Emergency Rural Housing Act

Emergency Rural Housing Act - Finds 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 Administration to make rehabilitation grants up to $3,500 to owners who occupy substandard housing and whose income is too low to repay specified types of loans.

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 provide financing to rural housing associations which meet specified requirements for the acquisition, construction, rehabilitation, operation, 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 financing of rental units shall be made in the form of a non-interest-bearing loan. Empowers the Administrator to enter into contracts for annual assistance payments with a borrower.

Provides that the Administrator may enter into area responsibility agreements with State-chartered rural housing associations. Sets forth the requirements which a local rural housing association must meet prior to receiving loans under this Act, including the chartering of such association and providing for a board of directors.

Provides that when a State fails to establish an association within one year, then the Administration shall establish an organization to carry out this Act.

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. Establishes the Rural Investment Fund to be utilized by the Administration for specified purposes under this Act.

Authorizes appropriations to carry out the purposes of this Act.