Housing and Urban Development Act

Housing and Urban Development Act - Chapter I: Community Development and Housing Block Grants - Authorizes the Secretary of Housing and Urban Development to make annual grants to States and units of general local government to help finance Community Development Programs approved in accordance with the provisions of this Act.

Sets forth application requirements for such grants. Provides that the Secretary shall review at least annually the performance of recipients of assistance under this part and shall evaluate the continuing capacity of such recipients to carry out in a timely manner the approved Community Development Program.

States that a Community Development Program may include (but is not limited to): (1) the acquisition of real property including air rights, water rights, and other interests therein) which is: (A) blighted, deteriorated, deteriorating, undeveloped, or inappropriately developed from the standpoint of sound community development and growth; (B) necessary for the preservation or restoration of historic sites, the beautification of urban land, the conservation of open spaces, natural resources, and scenic areas, the provision of recreational opportunities, or the guidance of urban development; (C) to be used for the provision of public works, facilities, and improvements eligible for assistance under this part; or (D) to be used for other public purposes; (2) the acquisition, construction, reconstruction, or installation of public works, facilities, and site or other improvements, including neighborhood facilities, historic properties, utilities, streets, street lights, parking facilities, water and sewer facilities, solid waste disposal facilities, foundations and platforms for air rights sites, pedestrian malls, and walkways, parks and playgrounds; (3) code enforcement in deteriorated or deteriorating areas in which such enforcement, together with public improvements and services to be provided, may be expected to arrest the decline of the area; and (4) clearance, demolition, removal, and rehabilitation of buildings and improvements (including financing of the rehabilitation of privately owned nonresidential properties).

Establishes methods for computing the allocation and distribution of funds.

Authorizes the Secretary to make annual grants to States and units of general local government to help finance Housing Assistance Programs approved in accordance with the provisions of this Act.

Sets forth application requirements for such grants. Provides that the Secretary shall review at least annually the performance of recipients of assistance under this part and shall evaluate the continuing capacity of such recipients to carry out in a timely manner the approved Housing Assistance Program.

States that a Housing Assistance Program may include (but is not limited to): (1) grants for the rehabilitation or repair of real property on which is located a single-family dwelling occupied by the owner for the purpose of making the property conform to applicable code requirements; (2) loans to finance the rehabilitation or repair of privately owned residential property, including the refinancing of existing indebtedness; (3) loans to finance the purchase, any needed rehabilitation or repair, and the resale of one- to three- family dwellings; and (4) periodic grants to reduce the payments for principal, interest, taxes, insurance, and mortgage insurance premiums on mortgages covering one- to three-family dwellings purchased for occupancy by the owner.

Establishes methods for computing the allocation and distribution of funds.

Directs the Secretary to encourage the utilization of private enterprise to the maximum extent feasible in the implementation of a community's Housing Assistance Program.

Requires all amounts distributed to recipients under this chapter to be properly accounted for as Federal funds in the accounts of such recipients.

Chapter II: Public Housing Asssistance Program - Revises the United States Housing Act of 1937. Provides that the rental or income contribution provisions of the United States Housing Act of 1937, as amended by this Act, shall not preclude: (1) the use of special schedules of required payments as approved by the Secretary for participants in mutual help housing projects who contribute labor, land, or materials to the development of such projects, or (2) the continued use of special schedules of required payments as approved by the Secretary for home buyers in occupancy in homeownership opportunity projects under lease-purchase type contracts on the effective date of this Act.

Chapter III: Mortgage Credit Assistance: Revised National Housing Act - Title I: General Authority - Authorizes the Secretary of Housing and Urban Development, upon application by the mortgagee or lender, to insure mortgages and loans, upon such terms and conditions as he may prescribe, and to make commitments for the insuring of housing mortgages and loans prior to the date of their execution or disbursement thereon.

Directs the Secretary to prescribe maximum interest rates for mortgages or loans eligible for insurance under this Act.

Provides that no mortgage which covers new construction shall be approved for insurance under this Act if the mortgaged property includes housing which is not served by a public or adequate private community water and sewerage system.

Requires that specified minimum standards be met and specified actions taken in connection with mortgage insurance under this Act.

Title II: Insurance Funds, Premiums, and Charges - Provides that the General Insurance Fund shall be used by the Secretary as a revolving fund for carrying out all his obligations incurred pursuant to the National Housing Act and pursuant to this Act. Transfers to the General Insurance Fund all the assets, liabilities, and obligations of specified existing Funds.

Title III: Insurance Improvement, Mobile Home, and Historic Structure Preservation Loans - Authorizes the Secretary to insure financial institutions against losses which they may sustain as a result of making, advancing credit in connection with, or purchasing property improvement loans, mobile home loans, and historic structure preservation loans meeting the requirements set forth in this title.

Title IV: Home Mortgage Insurance - Authorizes the Secretary to insure specified home mortgages. Directs the Secretary to make, and to contract to make, periodic assistance payments on behalf of low-income families in order to assist such families in acquiring ownership of a decent home.

Title V: Project Mortgage Insurance - Authorizes the Secretary to insure a mortgage which covers property involving a multifamily housing project.

Directs the Secretary to make, and to contract to make, periodic assistance payments on behalf of the owner of a multifamily housing project, which shall be accomplished through payments to mortgagees holding mortgages meeting the requirements specified in this title and supplemental loans meeting the requirements of this title for the purpose of reducing rentals for lower income tenants.

Provides that, as a condition to receiving the benefits of assistance payments, the project owner shall operate the project in accordance with such requirements with respect to tenant eligibility and rents as the Secretary may prescribe.

Authorizes the Secretary to insure a mortgage which covers a new or rehabilitated project designed for use as a hospital, nursing home, intermediate care facility, or group practice facility or any combination of the foregoing. Requires that the mortgage shall be executed by a mortgagor approved by the Secretary.

Title VI: Insurance Claims - Describes the procedure to be followed for settlement of home mortgage insurance claims.

States that insurance claims shall be settled by the Secretary: (1) by a payment to the mortgagee which, at the option of the Secretary, shall be in cash or debentures or a combination of cash and debentures having a total face value equal to the value of the mortgage, and (2) by the issuance to the mortgagee of a certificate of claim.

Title VII: Miscellaneous - Declares that the Secretary shall have the power, under regulations to be prescribed by him and approved by the Secretary of the Treasury: (1) to assign or sell at public or private sale, or otherwise dispose of, any evidence of debt, contract, claim, personal property, or security held by him pursuant to the provisions of this Act; and (2) to collect or compromise all obligations assigned to or held by him pursuant to the provisions of this Act until such time as such obligations may be referred to the Attorney General for suit or collection.

Provides that nothing contained in this Act shall be construed to exempt any real property acquired and held by the Secretary under this Act from taxation by any State or political subdivision thereof to the same extent, according to its value, as other real property is taxed.

Authorizes the Secretary to insure under this Act any mortgage assigned to him in connection with payment under a contract of insurance which he subsequently sells or any mortgage executed in connection with the sale by him of any property acquired under this Act or under the National Housing Act.

Authorizes the Secretary, with respect to any property improved by a one- to four-family dwelling approved for mortgage insurance under title IV prior to the beginning of construction which he finds to have structural defects, to make expenditures for: (1) correcting such defects, (2) paying the claims of the owner of the property arising from such defects, or (3) acquiring title to the property; but such authority of the Secretary shall exist only if the owner has requested assistance from the Secretary not later than four years (or such shorter time as the Secretary may prescribe) after insurance of the mortgage.