Emergency Home Purchase Assistance Act of 1974

Summary

Home Purchase Assistance Act - Requires that whenever the Secretary of Housing and Urban Development determines that a substantial number of families are unable to obtain mortgage credit at reasonable rates due to high interest rates or reduced availability of mortgage credit and that the inability to obtain such credit is causing or threatening to cause a significant reduction in the volume of home construction or acquisition and thereby adversely affect the economy and delay the orderly achievement of the national housing goals contained in title XVI of the Housing and Urban Development Act of 1968, the Secretary shall direct the Government National Mortgage Association to begin making commitments to purchase mortgages in accordance with the provisions of this Act. Establishes within the Association a housing trust fund which shall be used to carry out such purposes. Provides that mortgages may be purchased under this Act only if: (1) such mortgage was executed to finance the acquisition of the principal residence of the mortgagor; and (2) such mortgage involves the acquisition or construction of a residential dwelling at a cost which does not exceed $30,000 (or such greater amount, but not to exceed $45,000 as may be necessary to meet the need for mortgage credit in high cost areas). States that the Association shall not permit the aggregate outstanding amount of mortgages held by the fund under this section to increase by more than $10,000,000,000 in any single fiscal year. Requires that 50 percent of the aggregate principal amount of home mortgages purchased under this Act in any fiscal year shall involve residences upon which construction has been completed within 12 months preceding the date of purchase.

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

Timeline

1. 10 September 1974

   Introduced

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

   Source: IntroReferral

2. 10 September 1974

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 3 October 1974

   Reported

   Reported to Senate from the Committee on Banking, Housing and Urban Affairs with amendment, S. Rept. 93-1223.

   Source: Committee

4. 3 October 1974

   Reported

   Reported to Senate from the Committee on Banking, Housing and Urban Affairs with amendment, S. Rept. 93-1223.

   Source: Committee

5. 10 October 1974

   Vote

   Measure passed Senate, amended, roll call #474 (77-0).

   Source: Floor

6. 10 October 1974

   Vote

   Passed/agreed to in Senate: Measure passed Senate, amended, roll call #474 (77-0).

   Source: Floor

7. 15 October 1974

   Passed

   Measure passed House.

   Source: Floor

8. 15 October 1974

   Passed

   Passed/agreed to in House: Measure passed House.

   Source: Floor

9. 17 October 1974

   Floor

   Measure presented to President.

   Source: Floor

10. 17 October 1974

    President

    Measure presented to President.

    Source: President

11. 18 October 1974

    President

    Public law 93-449.

    Source: President

12. 18 October 1974

    Became law

    Signed by President.

    Source: BecameLaw

13. 18 October 1974

    President

    Signed by President.

    Source: President

Votes

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 19 October 1974

  ViewDownloadOpen at official source

• Public Law

  summary · EN · 18 October 1974

  Open at official source

• Introduced in Senate

  summary · EN · 10 September 1974

  Open at official source

Sponsors

• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. Brooke, Edward W. [R-MA] · R · Cosponsor
• Sen. Javits, Jacob K. [R-NY] · R · Cosponsor
• Sen. Mathias, Charles McC., Jr. [R-MD] · R · Cosponsor
• Sen. Humphrey, Hubert H. [D-MN] · D · Cosponsor
• Sen. Montoya, Joseph M. [D-NM] · D · Cosponsor
• Sen. Domenici, Pete V. [R-NM] · R · Cosponsor
• Sen. Johnston, J. Bennett [D-LA] · D · Cosponsor
• Sen. Taft, Robert, Jr. [R-OH] · R · Cosponsor
• Sen. Baker, Howard H., Jr. [R-TN] · R · Cosponsor
• Sen. Hatfield, Mark O. [R-OR] · R · Cosponsor
• Sen. Proxmire, William [D-WI] · D · Cosponsor
• Sen. Brock, Bill [R-TN] · R · Cosponsor
• Sen. Stevens, Ted [R-AK] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Home Purchase Assistance Act
• related to → Resolution providing for the consideration of S. 3979. A bill to increase the availability of reasonably priced mortgage credit for home purchases.