National Urban Bond Act

Summary

National Urban Bond Act - Creates a body corporate known as the National Urban Corporation which shall be in the Department of Housing and Urban Development. Directs the Corporation to issue and sell to the public on the open market, obligations to be known as national urban bonds in order to obtain funds to carry out the purposes of this Act. Makes it the function of the Corporation to undertake and carry out, by providing assistance by means of loans, the construction or rehabilitation without delay of the housing and related facilities needed to accommodate low- and moderate-income individuals and families in ares of need of the United States. Authorizes the Corporation to impose upon any organization receiving such assistance a special charge in an amount not exceeding one-half of 1 percent per annum on the amount of the principal obligation of the loan or other assistance outstanding and repayable at any time, without taking into account deliquent payments or prepayments. Establishes a revolving Urban Bond Fund which shall be available: (1) for making loans and providing other assistance under such programs; and (2) for the payment of principal and interest on outstanding national urban bonds. Sets forth the general powers of the Corporation. Specifies that appropriations shall be authorized to carry out the provisions of this Act. Requires the Corporation to report on its activities to the President and Congress.

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1 official file

• Introduced in House

  summary · EN · 11 January 1973

  Open at official source

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