National Nehemiah Housing Opportunity Act

National Nehemiah Housing Opportunity Act - Authorizes the Secretary of Housing and Urban Development (HUD) to provide grants to nonprofit organizations to: (1) carry out a Nehemiah Housing opportunity program of construction or substantial rehabilitation of homes; and (2) provide interest-free loans to lower-income families for the purchase of such homes.

Sets forth the terms and conditions for assistance for a nonprofit organization's program, including: (1) community and local government approval; (2) submission of a schedule for completion; (3) demonstration of the program's financial feasibility, including the availability of other sources of funds; (4) provisions for the completion of at least 100 homes; and (5) the location of homes in census tracts in which the median family income is not more than 80 percent of the area's median family income. Sets forth the requirements for a family's participation in such program, including: (1) a specified income to mortgage carrying charges ratio; (2) nonownership of a home for the three previous years; and (3) a downpayment of $5,000 or more. Limits to $25,000 the Federal assistance per home.

Sets forth the Secretary's basis for selecting Nehemiah housing opportunity programs for assistance, including: (1) the non-Federal contribution of land and financial and other assistance; (2) the cost-effectiveness of a program; and (3) the location and magnitude of a program such that it has a significant effect on neighborhood development and employment in an area of severe economic blight.

Establishes in the Treasury the Nehemiah Housing Opportunity Fund.

Directs the Secretary of HUD to report annually to Congress on such programs, including recommendations for modifications.

Authorizes appropriations.