Emergency Housing Employment Act

Emergency Housing Employment Act - Declares the findings of Congress: (1) that recessionary pressures in the economy have created an excessively large inventory of unsold, newly constructed residential properties which, although needed, are beyond the financial means of prospective buyers; and (2) that such inventory is dissuading the construction of additional seriously needed residential units.

Authorizes the Secretary of Housing and Urban Development to make, and to contract to make, periodic assistance payments on behalf of homeowners to mortgagees holding mortgages executed during the 90-day period following the enactment of this Act and secured by a newly constructed single-family dwelling unit, the purchase of which was contracted for and title to which was acquired by the homeowner following enactment of this Act and intended to be used as the principal residence of the homeowner.

States that such assistance payments shall be in an amount not to exceed the difference between the amount of principal and interest due under the mortgage and the amount of principal and interest that would be due if the mortgage were to bear interest at the rate of seven percent a year.

Authorizes to be appropriated such sums as may be necessary to carry out the provisions of this Act. States that the aggregate number of dwelling units for which assistance payments are contracted to be made under this Act shall not exceed 250,000.