A bill to amend section 2 of the National Housing Act to increase the maximum loan amounts for the purchase of mobile homes.

(Measure passed Senate, amended)

Increases the maximum loan limits under the mobile home insurance program of the National Housing Act from $10,000 to $12,500 for single module homes, and from $15,000 to $20,000 for double module homes.

Authorizes capital grants for the Kendall Square (Cambridge, Massachusetts) Urban Renewal Project to exceed two-thirds of the project costs; and limits the total local grants-in-aid provided to the maximum initial amount required under the original loan and grant contract.

Increases from 45 to 75 percent the high-cost area adjustment for FHA multifamily project mortgage insurance programs.

Repeals the 10 percent limitation on the number of dwelling units in projects insured and subsidized under special provisions of the National Housing Act that may be occupied by non-elderly single persons.

Authorizes up to $100,000,000 for fiscal year 1977, under the Housing and Community Development Act, to be allocated to discretionary balances for grants to localities for Community Development Programs. States that if such amount is insufficient to meet in full the hold-harmless needs of metropolitan cities, urban counties, and other units of general local government in metropolitian areas, the Secretary shall provide funds from other enumerated sources.

Extends, under the National Flood Insurance Act of 1968, authority to provide flood insurance coverage to participating communities under the emergency program from December 31, 1975, to December 31, 1976.

Permits in communities not participating in the flood insurance program, extension, renewal, or increase of financing or refinancing, under the Flood Disaster Protection Act.

Increases mortgage limits, under the National Housing Act for the Home Ownership Assistance Program, to $25,000 ($29,200 in high-cost areas), except that with respect to housing for families of five or more persons, the limits would be $29,200 ($33,400 in high-cost areas).

Extends through June 30, 1977, the authority to insure such mortgages.

Revises the National Housing Act to: (1) revise the authority of the Secretary to co-insure mortgages by requiring the mortgagee to assume the "up-front" loss, with a subsequent loss being shared on a percentage basis with the Federal Government; (2) make the 20 percent limitation on co-insurance of mortgages not applicable when the lender is a "public housing agency;" and (3) authorize the Secretary to co-insure mortgages on projects which are under construction when a public housing agency is the lender.

Authorizes the Secretary of Housing and Urban Development to make periodic assistance payments to families of specified income levels to assist them in acquiring a mobile home of two or more modules and a lot on which to situate it.

Provides that an assistance payment made with respect to a dwelling unit under this Act may not be covered as income or a resource for the purposes of determining the eligibility or the extent of eligibility of any person living in such unit for assistance under the Social Security Act or any other Federal law.

Makes low-income housing contracts (under the National Housing Act of 1937) financed through the Farmers Home Administration eligible for 40-year contract periods.

Authorizes Federal savings and loan associations to invest up to one percent of their assets in the share capital and capital of the Inter-American Savings and Loan Bank.