Home Purchase Assistance Act
Latest action. Referred to House Committee on Banking and Currency.
Home Purchase Assistance Act - Requires that whenever the Secretary of Housing and Urban Development determines that a substantial number of families are unable to obtain mortgage credit at reasonable rates due to high interest rates or reduced availability of mortgage credit and that the inability to obtain such credit is causing or threatening to cause a significant reduction in the volume of home construction or acquisition and thereby adversely to affect the economy and to delay the orderly achievement of the national housing goals contained in title XVI of the Housing and Urban Development Act of 1968, the Secretary shall direct the Government National Mortgage Association to begin making commitments to purchase and to purchase mortgages in accordance with the provisions of this Act. Establishes within the Association a Housing Trust Fund which shall be used to carry out such purposes. Provides that mortgages may be purchased under this Act only if: (1) such mortgage was executed to finance the acquisition of the principal residence of the mortgagor; and (2) such mortgage involves the acquisition or construction of a residential dwelling at a cost which does not exceed $30,000 (or such greater amount, but not to exceed $45,000 as may be necessary to meet the need for mortgage credit in high cost areas). States that the Association shall not permit the aggregate outstanding amount of mortgages held by the fund under this section to increase by more than $10,000,000,000 in any single fiscal year. Requires that 50 percent of the aggregate principal amount of home mortgages purchased under this Act in any fiscal year shall involve residences upon which construction has been completed within twelve months preceding the date of purchase.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on October 10, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 10, 1974: Referred to House Committee on Banking and Currency.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
DONALD FRASER (D-MN) introduced it on October 10, 1974. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 10, 1974, 18963 days ago. The most recent recorded action was 18963 days ago, on October 10, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers