Housing and Urban Development Act

Housing and Urban Development Act - Title I: Community Development Block Grants - Authorizes the Secretary of Housing and Urban Development to make grants to States and Units of general local government to help finance Community Development Programs. Authorizes the Secretary to incur obligations for such grants of up to $8,050,000,000 until July 1, 1977. Authorizes $100,000,000 for each of fiscal years 1975, 1976, and 1977 for grants to general local government units for urgent community development needs.

Requires grant applicants to: (1) formulate community development programs and housing assistance plans; (2) operate such programs in accordance with the Civil Rights Act of 1964 and Public Law 90-284 (relating to fair housing); and (3) inform affected citizens of the various aspects of the program.

Requires an annual review and audit to determine if grantees are carrying out their programs as required by this Act.

Authorizes the Secretary to release funds for projects to applicants who assume all of the responsibilities of environmental review, decision making, and action pursuant to the Environmental Policy Act that would otherwise apply to the Secretary.

States that community development programs approved under this title may include: (1) acquisition of real property that is deteriorating or useful for public purposes; (2) installation of public works facilities; (3) rehabilitation of buildings; and (4) provisions for health, social, counseling and training services under activities within this title.

Prescribes the allocation of grant funds under this title, including a ratio to determine amounts for individual cities which relates to poverty and housing overcrowding in the city. Requires that 80 percent of the non-urgent grant funds go to metropolitan areas.

Prescribes the full "hold-harmless" amount of a metropolitan city or urban county under this title.

Preserves a discretionary grant fund for special projects, including new communities, United States territories, and diaster-caused development needs.

Authorizes the guarantee of notes or other obligations of general local government units for acquisition of real property for community development programs.

Prohibits discrimination based upon race, color, national origin, or sex under programs funded by this title.

Sets wage standards for labor performed under contracts funded by this title.

Requires the termination or reduction of funds to grantees failing to comply with this title. Allows judicial review of such actions.

Allows 20 percent of the urgent-need grants to be applied toward the payment of principal and interest on temporary loans made to a local government unit under the Housing Act of 1949.

Permits continuance of local building codes (where assistance is sought under this Act) whose standards are as high or higher than those required by this Act.

Provides for the employment of low-income persons under programs approved by this title.

Title II: Assisted Housing - Authorizes assistance, under the United States Housing Act of 1937, to low-income families.

Allows public housing agencies to make assistance payments for the use of existing dwelling units.

Allows assistance payments for contracts with owners or prospective owners who construct or rehabilitate housing which will be used at least in part for low-income families.

Allows the Secretary to enter into contracts with public housing agencies by which they may assist owners or prospective owners of units over which such agencies assume management.

Requires such assistance contracts to set a maximum monthly rent, according to prescribed guidelines.

Disallows material differences in rents for assisted housing and comparable unassisted housing.

Sets forth a time limit on such contracts for assistance payments.

Reserves all ownership, management, and maintenance responsibilities in the owners.

Requires 30 percent of families assisted under this title to be "very low-income" families.

Requires the Secretary to insure that special projects for the handicapped authorized under the United States Housing Act of 1937 provide quality services and management consistent with the needs of the occupant.

Prohibits the approval of a housing assistance plan under the United States Housing Act of 1937, the National Housing Act, or the Housing and Urban Development Act of 1965 unless the general local government unit certifies that such assistance is consistent with a housing assistance plan approved under title I of this Act.

Requires the allocation of assistance under provisions of the above-mentioned laws according to rates of poverty, overcrowding, and substandard housing.

Makes public housing agencies eligible as mortgagors under the National Housing Act's provisions relating to housing for moderate income and displaced families.

Specifies minimum rentals for low-rent housing under the United States Housing Act of 1937.

Requires the establishment of sound management practices by public housing agencies.

Increases the annual contribution to public housing to maintain low rents to $400,000,000 for fiscal year 1973 and $965,000,000 for fiscal year 1974.

Extends the home ownership, cooperative and rental mortgage provisions of the National Housing Act until June 30, 1975.

Makes special provision for housing assistance to American Indians, the elderly and handicapped, and to areas where assistance is otherwise unavailable.

Title III: Mortgage Credit Programs - Extends the regular FHA insurance programs and the interest rate authority for veterans' home loans.

Increases the maximum mortgage amount under the FHA one-to four-family and multifamily mortgage insurance programs.

Makes changes in downpayment requirements for regular FHA one-to four-family mortgages.

Provides for FHA insured financing on resale of cooperative dwellings.

Increases the amounts and time limits on home improvement loans.

Permits the co-insurance of any mortgage, advance, or loan in addition to co-insurance otherwise provided by this Act. Prohibits the issuance of such insurance until it is determined that such co-insurance demonstration program will not disrupt the mortgage market or reduce the availability of mortgage credit to borrowers who depend upon mortgage insurance under this Act.

Prohibits the purchase of mortgages by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation if the outstanding principal balance of the mortgage at the time of purchase exceeds 80 percent of the value of the property.

Eliminates the provisions of Federal law concerning the retirement of common and preferred stock in FNMA.

Prohbits sex discrimination in Federal mortgage assistance payments under this title.

Adds osteopathic and podiatric facilities to the provisions of the National Housing Act regarding mortgage insurance for group practice facilities.

Title IV: Rural Housing - Allows loans for the repair and improvement of rural dwellings to make them safe and sanitary (where the borrower does not otherwise qualify) of up to $5,000.

Extends veterans preference to rural housing programs under the Housing Act of 1949.

Authorizes funds for loan programs for rural housing programs.

Authorizes direct and insured loans to provide housing and related facilities for elderly persons and families in rural areas.

Authorizes direct and insured loans to provide condominium housing for low-and moderate-income families in ruarl areas.

Permits the Secretary to make loans to public or private nonprofit organizations for the acquisition and development of land as building sites to be subdivided and sold to families, nonprofit organizations, public agencies, and cooperatives.

Allows borrowers, under provisions of the Housing Act of 1949, to prepay taxes and insurance to the Secretary, who will hold such payments in escrow and pay them out at the appropriate time.

Provides for contracts with public or private nonprofit organizations to provide information and technical assistance, provided such private nonprofit organizations are sponsored by a State or local government entity. States that such information and assistance shall relate to construction, rehabilitation, and operation of low-and moderate-income housing, as well as counseling on household management and budgeting.

Authorizes loans and insurance for rental or cooperative housing for persons and families of low income in multifamily housing projects, as well as assistance payments to owners of such rental housing to make available to such persons such housing at rates not exceeding 25 percent of their incomes.

Title V: Miscellaneous - States that it is the purpose of this part to encourage the formation of State development agencies which have authority to carry out development activities designed to: (1) provide housing and related facilities for persons and families of low and moderate income; (2) promote the sound growth and development of neighborhoods through the revitalization of slum and blighted areas; and (3) increase and improve employment opportunities for the unemployed and underemployed through the development and redevelopment of industrial, manufacturing, and commercial facilities.

Permits the guarantee of bonds, debentures, notes and other obligations issued by State development agencies to finance development activities described in the purposes of this title.

Establishes a revolving fund to provide for timely payment of liabilities incurred as a result of such guarantees.

Allows supplementary grants for projects assisted by the National Foundation on the Arts and Humanities.

Includes waste disposal facilities among eligible land improvements.

Authorizes appropriations for comprehensive urban planning.

Title VI: Consumer Home Mortgage Assistance - Consumer Home Mortgage Assistance Act - States that savings and loan associations are authorized to invest an amount, not exceeding the greater of the sum of its surplus, undivided profits, and reserves or 5 percent of its assets, in loans or in interests therein the principal purpose of which is to provide financing with respect to what is or is expected to become primarily residential real estate within one hundred miles of their home office or within the State in which such office is located.

Increase the amount that may be loaned by such associations on single family dwellings from $45,000 to $55,000.

Permits any national banking association to make real estate loans secured by liens upon unimproved real estate, upon improved real estate, including improved farmland and improved business and residential properties, and upon real estate to be improved by a building or buildings to be constructed or in the process of construction, in an amount which when added to the amount unpaid upon prior mortgages, liens, encumbrances, if any, upon such real estate does not exceed the respective proportions of appraised value as provided in this title.

States that the amount of any such loan hereafter made shall not exceed 66 2/3 percent of the appraised value if such real estate is unimproved, 75 percent of the appraised value if such real estate is improved by offsite improvements such as as streets, water, sewers, or other utilities, 75 percent of the appraised value if such real estate is in the process of being improved by a building or building to be constructed or in the process of construction, or 90 percent of the appraised value if such real estate is improved by a building or buildings.

Allows national banking associations to make real estate loans secured by liens upon forest tracts with are properly managed in all respects.

Limits the amount that Federal Credit Unions may loan to it directors and members of it supervisory credit committee to $2,500 without approval of the board of directors.

Allows such credit unions to establish two-member investment committees.

Prescribes meeting frequencies and procedures for credit committees of such credit unions.

Provides termination procedures for insured credit unions.