Campuses for the Elderly Act

Campuses for the Elderly Act - Authorizes the Secretary of Housing and Urban Development to institute a program under which qualified organizations, public and private, will submit plans for the development of carefully conceived plans for the development of carefully conceived and innovative projects to meet the special health care, housing and related needs of elderly persons in the campus-type setting. Provides that from the plans submitted the Secretary shall select which he determines are most promising in furtherance of the objectives of this Act.

Authorizes the Secretary to make, and contract to make, interest subsidy payments to the holder of any mortgage covering a project designed in accordance with a plan selected under this Act.

Amends the National Housing Act to authorize the Secretary to insure and make commitments to insure mortgages on properties developed under this Act.

Requires an evaluation of such projects not later than two years after their implementation to determine their effectiveness and suitability in meeting the needs of elderly persons. Provides that such evaluation shall be made by a committee which shall submit to the Secretary for transmittal to the Congress a report with respect to its findings and recommendations not later than six months after the date on which the committee is fully organized.

Authorizes to be appropriated such sums (not to exceed $70,000) as may be necessary to carry out this evaluation.