A bill to alleviate massive unemployment in the housing and related industries, to provide homeownership opportunities not otherwise available because of excessive interest rates, and to assist in restoring the nation's economic health.
Emergency Housing Employment Act - Authorizes the Secretary of Housing and Urban Development to make, and to contract to make, periodic assistance payments on behalf of homeowners to mortgagees holding mortgages executed during the 90-day period following the enactment of this Act and secured by a newly constructed single-family dwelling unit, the purchase of which was contracted for and title to which was acquired by the homeowner following enactment of this Act and intended to be used as the principal residence of the homeowner.
States that such assistance payments shall be in an amount not to exceed the difference between the amount of principal and interest due under the mortgage and the amount of principal and interest that would be due if the mortgage were to bear interest at the rate of seven percent a year.
Authorizes to be appropriated such sums as may be necessary to carry out the provisions of this Act. States that the aggregate number of dwelling units for which assistance payments are contracted to be made under this Act shall not exceed 250,000.
Introduced in Senate
Referred to Senate Committee on Banking, Housing and Urban Affairs.
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