Housing for the Elderly Act

Housing for the Elderly Act - Authorizes the Secretary of Housing and Urban Development to make loans to corporations, consumer cooperatives, public bodies and agencies for the provision of rental or cooperative housing and related facilities exclusively for low-income or moderate-income elderly families or both. Sets forth conditions to be met by applicants for such loans. Authorizes the appropriation of up to $150,000,000 in each fiscal year, beginning with fiscal year 1973, to constitute a revolving fund to be used by the Secretary in carrying out the provisions of this Act.

Prohibits the use of housing constructed with a loan made under this Act for transient or hotel purposes while such loan is outstanding.

Authorizes the Secretary to make periodic interest-reduction payments on behalf of owners of rental housing projects designed for occupancy by elderly families of low-or moderate-income.

Authorizes the Secretary to provide mortgage insurance for such housing. Provides for rehabilitation loans for housing owned and occupied by elderly families. Authorizes the appropriation of $75,000,000 to be used by the Secretary to provide such rehabilitation loans.

Authorizes the Secretary to make grants for research and training in housing for the elderly. Authorizes an appropriation of $5,000,000 for each fiscal year for such grants.

Provides for a seventh (presently, six) Assistant Secretary of Housing and Urban Development to be designated Assistant Secretary for Housing for the Elderly. Establishes a Commission on Housing for the Elderly to study and investigate housing for the elderly.