender requests it, and after being established any such plan shall continue in effect until the borrower has fully discharged his obligation under the laon. Requires that the contract of sale, deed or trust, or other appropriate document executed in connection with any federally related mortgage loan shall include a covenant fully informing the borrower of his right: (1) to have an escrow service plan established upon his request in connection with such loan as provided under this Act; and (2) to terminate any such plan under and in accordance with this Act. Provides that, within sixty days after the effective date of this of this Act, the lender under any federally related mortgage loan made before the effective date of this Act shall, in accordance with regulations prescribed by the Secretary, provide to any borrower under such a loan a written notice: (1) of his right under this section to request the establishment of an escrow services plan; and (2) describing the advantages to the borrower of an escrow services plan. Provides that if the borrower under any federally related mortgage loan with respect to which there was established an escrow account requests the establishment of an escrow services plan under this Act, the escrow account shall be terminated upon the establishment of the escrow services plan and the balance in such account shall be treated as payments made under the escrow services plan. Requires 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 such loan: (1) the lender shall no longer have the right to require the establishment of an escrow services plan in connection with such loan; and (2) the borrower shall have the right to terminate any escrow services plan theretofore established in connection with such loan under this Act. Provides that payments of taxes and insurance premiums by the lender under any escrow services plan established in connection with a federally-related mortgage loan shall be made at such times and in such manner as will insure that the borrower receives the maximum benefit of any discounts and other financial consideration which may be allowed or provided for in the jurisdictionwhere the property which secures such loan is located.
United States · United States Congress · 22 January 1974
National Homestead Act - Directs the Secretary of Housing and Urban Development to compile a catalog of all unoccupied single-family dwellings in urban and other areas within the United States which are owned by him or his Department, and which would be suitable for occupancy and rehabilitation by qualified low-and moderate-income families. Requires the Secretary to take such steps as may be necessary to assure that the residents of each community or area in which any such dwelling is located will be fully and currently informed of the existence, nature, and location of such dwellings. States that an applicant is qualified, for the purposes of participation in the program under this Act with respect to any dwelling, only if he or she: (1) is eighteen years of age or older; (2) is head of his or her household; (3) is a citizen of the United States; (4) has not previously participated in the program; (5) is not the owner of any other real property; and (6) possesses the financial, technical, and other resources which are necessary to rehabilitate such dwelling. Requires each applicant to enter into an agreement that, among other things, he or she will reside in the dwelling for a period of at least five years and will during such period rehabilitate and maintain the dwelling so that it satisfies all of the requirements of applicable State and local law. States that the conveyance of any dwelling to an applicant under this Act shall be made on a conditional basis, in return for the payment by such applicant of $1 and the execution by such applicant of the aforementioned agreement. Provides that upon any material failure by the applicant to carry out his or her agreement entered into under this Act the conditional conveyance of title to such applicant shall be revoked. States that after the applicant has resided in the dwelling for the required five-year period and has rehabilitated and maintained it and otherwise complied with the terms of his or her agreement throughout such period, he shall be granted a fee simple title to such property.