A bill to authorize the Secretary of Housing and Urban Development to provide loans to very low-income families to permit such families to purchase single-family dwellings owned by the Department of Housing and Urban Development.
Homeownership Opportunity Act of 1985 - Authorizes the Secretary of Housing and Urban Development to provide loans to very low-income families to permit such families to purchase single-family homes owned by the Department of Housing and Urban Development.
Limits program participation to first-time owners. Limits home purchase amounts.
Requires a downpayment of the lesser of $500 or two-percent.
Requires the Secretary to provide interest and non-interest bearing loans as provided for by this Act.
Establishes the Homeownership Opportunity Fund in the Treasury.
Authorizes appropriations.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Housing and Community Development.
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