A bill to amend section 521 of the Housing Act of 1949.

Amends the Housing Act of 1949 to authorize the Secretary of Housing and Urban Development to extend financial assistance to any owner of a low-income, multifamily housing project, removing the existing limitation which makes only public or nonprofit owners eligible for such assistance. Stipulates that only public or nonprofit owners may finance 100 percent of the units in such a project with insured loans made available under the domestic farm labor housing program.