National Mutual Housing Corporation Act

National Mutual Housing Corporation Act - Establishes a National Mutual Housing Corporation to assist and encourage the development of mutual housing associations. Defines such associations as private, nonprofit corporations which: (1) develop and manage multifamily housing projects for low and moderate income people; (2) offer the units in such projects to people who are members or stockholders in the association; and (3) share the responsibility of setting management policy for such projects with the residents.

Exempts the Corporation from all Federal, State, and local taxes except real property taxes.

Directs the President to appoint a Board of Directors for the Corporation which shall include the Chairman of the Board of Directors of the National Consumer Cooperative Bank, the Secretary of Housing and Urban Development, the Administrator of the National Credit Union Administration and representatives of mutual housing associations, the general public, credit unions, the consumer cooperative movement, the housing industry, and financial institutions.

Sets forth the terms of office, duties, and compensation of the Board of Directors, the executive officer of the Corporation, and such other officers and employees as the Board shall appoint.

Directs the Corporation to encourage and assist the development of mutual housing associations by conducting studies, providing technical assistance, making planning grants, assisting associations in applying for aid from Federal agencies, and recommending legislation to the Congress.

Enumerates the powers of the Corporation. Requires the Corporation to publish an annual report which shall be submitted to the President and the Congress. Requires each grantee or contractor of the Corporation to provide for an annual financial audit. Authorizes the Comptroller General to conduct such audits if Federal funds are used to finance the Corporation's grants or contracts.

Authorizes appropriations of such sums as may be necessary to carry out the purposes of this Act.