National Development Act

National Development Act - Expresses the findings of Congress and the purpose of this Act. Creates a body corporate to be known as the National Development Bank, which shall be an instrumentality of the United States Government having succession until dissolved by Act of Congress, and which will make and guarantee long-term loans at reasonable interest rates: (1) to State and local governments for public works and facilities; (2) to individuals and corporations to establish new businesses and industries and to expand or otherwise improve existing businesses and industries; and (3) to public agencies and private nonprofit and limited dividend corporations for the construction of low- and moderate-income housing.

Defines the terms used and sets forth the rules of construction for purposes of this Act.

Vests the management of the Bank in a Board of Directors consisting of the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Housing and Urban Development, the Secretary of Agriculture, the Secretary of Labor, and ten other persons who shall be appointed by the President with the advice and consent of the Senate. Provides for the appointment of the President of the Bank and other officers by the Board.

States that the Bank shall have capital stock of $1,000,000,000 subscribed to by the United States. Empowers the Bank to issue notes, debentures, bonds, and other evidences of indebtedness in such amounts and on such terms and conditions as its Board of Directors may determine subject to the limitations prescribed in this Act.

Provides that the Bank may make or guarantee loans to provide funds for: (1) the purchase of real and personal property and for working capital necessary for the location of new business and industry or the improvement of existing business and industry in depressed urban and rural areas; (2) financing capital expenditures for public works and community facilities; and (3) making loans to appropriate public agencies, nonprofit cooperatives and corporations, developers, and other persons to provide construction loans for low-and moderate-income housing loan programs of the Department of Housing and Urban Development, the Veterans' Administration, and the Farmers Home Administration of the Department of Agriculture.

Authorizes to be appropriated, without fiscal year limitation, the sum of $1,000,000,000, to the Secretary of the Treasury to finance the purchase of Bank stock.

Authorizes to be appropriated, without fiscal year limitation, such sums as may be necessary to pay the difference, if any, between the interest paid by the Bank on its obligations and interest received by the Bank on its loans, and to reimburse the capital of the Bank to the extent of any defaults, and such additional sums as may be necessary to establish and operate the Bank and otherwise carry out the purposes of this Act.