Emergency Home Purchase Assistance Act

Summary

Emergency Home Purchase Assistance Act - Declares it to be the finding of Congress that residential mortgage credit is or is likely to become prohibitively expensive or unavailable, and that this situation causes hardship for those wishing to purchase or sell housing and delays the achievement of the national goal of a decent home for every family. Revises the National Housing Act by granting the Secretary of Housing and Urban Development the authority to direct the Federal National Mortgage Association to purchase specified types of mortgages. Directs the Secretary to exercise such authority when he finds that inflationary conditions and related governmental actions are having a severely disproportionate effect on the housing industry and threaten to seriously affect the economy and delay the achievement of national housing goals. Authorizes the Secretary to make purchases and commitments pursuant to this Act not to exceed $7,750,000,000 outstanding at any one time. Provides that the authority conferred shall become effective on the date of enactment and shall remain in effect for one year. Authorizes financing for the preservation of historic structures under the National Housing Act. Increases the maximum amount for which a Federal Home Loan Bank may accept a mortgage as security for an advance from $40,000 to $55,000. Requires the Council on Wage and Price Stability to report to the President on a quarterly basis with respect to the containment of inflation.

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1 official file

• Introduced in House

  summary · EN · 15 October 1974

  Open at official source

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