Multifamily Housing Rehabilitation Act

Summary

Multifamily Housing Rehabilitation Act - Authorizes the Secretary of Housing and Urban Development to make loans to non-profit organizations, or to any public body, agency, or organization, to assist in the rehabilitation of currently occupied multifamily housing for rental primarily to low-income or moderate-income persons or for purchase and occupancy by such persons as members of a tenant cooperative. Gives priority to applications for loans which give existing tenants the right to remain in the dwelling units. Provides that loans made under this Act shall bear no interest, shall not exceed $15,000 per dwelling unit, and shall not have a maturity date exceeding twenty years. Provides that of the original principal amount of any loan made under this Act: (1) an amount equal to 10 percent shall be canceled and forgiven each year over the first five years the loan is outstanding if the property is located in an area designated by the Secretary as a low-income area or in an urban renewal area, and (2) an amount equal to 5 percent shall be canceled and forgiven each year over the first five years the loan is outstanding if the property is located in an area designated by the Secretary as a middle-income or moderate-income area. Requires that at least fifty-five percent of the households occupying the property as tenants agree to the rehabilitation before any loan is granted. Provides that, if the Secretary deems an increase in rents is necessary, no tenant may be required to pay more than twenty-two percent of his income for rent. States that if in any month a sum equal to twenty-two percent of the income of each tenant is not sufficient to meet the loan repayment for that month, the Secretary shall forgive and cancel the payment for that month. Establishes guidelines regarding the acquisition price of property, payment of outstanding taxes and liens, and alternative procedures available in the event of a default in repayment of a loan made under this Act. Authorizes the Secretary to employ qualified and expert individuals as rehabilitation agents to assist in planning and carrying out rehabilitation made with loans under this Act. Describes the duties of such agents. Allows the Secretary to issue and have outstanding at any one time notes and obligations for purchase by the Secretary of the Treasury in an amount not to exceed $20,000,000,000. Authorizes necessary appropriations, together with loan payments made by borrowers assisted with loans made under this Act, for payments on notes or other obligations issued by the Secretary. Provides that no person shall on the ground of sex be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity administered or receiving assistance under this Act.

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1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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