Housing Act

Housing Act - Title I: Amendments to Provide Additional Relief To Owners and Tenants of Multifamily Projects and to Insure Fiscal Responsibility in Their Management - Provides financial relief for subsidized multifamily projects including: (1) additional monthly assistance payments to project owners for operating expenses; (2) payments to owners of subsidized multifamily projects under section eight of the United States Housing Act of 1937; (3) mortgage interest reduction payments to a mortgagee on behalf of a project owner who has obtained a supplemental loan for his multifamily project which is insured under the National Housing Act; and (4) deferment or extension of mortgage payments by a project owner.

Reduces rent for very low-income persons who are tenants of subsidized multifamily projects by authorizing the Secretary of Housing and Urban Development to make annual payments to owners of projects subsidized under the Housing and Urban Development Act of 1965.

Sets forth procedures for rent increases in multifamily projects and relating to the rights of tenants in such projects.

Title II: HUD Ownership and Disposition of Subsidized Multifamily Rental Housing Projects - Directs the Secretary to make or cause to be made all repairs and improvements necessary to achieve decent, safe, and sanitary conditions in HUD-owned subsidized multifamily housing projects. Requires the Secretary to employ and train tenants of such projects to perform repair and maintenance to the maximum extent feasible. Provides relocation assistance for tenants displaced by repairs and maintenance.

Sets eligibility requirements for tenancy in HUD-owned subsidized housing.

Provides criteria for the selection of managers and purchasers of HUD-owned property. Sets forth methods by which such property may be disposed of including: sale at reduced prices to nonprofit cooperatives and other nonprofit organizations, and continued HUD ownership with the possibility of eventual acquisition by a nonprofit cooperative.

Title III: Disposition of HUD-Owned Nonsubsidized Projects - Directs the Secretary to dispose of any HUD-owned nonsubsidized project if at the time of the acquisition by HUD a majority of tenants are persons of low-income or if a majority of units in the project are rented for not more than 80 percent of the fair market rent. States that persons residing in such housing at the time of acquisition by HUD shall be permitted to remain in occupancy following disposition.

Title IV: General Provisions - Defines terms used in this Act.

Directs the Secretary to study the desirability of the establishment by Congress of a body corporate within the Department of HUD to own and manage HUD-owned subsidized Multifamily projects and nonsubsidized projects which are, or may be converted to lower income housing projects.