Emergency Homeowners' Relief Act

Emergency Homeowners' Relief Act - Declares that the purpose of this Act is to prevent widespread mortgage defaults and the distress-sale of homes as a result of adverse economic conditions.

Authorizes and directs the Secretary of Housing and Urban Development to make repayable emergency mortgage relief payments on behalf of distressed homeowners when he determines that such action is necessary and that there is a reasonable prospect that the homeowner will be able to make necessary adjustments for the full resumption of mortgage payments.

Defines "distressed homeower" as one or more persons who own and occupy a dwelling as a principal residence and whose income has declined by more than 20 percent as the result of unemployment or other adverse economic conditions.

Limits relief payments to a period not exceeding two years. Provides that payments be repaid on such terms as the Secretary prescribes.

Empowers the Secretary to delegate any of his functions under this Act to other Federal agencies or private entities.

Authorizes the Secretary to establish a revolving fund for mortgage relief payments and other specified purposes, including payment of obligations issued to the Secretary of the Treasury to enable the Secretary of Housing and Urban Development to carry out his functions under this Act.

Provides for a payment expiration date of July 1, 1976.