Emergency Rural Housing Act

Title I: Emergency Rural Housing Act - Presents the finding of the Congress that there are millions of substandard dwelling units in rural areas, that existing agencies operating under existing authorities could not meet the needs of millions of the rural poor, and that there is a need for emergency action in rural housing programs.

Establishes an Emergency Rural Housing Administration, the management of which shall be vested in an Administrator appointed by the President with the consent of the Senate. Makes it the duty of the Administrator to provide minimal housing facilities for eligible persons in rural areas and small communities and to do so, to the extent possible, within a five-year period. Forbids the duties and powers of the Administration to be transferred to any other department, agency, or instrumentality of the United States.

Authorizes the Administrator to make loans to eligible persons to finance the acquisition of land and the construction thereon of minimal housing facilities, or to finance the acquisition and rehabilitation of existing facilities in accordance with minimum housing facilities standards. Provides that at least 50 percent of the principal amount of any loan made shall be amortized over a period of not more than forty years, shall bear interest at a rate of not less than one percent per year, and shall be secured by a first mortgage.

Authorizes the Administrator to acquire land and engage in the development of housing projects to be sold under the provisions of this Act. Authorizes the Administrator to finance all or part of the acquisition, and maintenance of: (1) minimal housing facilities in rural areas and small communities to be rented by eligible persons; (2) water and sewer facilities for such housing; and (3) related community facilities for such housing.

Provides that the Administrator may enter into area responsibility agreements with any local agency. Forbids the Administrator to require, as a condition of assistance under this Act, the relocation of any eligible person in order to engage in or to facilitate the economic development of any area.

Requires the Administration to submit an annual report to the Congress and the President on the operation of this Act. Authorizes the Administrator to issue to the Secretary of the Treasury notes or other obligations in such sums as may be necessary to carry out the purposes of this Act.

Authorizes to be appropriated $500,000,000 per year, reduced by an amounts paid into the Treasury each such year on the loans made by the Administrator.

Title II: Extends the provisions of the Rural Housing Program to the Island of Guam. Provides for the financing of indebtedness for specified eligible loan applicants under this Act. Authorizes loans to leasehold owners under the Housing Act's rural programs. Makes provisions for veterans preferences for veterans of the Vietnam Era under Housing Act.

Provides for direct and insured loans for purpose providing housing and related facilities for elderly persons and families in rural areas covered by this Act. Defines the terms rural area as applicable under this Act.

Provides for direct and insured loans to provide condominium housing for low-and-moderate-income families in rural areas covered by this Act.

Authorizes the Secretary to insure titles to land which are otherwise uninsurable by private insurance companies because of remote outstanding claims or encumbrances to enable eligible persons holding such land to benefit from this Act. Authorizes the Secretary to use funds from the Rural Housing Insurance Fund for such purposes.