Emergency Housing Reemployment Act

Emergency Housing Reemployment Act - Authorizes the Secretary of Housing and Urban Development to make, and to contract to make, periodic assistance payments on behalf of homeowners to mortgages holding mortgages: (1) executed during the 90-day period following the enactment of this Act; and (2) secured by a newly constructed single- family dwelling unit, including a unit in a condominium housing project, 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 7 percent per annum. Provides that in no case shall the assistance payments exceed that amount necessary to provide for a reduction in interest of more than one and a half percent.

Authorizes to be appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be necessary to carry out the provisions of this Act.