Housing Act

[AI summary unavailable — showing source text] Housing Act - Title I: Direct Cash Assistance - Sets forth the findings of Congress and goals of the Housing and Urban Development Act. Authorizes an expansion of the Experimental Housing Allowance Program to initiate pilot programs of cash assistance for rental or homeownership expense. Authorizes the appropriation of such sums as may be necessary for carrying out this purpose. Permits the use of funds from the United States Housing Act of 1937 for making cash assistance payments for rental or home ownership expense. Title II: Mortgage Credit Assistance - Revised Housing Act - Sets forth the definitions of terms used in this Act. Requires that an insured mortgage be made by, and held by, a mortgagee approved by the Secretary of Housing and Urban Development as responsible and able to service the mortgage property. Provides that prior to July 1, 1977, the Secretary would be permitted to insure as a special risk a transaction involving experimental financing. Directs the Secretary to prescribe, with respect to specified mortgages, limitations as to the ratio between the principal amount of eligible mortgages or loans and the value, cost, or replacement cost of the properties. Provid…