Housing Cooperative Financing Association

Summary

Housing Cooperative Financing Association - Title I: Housing Cooperative Financing Association - States that it is the policy of the Congress and the purpose of this Act to encourage and assist consumer-oriented groups in their efforts to improve housing conditions through the establishment of nonprofit cooperative corporations to construct, acquire, manage, and maintain housing projects for occupancy by the members of such corporations. 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 a board of five directors. States that the Association may issue prefered capital stock in the amount of $5,000,000 and prescribes the procedures for such issuance. States that the Association may issue common capital stock for subscription by eligible cooperatives in an amount not to exceed $50,000,000. Authorizes the Association, with the approval of the Secretary, to issue and have outstanding at any one time bonds and other obligations for purchase by the Secretary of the Treasury in an amount not to exceed $50,000,000. Authorizes the Association to issue and have outstanding another $1,000,000,000 in bonds which will be guaranteed by the United States. Specifies the character of the loans which may be made by the Association, including: (1) to finance the construction of new housing projects; (2) to finance the acquisition of existing properties for conversion to cooperative ownership; and (3) supplemental loans to finance the rehabilitation, improvement, repair, or modernization of existing housing projects. Prescribes the eligibility requirements required from each cooperative obtaining a loan pursuant to this Act, and the regulatory requirements imposed. Authorizes the Secretary to insure and to make commitments to insure any loan made pursuant to this Act. Stipulates that the provisions of this Act shall be construed as a supplement to, and not as a substitute for, other laws now existing relating to cooperative housing.

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1 official file

• Introduced in Senate

  summary · EN · 10 April 1975

  Open at official source

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