A bill to expand and facilitate urban lending investment by Federal savings and loan associations, and to simplify section 5(c) of the Home Owners' Loan Act of 1933.

Amends the Home Owners' Loan Act of 1933 to authorize Federal savings and loan associations to invest in cooperative housing. Removes the limitation on the percentage of its assets which a savings and loan association may invest in the following: (1) commercial real estate loans; (2) loans for home improvement and mobile homes; and (3) State and local government bonds to raise revenue for the rehabilitation, financing, or construction of residential real estate.