A bill to extend the Emergency Home Purchase Assistance Act of 1974.

Extends the expiration date of the Emergency Home Purchase Assistance Act of 1975 to the end of fiscal year 1977.

Amends the National Housing Act to place a ceiling on sales prices for each financed dwelling unit at an amount not to exceed the median purchase price for the local housing market area in which the property is located, as determined by the Secretary of Housing and Urban Development.