A bill to amend the National Housing Act to provide that the rentals and carrying charges charged for accommodations in federally assisted housing may not exceed certain previous levels.

Provides that the rentals and carrying charges charged for accommodations in any housing covered by a mortgage insured under the National Housing Act during the period beginning upon the date of enactment of this Act and ending at midnight June 30, 1974, shall not exceed the levels at which such rentals and carrying charges were stabilized during the ninety day period beginning August 15, 1971. Directs the Secretary of Housing and Urban Development to take such action as may be necessary to regulate or restrict such rentals and carrying charges in accordance with this Act.

Authorizes any aggrieved person or class of persons to commence a civil action against any person or entity, including officers or agencies of the Federal, State, or local governments, who is alleged to have violated this Act. Provides the district courts of the United States with jurisdiction without regard to the amount in controversy or the citizenship of the parties to require compliance with this subsection or to order the performance of any nondiscretionary act or duty under this Act.

Stipulates that no such action may be commenced with regard to any housing accommodation if the President has commenced and is diligently prosecuting a civil action in a court of the United States to require compliance with this Act with regard to such housing accommodation, but in any such action, any person aggrieved may intervene as a matter of right.

Provides that any owner or operator of housing accommodations for which the rental or carrying charges which may be charged are affected by this Act may apply to the President for an exception on the basis of increased capital or operating costs.