Home Purchase Incentive Act

Summary

Home Purchase Incentive Act - Authorizes and directs the Secretary of Housing and Urban Development to make home purchase incentive payments, and to enter into commitments to make such payments, as provided in this Act, in order to encourage the construction and purchase of single-family residential dwellings. States that the Secretary shall make a home purchase incentive payment to any individual who purchases a single-family dwelling to be used as his principal residence: (1) during the four-month period beginning on the date of enactment of this Act, if construction of that dwelling was completed prior to such date of enactment and such dwelling remained unoccupied after the completion of construction; (2) during the six-month period beginning on the date of enactment of this Act, if the construction of that dwelling is completed during such six-month period; or (3) during the one-year period beginning on the date of enactment of this Act, if the construction of that dwelling commences during the six-month period beginning on the date of enactment of this Act and is completed within the one-year period beginning on the date of enactment of this Act. Provides that the amount of a home purchase incentive payment shall be $1,000 in the case of a dwelling designed for occupancy by one family, $1,500 in the case of a dwelling designed for occupancy by two families, $2,000 in the case of a dwelling designed for occupancy by three families, or $2,500 in the case of a dwelling designed for occupancy by four families. Provides that no payment may be made under this Act with respect to single-family dwelling: (1) having a purchase price in excess of such amount as the Secretary determines is the median cost for such a dwelling in the housing market area; (2) the size of which does not equal or exceed the minimum size for such dwellings prescribed by the Secretary; or (3) which does not comply with local code standards for decent, safe, and sanitary housing. Authorizes the appropriation of not to exceed $1,000,000,000 to carry out the provisions of this Act.

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1 official file

• Introduced in Senate

  summary · EN · 4 March 1975

  Open at official source

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