Emergency Home Purchase Assistance Act
Latest action. Referred to House Committee on Banking and Currency.
Emergency Home Purchase Assistance Act - Declares it to be the finding of Congress that residential credit is or is likely to become prohibitively expensive or unavailable, and that this situation causes hardship for those wishing to purchase or sell housing and delays the achievement of the national goal of a decent home for every family. Revises the National Housing Act by granting the Secretary of Housing and Urban Development the authority to direct the Federal National Mortgage Association to purchase specified types of mortgages. Directs the Secretary to exercise such authority when he finds that inflationary conditions and related governmental actions are having a severely disproportionate effect on the housing industry and threaten to seriously affect the economy and delay the achievement of national housing goals. Authorizes the Secretary to make purchases and commitments pursuant to this Act not to exceed $10,000,000,000 outstanding at any one time. Provides that the authority conferred shall become effective on the date of enactment and shall remain in effect for one year. Authorizes financing for the preservation of historic structures under the National Housing Act. Increases the maximum amount for which a Federal Home Loan Bank may accept a mortgage as security for an advance from $40,000 to $55,000. Requires the Council on Wage and Price Stability to report to the President on a quarterly basis with respect to the containment of inflation.
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 11, 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 11, 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?
RICHARD SHOUP (R-MT) introduced it on October 11, 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 11, 1974, 18962 days ago. The most recent recorded action was 18962 days ago, on October 11, 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