A bill to stimulate the production and sale of housing.

Amends the National Housing Act to activate the emergency housing market stimulation program by directing the Secretary of Housing and Urban Development to make periodic assistance payments to mortgagees and other lenders on behalf of families having incomes of up to 130 percent of the area median income.

Extends to September 30, 1983, the authority of the Secretary to enter into contracts to provide such assistance. Provides a specified amount of additional contract authority.

Revises the amount of such assistance payments to the lesser of: (1) the mortgage payment remaining after applying 30 percent (currently 25 percent) of the mortgagor's income; or (2) the difference between the monthly payment of a Federal Housing Administration (FHA) mortgage and the amount the payment would be if the rate of interest on such mortgage were four percent less (currently nine and one-half percent for standard homes and 12 percent for manufactured homes).

Revises the conditions of eligibility for insurance and assistance under such program to: (1) provide for eligibility for condominium units; and (2) limit the sales price of an eligible mortgage to 100 percent (currently 82 percent) of the maximum amount of a mortgage eligible for FHA insurance in that area.

Requires the Secretary to allocate such assistance on the basis of the population, the decline in the number of housing starts, and the unemployment rate of each State relative to all States.

Limits the duration of assistance payments to a mortgagor to five years. Creates a fund into which the Secretary shall deposit recaptured assistance and from which the Secretary shall provide additional assistance to any mortgagor unable to assume full mortgage payments after receiving assistance for five years.

Requires the Secretary to make 30 percent of such assistance available for existing housing.