Housing and Community Development Amendments of 1982

Housing and Community Development Amendments of 1982 - Title I: Community and Neighborhood Development and Conservation - Amends the Housing and Community Development Act of 1974 to limit the amount of commitments to guarantee notes and other obligations which the Secretary of Housing and Urban Development may enter into with respect to community development loan guarantees in FY 1983.

Amends the Housing Act of 1964 to authorize appropriations for rehabilitation loans and to limit the amount of commitments to make such loans for FY 1983. Requires that at least 60 percent of the funds available for rehabilitation loans after FY 1982 be used for loans for one- to four-family dwellings.

Amends the Neighborhood Reinvestment Cooperation Act to authorize appropriations for the Corporation for FY 1983.

Title II: Assisted Housing - Amends the United States Housing Act of 1937 to: (1) increase, on October 1, 1982, the maximum amount of annual contributions which the Secretary may make to public housing agencies for low-income housing projects; (2) limit the amount which may be obligated over the duration of contribution contracts with respect to additional authority provided after October 1, 1982; and (3) provide a new formula for allocating such additional authority for low-income housing assistance. Permits a public housing agency to use authority allocated for assistance to owners of low-income multifamily projects and improvement assistance for existing public housing projects to pay for the operation of such projects. Authorizes appropriations for such operating assistance for FY 1983.

Directs the Secretary to consider the effects of interest rates (up to 14 percent) on development costs when determining the initial maximum monthly rent for units of a low-income multifamily housing project.

Declares that any upward revision of amounts appropriated for operating assistance for public housing projects shall be considered to be a rulemaking activity.

Amends the Housing and Community Development Amendments of 1978 to authorize FY 1983 appropriations for operating assistance for troubled multifamily housing projects. Amends the National Housing Act to prohibit payment of such assistance after FY 1983.

Amends the Housing Act of 1959 to increase on October 1, 1982, the aggregate amount of obligations the Secretary may issue to the Secretary of the Treasury to finance loans for housing facilities for elderly or handicapped families. Limits: (1) the interest rate payable on such obligations; and (2) the lending authority of the Secretary for FY 1983.

Amends the Federal National Mortgage Association Charter Act to increase on October 1, 1982, the total amount of home mortgages the Government National Mortgage Association (GNMA) may purchase and to limit the aggregate principal amount of mortgages that the GNMA may enter into commitments to purchase during FY 1983.

Title III: Housing Production Programs - Part A: One- to Four-Family Housing Production Program - Amends the National Housing Act to provide the Secretary, on October 1, 1982, authority to enter into contracts to provide payments to assist low-income families in acquiring home ownership or membership in a cooperative housing project. (Currently, the Secretary is prohibited from entering into new contracts after March 31, 1982.)

Allows the Secretary to insure the mortgages of up to 50 percent of the homes in a subdivision if the owners of such homes receive assistance under the emergency housing market stimulation program. Activates such program which authorizes the Secretary to insure mortgages and enter into contracts to provide assistance payments on behalf of mortgagors having a family income of up to 130 percent of the area median income in order to reduce their mortgage payments to 25 percent of their income or to reduce their mortgage interest rates to nine and one-half percent. Limits: (1) the aggregate amount of assistance payable under such contracts; and (2) the duration of assistance to any mortgagor to ten years. Provides that any recaptured assistance shall be deposited into a fund which shall be used to make continued assistance payments to mortgagors who are unable to make full mortgage payments after receiving assistance for ten years.

Part B: Multifamily Housing Production Program - Rental Housing Production and Rehabilitation Act of 1982 - Directs the Secretary to provide financial assistance to State and local governments to be used to stimulate the construction and rehabilitation of multifamily rental housing projects and cooperative housing projects in areas experiencing a severe shortage of rental housing for persons without other reasonable and affordable housing alternatives in the private market. Directs State and local governments which receive such assistance to provide such projects capital grants, loans, interest reduction payments, grants for the purchase of land, and other types of assistance designed to reduce project debt service cost.

Sets forth area eligibility criteria, project selection criteria, and guidelines for allocating assistance. Requires the amount of assistance provided to a project to be the least amount necessary to provide decent and affordable rental or cooperative housing of modest design.

Requires the owner of an assisted project to agree that for the first 15 years of the project: (1) 20 percent of the project units will be available for families whose income does not exceed 80 percent of the median area income; (2) savings resulting from reduced debt service payments for assistance will be passed on to the tenants; (3) prospective tenants will not be discriminated against on the basis of their eligibility for Federal housing assistance; and (4) units will not be converted to condominium ownership. Directs the Secretary to require an owner who violates any such agreement to repay all assistance plus interest.

Declares that mortgages for such projects are insurable under the National Housing Act. Requires rent charges for project units to be approved by the Secretary. Limits such charges to 30 percent of a tenant's adjusted income.

Requires that contracts for such assistance contain a provision requiring the payment of prevailing wages to workers employed in the development and operation of the project involved.

Authorizes appropriations for such assistance for FY 1983.

Title IV: Rural Housing - Amends the Housing Act of 1949 to authorize appropriations for FY 1983 to the Secretary of Agriculture: (1) to insure and guarantee loans for rural housing, with certain restrictions; (2) to make loans and grants for improvements of rural housing; (3) to provide financal assistance for the provision of low-rent housing for domestic farm labor; (4) to make grants or contracts for the development of programs to assist low-income persons in benefiting from housing programs in rural areas; (5) for programs of mutual and self-help in rural areas; and (6) for the Self-Help Housing Land Development Fund.

Extends the authority of the Secretary of Agriculture to: (1) insure loans to provide rental housing for persons of moderate income; (2) insure loans for housing and buildings on adequate farms; and (3) make assistance payments to owners of low-income rental housing projects, with a specified amount of FY 1983 assistance earmarked for domestic farm labor and elderly or handicapped persons who are tenants of newly constructed or substantially rehabilitated housing. Eliminates use of the Rural Housing Fund for specified rural housing programs.

Revises the maximum rental charge for certain assisted rural housing to the highest of: (1) 30 percent of the family's monthly adjusted income; (2) ten percent of the family's monthly income; or (3) the portion of the family's welfare payment designated for housing costs.

Provides that interest credits for low- or moderate-income persons who receive rural housing mortgage loans may not exceed the lesser of: (1) the person's mortgage payments after applying 20 percent of his or her adjusted income; or (2) the person's mortgage payments exceeding what those payments would be if the mortgage were to bear one percent interest.

Directs the Secretary of Agriculture, when determining whether to provide housing assistance to domestic farm laborers in an area, to consider the housing needs for only those persons.

Title V: Program Amendments and Extensions - Amends the National Housing Act to extend the authority of the Secretary to insure loans for mortgages and home improvement, to make assistance payments for emergency stimulation of the housing market, and to establish the maximum interest rates for certain mortgage insurance programs.

Amends the Emergency Home Purchase Assistance Act of 1974 to extend the authority of the Secretary to direct the Government National Mortgage Association to purchase mortgages and securities.

Amends the Housing and Urban Development Act of 1970 to authorize appropriations for research for the Department of Housing and Urban Development in fiscal year 1982.

Amends the National Housing Act to increase the amount of funds authorized to be appropriated to cover losses sustained by the General Insurance Fund.

Amends the Federal National Mortgage Association Charter Act to extend the authority of the GNMA to guarantee mortgage-backed securities issued by the Federal National Mortgage Association (FNMA).

Amends the Energy Conservation in Existing Buildings Act of 1976 to earmark for the weatherization program for FY 1983 a specified amount of the funds authorized to be appropriated for energy conservation under the Omnibus Budget Reconciliation Act of 1981.

Amends the National Flood Insurance Act of 1968 to extend the national flood insurance program until September 30, 1983, and to authorize appropriations for various insurance studies during FY 1983.

Amends the National Housing Act to extend the Secretary's authority: (1) to carry out the Federal riot insurance program and the Federal crime insurance program until September 30, 1983; and (2) to continue riot and crime insurance policies written prior to such date until September 30, 1986. Limits the appropriations authorized for such programs for FY 1982.

Amends the Housing and Urban Development Act of 1968 to limit the appropriations authorized for FY 1983 for counseling and technical assistance programs for low- and moderate-income families with respect to housing.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to require the limitation on the maximum principal obligation of a conventional mortgage in which the FNMA or the Federal Home Loan Mortgage Corporation may purchase a participating interest to be calculated without regard to the interest purchased by either such corporation. Authorizes such corporations to purchase conventional mortgages secured by a second lien against an owner-occupied residence. Specifies limitations on the maximum principal obligation of such mortgages.

Title VI: Emergency Mortgage Relief - Amends the Emergency Housing Act of 1975 to rewrite such act as the Homeowners' Emergency Relief Act.

Directs the Secretary to make emergency mortgage relief payments to mortgagees on behalf of certain delinquent mortgagors when, for three consecutive months, the amount of delinquent mortgage loans exceeds a specified percentage of the amount of all loans accounted for in the mortgage delinquency series maintained by the Federal Home Loan Bank Board. Provides for the discontinuation and reinstitution of such assistance program depending on such deliquency rate condition.

Lists the conditions for assistance eligibility, which include requirements that: (1) the mortgage is not federally insured under the National Housing Act; (2) the mortgagor has suffered a substantial reduction in income as a result of circumstances beyond the mortgagor's control which render the mortgagor unable to make full mortgage payments; and (3) the Secretary has determined that assistance is necessary to avoid foreclosure and that it is likely that the mortgagor will be able to resume full mortgage payments within 24 months, commence repaying such assistance at a designated time, and pay the mortgage in full by its maturity date.

Limits: (1) the amount of mortgage assistance payments to an amount necessary to supplement the amount the mortgagor is capable of contributing; and (2) the length of such payments to 12 months plus any period of default, with a 12-month extension authorized. Directs the Secretary to establish procedures for the periodic review of the mortgagor's financial circumstances to determine whether such payments should be terminated or adjusted.

Declares that all assistance payments shall be secured by a lien on the property and repayable on terms prescribed by the Secretary. Sets forth the authority of the Secretary to recapture such assistance.

States that a previously assisted morgagor shall be eligible for renewed assistance only if such mortgagor has made full mortgage payments for at least 12 months after the previous assistance was terminated.

Limits the aggregate amount of assistance the Secretary is authorized to provide over the duration of assistance contracts. Prohibits the Secretary from entering such contracts after September 30, 1983.

Requires the Secretary and specified agencies to waive or relax limitation pertaining to the operations of certain mortgagees and financial institutions with respect to mortgage delinquencies in order to encourage forebearance in residential mortgage loan foreclosure.

Requires the Secretary to report to Congress every 60 days prior to October 1, 1983, on: (1) the rate of delinqencies and foreclosures in various housing markets; (2) the prospects of voluntary forebearance by mortgagees in such areas; (3) Government actions to encourage such forebearance and to provide assistance under this title; and (4) the default status of mortgages on multifamily properties with recommendations on caring and avoiding such defaults.

Directs the Secretary to study and report on the use of alternative mortgage delinquency series under this title.