A bill to authorize temporary assistance to help defray mortgage payments on homes owned by persons who are temporarily unemployed or underemployed as the result of adverse economic conditions.
Emergency Homeowners' Relief Act - Authorizes the Secretary of Housing and Urban Development to make repayable emergency mortgage relief payments on behalf of homeowners who are delinquent in their mortgage payments in cases where the mortgagor has incurred a substantial reduction in income due to adverse economic conditions.
States that the payments made under this Act shall be repayable at not more than 8 percent interest.
Authorizes to be appropriated for the purpose of this Act up to $500,000,000.
Provides that mortgage relief payments shall not be made after July 1, 1976.
Directs the Secretary to report every 60 days to the Congress with respect to the delinquencies and forclosures in the housing market areas of the country and government action with respect thereto.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Currency and Housing.
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