Intermediate Housing for the Elderly and Handicapped Act

Intermediate Housing for the Elderly and Handicapped Act -

Authorizes the Secretary of Housing and Urban Development to make periodic interest reduction payments on behalf of public and private nonprofit corporations in purchasing existing housing, converting such housing into dwelling units suitable for occupancy by elderly families, and reducing rentals for elderly families of low- and moderate-income.

Requires that such corporations, as a condition for receiving the benefits of interest reduction payments, shall: (1) provide, through their own programs or arrangements with other community programs, a comprehensive system of supportive services for the elderly which may include such services as counseling, homemaker service, transportation, meals-on-wheels, and others; and (2) operate their projects in accordance with such tenant eligibility and rent requirements as the Secretary may prescribe.

Authorizes to be appropriated such sums as may be necessary to carry out the provisions of this Act.

Requires the Secretary to give preference to those families whose incomes are within the lowest practicable limits for obtaining rental accomodations in public housing.

Requires the Secretary to transfer to the Secretary of Agriculture from time to time a reasonable portion of the interest reduction authority for use in rural areas and small towns.