Homeowners Loan Corporation Charter Act of 1983

Homeowners Loan Corporation Charter Act of 1983 - Establishes the Homeowners Loan Corporation as an independent Federal agency. Sets forth provisions governing the Board of Directors, general powers, and capital stock of such Corporation.

Authorizes the Corporation to acquire home mortgages facing foreclosure in exchange for obligations and to make cash advances to pay the taxes, assessments, and maintenance expenses of the property involved as well as other incidental expenses of the exchange.

Limits the value of any obligation exchanged for a mortgage to: (1) the Federal Housing Administration (FHA) insurable amount for the home involved; and (2) 80 percent of the appraised value of the home. Requires that each acquired mortgage be carried as a first lien or refinanced as a home mortgage by the Corporation. Limits the amortization period and interest on such acquired mortgages.

Directs the Corporation to set the monthly mortgage payment for an assisted homeowner at an amount that, when combined with the homeowner's monthly housing expense, does not exceed 30 percent of the homeowner's monthly net effective income. Directs the Corporation to establish certain procedures for monitoring the financial circumstances of such homeowners. Allows the Corporation to extend the time for an installment payment or to revise the term of a mortgage upon consideration of a mortgager's circumstances.

Authorizes the Corporation to make loans to homeowners for taxes, assessments, and maintenance expenses if the property involved is not otherwise encumbered, and to make cash advances on behalf of a homeowner to a mortgage holder who refuses to accept Corporation obligations, subject to the same provisions governing interest, amortization, and extensions as are applicable to acquired mortgages.

Authorizes the Corporation to acquire mortgages and make loans and cash advances under this Act in any Federal Home Loan Bank district only when the mortgage delinquency rate for three consecutive months for either such district or the nation exceeds a specified amount. Provides for the termination and reinstitution of such authority based on such mortgage delinquency rate. Directs the Corporation to notify mortgagees in a district when instituting program assistance.

Includes as conditions of eligibility for mortgage acquisition or cash assistance under this Act the requirements that: (1) the mortgage is not federally insured; (2) the homeowner has incurred a substantial reduction in income as a result of a loss of, or reduction in, employment for the homeowner or for any person contributing to the homeowner's income and the homeowner is, therefore, unable to make full mortgage payments; and (3) the acquisition or assistance is necessary to avoid foreclosure.

Sets forth provisions governing the authority of the Corporation to issue obligations to finance the assistance program under this Act. Limits the aggregate principal amount of outstanding obligations to 12 times the Corporation's capital stock of $1,000,000,000. Authorizes the Secretary of the Treasury to purchase such obligations.

Declares that the Corporation shall be exempt from all taxes except State and local real property taxes.

Directs the Corporation to submit annual reports on its activities to the President and Congress.

Authorizes appropriations.