1 2 4 ATTAINMENT OF NATIONAL HOUSING GOAL SEC. 103. Title XVI of the Housing and Urban Develop 3 ment Act of 1968 is amended as follows: 4 (1) Section 1601 of such title is amended to read: “The 5 Congress reaffirms the national housing goal, established in 6 the Housing Act of 1949, of the 'realization as soon as feasi7 ble of the goal of a decent home and a suitable living environ8 ment for every American family', and determines that this 9 goal should be achieved in a manner which makes maximum 10 use of the Nation's existing housing stock and relies, to the 11 fullest extent feasible, upon the disciplines and economies of a 12 free housing market". 13 (2) Section 1602 of such title is amended by striking 14 out (A)", to be carried out over a period of ten years (June 15 30, 1968, to June 30, 1978)," and "the elimination of all 16 substandard housing and" before the first numbered para17 graph, (B) "of the ten-year period" in each of numbered 18 paragraphs (1) and (2), and (C) "during the ten-year 19 period" in numbered paragraph (3). 20 (3) Section 1603 of such title is amended by (A) strik21 ing out "through 1979" before the first numbered paragraph 22 and (B) by striking out "of the remaining fiscal years of the 23 ten-year period" in numbered paragraph (2) and inserting 24 in lieu thereof "fiscal year". 1 2 5 EXPANSION OF EXPERIMENTAL PROGRAM SEC. 104. Section 504 of the Housing and Urban De 3 velopment Act of 1970 is amended to read as follows: 4 "SEC. 504. (a) The Secretary of Housing and Urban 5 Development is authorized and directed through an ex6 pansion of the experimental housing allowance program to 7 formulate, initiate, and operate, on a pilot basis, programs of 8 cash assistance for rental or homeownership expense to 9 determine whether a policy of direct cash assistance can 10 be put into practical operation. 11 "(b) (1) In carrying out his responsibilities under 12 subsection (a) of this section, the Secretary shall develop 13 analyses, data, and experience necessary to permit deter14 minations of (A) the attributes and composition of the 15 group eligible to receive Federal assistance in a full-scale 16 national cash assistance program, (B) appropriate methods 17 for staging the implementation of a cash assistance program, 18 (C) the definition of safe and sanitary housing, (D) the 19 cost of obtaining safe and sanitary housing in the various 20 housing market areas of the country, (E) the amount of 21 contribution that should be required of a family receiving 22 a Federal housing assistance payment toward the cost of 23 the safe and sanitary housing it occupies, and (F) the 24 impact of a cash assistance program tied to housing on the 25 welfare of low- and moderate-income families. 66 1 6 '(2) In addition the Secretary shall develop necessary 2 administrative arrangements for a cash assistance program 3 and shall determine the effect that implementation of a hous4 ing assistance program, serving groups of varying sizes, at 6 5 tributes and percentages of households in a housing market area would have on the cost of housing in housing markets 7 with varying vacancy rates, and in stimulating the availability 8 of additional safe and sanitary housing units of the housing 9 stock. 10 "(c) The Secretary shall report his findings to the Congress not later than eighteen months after the date of enact12 ment of the Housing Act of 1973 and shall include in with 13 his report any proposed legislation that may be appropriate. "(d) The Secretary (subject to limitations contained in 14 15 appropriations acts) may enter into contracts or agreements 16 under which he will make payments to or on behalf of par17 ticipating families pursuant to cash assistance programs 18 authorized by this section. He may also contract with public 19 or private agencies for performance of administrative func20 tions in connection with such programs. 21 "(e) There are hereby authorized to be appropriated 22 such sums as may be necessary for carrying out this section, 23 including the making of payments under contracts authorized 24 by subsection (d).". 7 1 USE OF FUNDS FROM UNITED STATES HOUSING ACT OF 3 SEC. 105. Notwithstanding any other provision of law, 4 to further the purposes of this title and to more fully im5 plement the provisions of title V of the Housing and Urban 6 Development Act of 1970, the Secretary, out of funds ap7 propriated pursuant to section 5 of the United States Hous8 ing Act of 1937, is authorized to contract for and to make 9 payments of cash assistance for rental or homeownership 10 expense to, or on behalf of, such number of individuals 11 and families as the Secretary determines are necessary 12 to enable him to make the findings and recommendations 13 required by section 504 (c) of the Housing and Urban 14 Development Act of 1970 as amended by section 104 of 15 this Act. TITLE II-MORTGAGE CREDIT ASSISTANCE REVISION AND SIMPLIFICATION OF MORTGAGE CREDIT 16 17 18 AUTHORITIES 19 SEC. 201. The provisions of this section which follow 20 will be effective as provided in section 202 and may be 21 cited as the "Revised National Housing Act". "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 8 1 first liens as are commonly given to secure advances on, or 2 the unpaid purchase price of, real estate, under the laws of 3 the State in which the real estate is located, together with the 4 credit instruments, if any, secured thereby. 5 "(b) The term 'mortgage' means a first mortgage on 6 real estate in fee simple, or on a leasehold (1) under a lease 7 for not less than ninety-nine years which is renewable or (2) 8 under a lease having a period of not less than fifty years to run from the date the mortgage was executed. 9 10 66 (c) The term 'mortgagee' includes the original lender 11 under a mortgage, and its successors and assigns approved by 12 the Secretary. 13 "(d) The term 'mortgagor' includes the original bor14 rower under a mortgage, and its successors and assigns. 15 "(e) The term 'home mortgage' means a mortgage in16 volving a one- to four-family residence or a one-family unit 17 in a condominium. 18 "(f) The term 'project mortgage' means a mortgage 19 involving multifamily housing, a land development project, or 20 21 a health facility. "(g) The term 'loan' means a loan the security for 22 which is acceptable to the Secretary but does not necessarily 23 involve a mortgage. 24 "(h) The term 'lender' includes the original lender 25 under a loan and its successors and assigns approved by the 26 Secretary. |