Emergency Home Purchase Assistance Authority Amendments of 1979

(Measure passed Senate, amended, roll call #82 (89-5)) Emergency Home Purchase Assistance Authority Amendments of 1980 - Amends the National Housing Act to condition the activation of the emergency home purchase assistance program upon a determination by the Secretary of Housing and Urban Development that implementation of the program will not significantly worsen inflationary conditions. Prohibits the activation of such program until the most recently available four-month moving average annual rate of private housing starts (seasonally adjusted and exclusive of mobile homes), as determined by the Director of the Bureau of the Census, is less than 1,600,000. Terminates such program when the most recently available four-month moving average annual rate of private housing starts is 1,600,000 or more. Authorizes the Secretary to issue directives allowing the Government National Mortgage Association to purchase loans in addition to mortgages under such program. Includes mobile homes among the kind of housing eligible for such program. Increases mortgage limits for more than four family residences to the per unit amounts permitted under the section of such act under which the project mortgage is insured. Limits loans for mobile homes to specified limitations under such act. Authorizes the Secretary to prescribe interest rates on mortgages at a level necessary to meet the objectives of the program. Prescribes that: (1) mortgages executed to finance the acquisition of a one-to-four family residence may not bear interest at a rate lower than three percentage points below the average contract commitment rate for a single family, 30 year conventional mortgage with loan-to-value ratios of 90 percent based on the latest survey of the Federal Home Loan Bank Board; and (2) mortgages executed to finance the acquisition of a more than four-family residence may not bear interest at a rate lower than 4 1/2 percent below such average commitment rate. Increases the sale price for: (1) one-family residences to 90 percent of the average new one family house price in the area; (2) two family residences to 100 percent of such average; (3) three-family residences to 120 percent of such average; and (4) four-family residences to 140 percent of such average. Authorizes the Secretary to purchase mortgages on housing constructed more than one year prior to issuance of the commitment to purchase the mortgage. Increases the mortgage amounts for multifamily dwellings in the case of rental, cooperative, or condominium projects. Prohibits the use of the emergency home purchase program: (1) to finance the conversion of an existing rental housing project into a condominium or cooperative project; or (2) to finance the purchase of an individual unit in a converted cooperative or condominium. Directs the Secretary to make and enter into contracts and to make periodic assistance payments on behalf of homeowners, to mortgagees holding certain mortgages. Authorizes the Secretary to provide for graduated payments for mortgages: (1) for persons buying homes that sell for up to 80 percent of the average new one-family house price in the area, or $60,000, whichever is greater; or (2) which bear interest at rates not to exceed those determined by the Secretary. Sets forth the criteria for determining assistance payments based on the mortgagor's income. Provides for the recertification of the mortgagor's income at intervals of not more than two years for the purpose of adjusting assistance payments. States that assistance payments may be made to a mortgagee only during such time as the mortgagor continues to occupy the property which secures the mortgage. Authorizes the Secretary, upon disposition of the property, to recapture an amount equal to the lesser of the Federal subsidy received or 50 percent of the net appreciation of the property. Authorizes the Secretary to establish income limits for mortgagors based on geographic area, in order to assure that persons of moderate income be served to the maximum extent feasible. Disallows assistance payments to mortgagors whose homes do not meet the all minimum property standards applicable under this Act. Directs the Secretary to allocate funds so as to give preference to areas where housing construction activity is most in need of stimulation. Limits the aggregate amount of contracts entered into under this Act to $135,000,000 annually. Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 (relating to the applicability of the preemption of State usury laws for business and agricultural loans) to allow for the highest interest rate permitted under Federal and State law on floating rate loans made prior to April 1, 1980, or on any renewal, extension or modification made on or after April 1, 1980, with the written consent of the persons obligated to repay the extension of credit.

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Passed Senate amended" stage on April 22, 1980. It describes the bill, it is not the legal text.

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