Home Purchase Cost Reduction Act

Summary

Home Purchase Cost Reduction Act - Provides, under provisions of the Emergency Home Purchase Assistance Act of 1974 relating to interest rates on mortgages, that during the two-year period beginning on the date of enactment of this Act, the Federal National Mortgage Association shall purschase any mortgage which is otherwise eligible to be purchased under the National Housing Act and which: (1) involves an interest rate of 6 percent per year; and (2) was executed to finance the acquisition of newly constructed residential dwelling at a total cost not in excess of $30,000. Provides that the total amount of purchases pursuant to this Act may not exceed $20,000,000,000.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 17 March 1975

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

2. 17 March 1975

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 17 March 1975

  Open at official source

Sponsors

• Sen. Morgan, Robert B. [D-NC] · D · Sponsor
• · ssbk00 · Standing

Related records

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