Emergency Housing Act

Summary

Emergency Housing Act - Title I: Amendments to the Emergency Home Purchase Assistance Act - Activates the program to purchase mortgages whenever the Director of the Census determines that the four-month moving average annual rate of private housing starts is less than 1,600,000. Revises the maximum annual rate of interest on a mortgage which the Federal National Mortgage Association may purchase to the lesser of 8 percent or the rate set by the Secretary applicable to mortgages insured under the National Housing Act. Prohibits the purchase of any such mortgage by the association unless accompanied by a certification that no points in excess of 1 percent will be assessed against the prospective buyer. Authorizes the Association to deal in mortgages which cover more than four-family residences, or a single-family unit in a condominium. Title II: Emergency Middle-Income Housing - Authorizes the Secretary of Housing and Urban Development to assist middle-income families who purchase homes by making periodic interest reduction payments and by making home purchase incentive payments. Requires any family assisted under this Act to pay a specified amount of assistance back to the Secretary if such family sells the property within four years. Authorizes to be appropriated such sums as are necessary to carry out the provisions of this Act. Limits the aggregate amount of interest reduction payments to $300,000,000 per year. Limits the aggregate of home purchase assistance to $400,000,000 per annum. Title III: Building Conservation Standards - Directs the Secretary of Housing and Urban Development with the Secretary of Commerce and the Federal Energy Administrator to develop and publish in the Federal Register proposed component performance energy conservation standards for new residential buildings. Requires that similar standards be established for new commercial buildings. Prohibits any Federal agency from approving any financial assistance for the construction of any building in any State unless such State has adopted or is implementing a similar building code to that promulgated under this Act. Authorizes the Secretary to make grants to States to assist them in developing local codes. Limits such grants to an aggregate of $5,000,000 for fiscal year 1976. Permits the Secretary to extend technical assistance to States to meet the requirements of this Act. Directs the Secretary to carry out such research activities as he deems necessary to promulgate the standards required by this Act. Title IV: Miscellaneous Amendments - Authorizes the Secretary under the Housing Act in carrying out the purposes of this Act to issue to the Secretary of the Treasury obligations not in excess of $150,000,000 in any fiscal year. Authorizes to be appropriated to the fund a specified amount not to exceed $7,500,000 in any fiscal year. Requires under the United States Housing Act that the Secretary process all applications during distinct time periods not to exceed 75 days.

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2 official files

• Indefinitely postponed in Senate

  summary · EN · 24 April 1975

  Open at official source

• Introduced in Senate

  summary · EN · 18 April 1975

  Open at official source

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