Emergency Housing Act

(Measure indefinitely postponed in Senate, H.R. 4485 passed in lieu)

Emergency Housing Act - =Title I: Amendments to the Emergency Home Purchase Assistance Act= - Activates the Emergency home purchase assistance program when the four-month moving average annual rate of private housing starts is less than 1,600,000 for any consecutive four-month period. Permits the Secretary of Housing and Urban Development to direct that such program not be activated or that it be terminated at any time if he determines that there is an adequate supply of mortgage credit at reasonable rates. Empowers the Congress to disapprove any such action by the Secretary.

Prohibits mortgage interest rates under such program from exceeding that which the Secretary shall prescribe.

Requires mortgages under such program to be accompanied by a certificate from the mortgagee that no points, with a limited exception, have been added to the loan.

States that the aggregate of fees for making commitments to purchase mortgages or to guarantee securities under such program shall not exceed 1 percent.

Permits the sale of securities guaranteed under such program to the Federal Financing Bank. Directs the Bank to purchase such securities.

Permits the purchase, servicing, or selling or other dealings in mortgages covering more than four-family residences (including residences in a cooperative or condominium, or a single- family unit in a condominium, under specified conditions).

=Title II: Emergency Middle-Income Housing= - Emergency Middle-Income Housing Act - Authorizes the Secretary to assist middle-income families who purchase homes by making periodic interest reduction payments and home purchase incentive payments. Requires that such reduction payments be made to families occupying a home, for which such payments are made, as a principal residence. Allows such reduction payments to be 100 percent of the specified amount (six percent per year) for three years, reduced to nothing after the sixth year. Allows such incentive payments to be $1,000.

Limits the amount of families to be assisted by this title to 400,000. Requires that not less than 10 percent nor more than 30 percent of such families in any fiscal year purchase units the construction of which was completed more than 12 months prior to purchase.

Disqualifies families under this title who receive an income tax credit for the purchase of a home.

Defines home mortgage to cover units whose appraised value is $38,000, $48,000 in high cost areas, and $56,000 in Alaska, Hawaii, and Guam.

Sets forth recapture provisions where families resell a house within six years of purchase.

Limits authorized appropriations under this Act to $300,000,000 per year for interest reduction payments and $400,000,000 per year for incentive payments.

Terminates this title on June 30, 1976, or when private housing starts average 1,400,000 for three consecutive months, whichever is sooner.

=Title III: Building Conservation Standards= - Building Energy Conservation Standards Act - Directs the Secretary to promulgate performance energy conservation standards for new residential buildings and new commercial buildings.

Requires local governments or States to have such standards in effect before approval of Federal funds for building in the area.

Requires Federal instrumentalities responsible for regulation or insuring of banks and savings and loan associations to prohibit such institutions from making loans for construction or financing of buildings, or purchasing loans made after the effective date of energy conservation standards, unless the local areas or States have effective standards.

Requires that windows in Federal buildings be capable of manual opening and closing.

Authorizes grants to States to assist them in implementing the requirements of this title. Authorizes research to develop the standards required by this title.

=Title IV: Miscellaneous Amendments= - Sets limitations on interest rates on rehabilitation loans under the Housing Act of 1964. Authorizes, for purposes of the rehabilitation loan revolving fund, the Secretary to issue notes to the Secretary of the Treasury in an amount not to exceed $150,000,000 a fiscal year. Authorizes the appropriation to such fund of not to exceed $7,500,000 in a fiscal year.

Extends specified provisions of the Housing and Community Development Act of 1974, the Housing Act of 1937 and the Flood Disaster Protection Act of 1973.

Permits adjustments in the rental charges and percentage of income requirements when the State or local agency financing rental housing is in serious financial danger. Permits a rental charge such as to insure the economic feasibility of the project, but not more than the fair market rental charge and not less than 20 percent of the tenant's income.

=Title V: Emergency Mortgage Relief Payments= - Authorizes the Secretary to make repayable emergency mortgage relief payments on behalf of homeowners who are delinquent in their mortgage payments, where the mortgage holder indicates his intention to foreclose, and where the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment. Permits such payments in amounts up to $300 per month for 18 months, with an 18-month extension possible.

Provides that interest on such payments shall not exceed 8 percent per year and shall not begin to accrue until the last payment to the mortgagor. Allows the Secretary to require such security for repayment as he shall deem necessary.

Requires, for two years, that financial institutions and other mortgage holders relax procedures regarding delinquent mortgage payments in order to forbear in foreclosures.

Authorizes appropriations for purposes of this title of $750,000,000. Terminates such title on July 1, 1976.