Housing and Community Development Act

Housing and Community Development Act - Title I: Community Development Amendments - Amends the Housing and Community Development Act of 1974 to include the alleviation of physical and economic distress through private investment and community revitalization among the objectives of such Act.

Defines additional terms including "age of housing" and "extent of growth lag." Authorizes funds to be appropriated for the purpose of making assistance to States and units of local governments to help finance community development programs, not to exceed $3,500,000,000 for fiscal year 1978; $3,650,000,000 for fiscal year 1979; and $3,800,000,000 for fiscal year 1980. Limits amounts of appropriated funds which may be used to aid metropolitan cities, urban counties, and other units of local government within metropolitan areas to meet their hold-harmless needs.

Authorizes funds not to exceed $400,000,000 to be appropriated for each of the fiscal years 1978, 1979, and 1980 for the purpose of assisting severely distressed cities that require supplemental grant assistance in order to alleviate excessive deterioration through neighborhood reclamation and community revitalization.

Includes among activities eligible for assistance under this Act: (1) the financing of public or private acquisition for purposes of rehabilitation and (2) activities carried out by public or private nonprofit entities which are necessary or appropriate to meeting the needs and objectives of approved community development plans.

Sets forth the formulae which the Secretary of Housing and Urban Development must follow in order to determine the amount to be allocated to each metropolitan city and urban county and the distribution of remaining funds.

Extends, by three years, the period during which funds will be reserved for use by the Secretary to make grants at his discretion. Increases, by one percent, the amount of funds to be reserved from the total amount appropriated for Community Development Programs.

Removes the Secretary's authority to guarantee loans for acquisition of property with respect to grants to States and units of local government to help finance Community Development Programs.

Authorizes the Secretary to make urban development action grants to severely distressed cities to help alleviate physical and economic deterioration through community revitalization in areas of population out-migration, or stagnating or declining tax base. Reserves urban development action grants to only those cities that have demonstrated results in providing housing for persons of low-and moderate-income and in providing equal opportunity in housing and employment for low-and moderate-income persons and members of minority groups. Lists information to be included in applications for such grants, including a description of a concentrated Urban Development Action Program. Directs the Secretary to establish criteria to be followed in selecting cities to be recipients of such grants.

Amends the Housing Act of 1964 to extend the rehabilitation loan program through fiscal year 1979. Authorizes $60,000,000 to be appropriated for fiscal year 1978.

Authorizes appropriations for fiscal year 1978 for comprehensive planning under the Housing Act of 1954.

Title II: Housing Authorizations - Amends the United States Housing Act of 1937 to increase the limit on funds that are authorized to be appropriated for contracts for annual contributions to low-income housing projects in 1977. Sets forth the limitation on funds authorized to be appropriated for the purpose of providing annual contributions for the operation of such projects.

Amends the National Housing Act to increase the maximum mortgage amounts under the Federal Housing Administrations's multifamily mortgage insurance programs including the homeownership program.

Changes the eligibility requirements for mortgage insurance under the National Housing Act by decreasing downpayment requirements.

Permits the Secretary of Housing and Urban Development to insure on a permanent basis mortgages and loans with provisions of varying rates of amortization. States that the principal obligation of such insured mortgages may not exceed 97 percent of the appraised value of the property covered by the mortgage. Exempts such insured mortgages from State laws limiting the amount of interest which may be charged.

Amends the National Housing Act to increase the allowable maximum mortgage amount and the term of maturity for mortgage credit assistance.

Amends the Housing and Community Development Act of 1974 to increase the amount authorized to be appropriated to reimburse the housing loan funds for properties transferred under the urban homesteading program.

Amends the National Flood Insurance Act of 1968 to authorize funds, not to exceed $108,000,000 for fiscal year 1978 and such sums as are necessary for each fiscal year thereafter, for flood insurance studies.

Amends the Housing and Urban Development Act of 1970 to authorize funds not to exceed $60,000,000 for fiscal year 1978 for specified research and demonstration projects.

Increases the limits on amounts of conventional mortgages which may be purchased by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation pursuant to the National Housing Act.

Amends the Housing and Community Development Act of 1974 to prohibit the Secretary from applying new administrative policies in derogation of the rights (including the right of renewal) of an owner under specified leases.

Title III: Program Extensions - Amends the National Housing Act to extend specified Federal Housing Administration insurance programs including the following: (1) housing renovation and modernization; (2) general insurance authorization; (3) housing for moderate income and displaced families; (4) membership in cooperative associations for lower income families; (5) rental housing for low-income families; (6) coinsurance of mortgages; (7) experimental housing; (8) armed services housing; (9) group practice facilities and medical practice facilities; and (10) new communities.

Extends the authority of the Secretary of Housing and Urban Development to grant flexible interest rates for specified mortgage insurance programs.

Amends the National Flood Insurance Act of 1968 to extend the national flood insurance program until September 30, 1978.

Extends, by one year, the Emergency Home Purchase Assistance Act.