Emergency Tenants' Loan Act

Emergency Tenants' Loan Act - Authorizes the Secretary of Housing and Urban Development to make repayable emergency rent payments on behalf of tenants who are, or will be, subject to eviction proceedings as a result of being unable to make their rental payments by reason of their unemployment or underemployment.

States that such payments may not be approved unless: (1) the tenant will be unable to make his rental payments; (2) the tenant has incurred a substantial reduction in income due to adverse economic conditions; (3) there is a reasonable prospect that the tenant will be able to repay the loan made by the Secretary; and (4) the rental property is the tenant's principal place of residence.

Allows rental assistance for part or all of the tenant's rent up to $250 per month for a maximum of two years. Provides for interest to be charged according to the tenant's ability to pay but not more than eight percent per year. Requires that the payments be deferred until the tenant is able to pay the loan. Permits the Secretary to require security for the repayment of the loan, but provides that the Secretary may not refuse a loan for lack of security.

Authorizes to be appropriated not more than $500,000,000 to carry out the purposes of this Act. Provides that no payments may be authorized after September 30, 1977.

Provides penalties for any person obtaining any benefits under this Act through the giving of false information.

Requires the Secretary to report to the Congress every 60 days concerning delinquent repayments and actions taken to carry out the purposes of this Act.