A bill to amend the National Housing Act to provide for the insurance of equity adjusted mortgages.

Young Families' Housing Act - Equity Adjusted Mortgage Insurance Act - Amends the National Housing Act to establish a FHA - insured mortgage instrument which would reduce mortgage payments during the first year after the execution of the mortgage, and provides for subsequent adjustments thereafter. Sets eligibility requirements for equity adjusted mortgage insurance.

Individual Housing Account Act - Amends the Internal Revenue Code to allow a deduction for amounts paid in cash into an individual housing account. Limits annual tax deductions to $2,500 and lifetime deductions to $10,000.

Makes provisions for tax treatment upon distribution of such account. Exempts individual housing accounts from taxation under the Internal Revenue Code. Defines individual housing account for purposes of this Act.