Housing for the Elderly Act

[AI summary unavailable — showing source text] Housing for the Elderly Act - States that it is the purpose of this Act to provide for the needs of lower income elderly for suitable housing and related services and facilities at affordable costs. Authorizes the Secretary of Housing and Urban Development to make loans to any nonprofit corporation, any public body or agency or any limited distribution entity for the provision of rental housing and related facilities to elderly families. States that a loan to a nonprofit corporation or a public body or agency under this Act may be in an amount not to exceed 100 percent of the total development cost of the project involved. Authorizes to be appropriated a sum not to exceed $50,000,000 for the purpose of making such loans. Provides that in order to assist elderly families to rehabilitate homes owned and occupied by them and to provide themselves with decent, safe, and sanitary housing, the Secretary is authorized to provide assistance in the form of loans and grants to elderly families who own and occupy residential property. States that the receipts and disbursements of the Secretary in discharge of his functions under this Act shall not be included in the totals of the budget of th…