5 1 Development is authorized and directed through an expansion 2 of the experimental housing allowance program to formulate, 3 initiate, and operate, on a pilot basis, programs of cash assist 4 ance for rental or homeownership expense to determine 5 whether a policy of direct cash assistance can be put into 6 practical operation. 7 "(b) (1) In carrying out his responsibilities under sub8 section (a) of this section, the Secretary shall develop 9 analyses, data, and experience necessary to permit deter10 minations of (A) the attributes and composition of the 11 group eligible to receive Federal assistance in a full-scale 12 national cash assistance program, (B) appropriate methods 13 for staging the implementation of a cash assistance program, 14 (C) the definition of safe and sanitary housing, (D) the 15 cost of obtaining safe and sanitary housing in the various 16 housing market areas of the country, (E) the amount of 17 contribution that should be required of a family receiving a 18 Federal housing assistance payment toward the cost of the 19 safe and sanitary housing it occupies, and (F) the impact 20 of a cash assistance program tied to housing on the welfare 21 of low- and moderate-income families. 66 22 (2) In addition the Secretary shall develop necessary 23 administrative arrangements for a cash assistance program 24 and shall determine the effect that implementation of a hous25 ing assistance program, serving groups of varying sizes, 6 1 attributes, and percentages of households in a housing market 2 3 4 area would have on the cost of housing in housing markets with varying vacancy rates, and in stimulating the avail ability of additional safe and sanitary housing units of the 5 housing stock. 6 7 "(c) The Secretary shall report his findings to the Congress not later than eighteen months after the date of enactment of the Housing Act of 1973 and shall include with his 9 report any proposed legislation that may be appropriate. 8 10 66 "(d) The Secretary (subject to limitations contained in 11 appropriations Acts) may enter into contracts or agreements 12 under which he will make payments to or on behalf of par13 ticipating families pursuant to cash assistance programs 14 authorized by this section. He may also contract with public or private agencies for performance of administrative func16 tions in connection with such programs. 15 17 "(e) There are hereby authorized to be appropriated 18 such sums as may be necessary for carrying out this section, 19 including the making of payments under contracts authorized 20 by subsection (d)." 21 USE OF FUNDS FROM UNITED STATES HOUSING ACT OF 1937 SEC. 105. Notwithstanding any other provision of law, 24 to further the purposes of this title and to more fully im 25 plement the provisions of title V of the Housing and Urban 7 1 Development Act of 1970, the Secretary, out of funds appro2 priated pursuant to section 5 of the United States Housing 3 Act of 1937, is authorized to contract for and to make 4 payments of cash assistance for rental or homeownership 5 expense to, or on behalf of, such number of individuals and 6 families as the Secretary determines are necessary to enable 7 him to make the findings and recommendations required by 8 section 504 (c) of the Housing and Urban Development 9 Act of 1970 as amended by section 104 of this Act. 10 TITLE II-MORTGAGE CREDIT ASSISTANCE 11 REVISION AND SIMPLIFICATION OF MORTGAGE CREDIT 12 23 13 AUTHORITIES SEC. 201. The provisions of this section which follow 14 will be effective as provided in section 202 and may be 15 cited as the "Revised National Housing Act”. 20 "REVISED NATIONAL HOUSING ACT "TITLE I-GENERAL AUTHORITY "DEFINITIONS "SEC. 101. As used in this Act "(a) The term 'first mortgage' means such classes of 21 first liens as are commonly given to secure advances on, 22 or the unpaid purchase price of, real estate, under the laws 23 of the State in which the real estate is located, together with 24 the credit instruments, if any, secured thereby. "(b) The term 'mortgage' means a first mortgage on real 1 estate in fee simple, or on a leasehold (1) under a lease for 2 not less than ninety-nine years which is renewable or 3 (2) under a lease having a period of not less than fifty years 4 to run from the date the mortgage was executed. 5 “(c) The term 'mortgage' includes the original lender 6 under a mortgage, and its successors and assigns approved 7 by the Secretary. 8 "(d) The term 'mortgagor' includes the original bor9 rower under a mortgage, and its successors and assigns. 10 "(e) The term 'home mortgage' means a mortgage in 11 volving a one- to four-family residence or a one-family unit 12 in a condominium. 13 "(f) The term 'project mortgage' means a mortgage 14 involving multifamily housing, a land development proj15 ect, or a health facility. 16 "(g) The term 'loan' means a loan the security for 17 which is acceptable to the Secretary but does not neces18 sarily involve a mortgage. 19 "(h) The term 'lender' includes the original lender 20 under a loan and its successors and assigns approved by the 21 Secretary. 222 23 "(i) The term 'borrower' includes the original bor rower under a loan and its successors and assigns. 66 24 "(j) The term 'maturity date' means the date on 25 which the mortgage indebtedness would be extinguished 9 1 if paid in accordance with the payments provided for in the 2 mortgage. 3 “(k) The term 'condominium' means a multiunit 4 housing project which is subject to a plan of family unit 5 ownership acceptable to the Secretary under which each 6 dwelling unit is individually owned and each such owner 7 holds an undivided interest in the common areas and facilities 8 which serve the project. 9 "(1) The term 'experimental property' means property 10 which involves the utilization and testing of advanced tech11 nology in property design, materials, or construction, or 12 experimental property standards for neighborhood design, 13 which will provide data or experience which the Secretary 14 deems to be significant in reducing building costs or improv15 ing building standards, quality, livability, or durability, or 16 improving neighborhood design. 17 "(m) The term 'experimental financing' means financ18 ing involving the use, on an experimental basis, of financing 19 instruments which are not otherwise authorized or acceptable 20 under this Act (including instruments which are not mort21 gages or which involve amortization, interest, or related 22 terms and conditions which do not conform to the require23 ments of this Act) but which the Secretary determines (1) 24 may have value in expanding housing opportunities or meet |