A bill to amend the Housing Act of 1949 to make discretionary the power of the Secretary of Agriculture to provide interest credit subsidy to low and moderate income borrowers, and for other purposes.

Amends the Housing Act of 1949 to authorize rather than require the Secretary of Agriculture to furnish interest credits on certain loans to provide housing aid or farm improvements for elderly, handicapped, or low- and moderate-income persons and families in rural areas.

Repeals a requirement that a certain percentage of such loans be provided to low-income persons or families.