National Homestead Act

[AI summary unavailable — showing source text] National Homestead Act - Directs the Secretary of Housing and Urban Development to transfer any real property to local public housing agencies without charge: (1) which is improved by a single-family dwelling; (2) which the Secretary holds title; and (3) which is not occupied. Provides for the establishment of homestead programs to be carried out by such agencies. Directs the Secretary to approve any such program which provides for: (1) the conveyance of residential property by the local public housing agency to qualified applicants on a conditional basis, in return for the payment by the applicant of a nominal fee, not to exceed $100; and (2) an agreement whereby the applicant agrees to occupy such property as a principal residence for a period of not less than three years and to rehabilitate the property as may be necessary to meet the requirements of applicable State and local law. Sets forth the qualifications for applicants in such programs. Requires local public housing agencies to give preference to qualified low and moderate-income applicants. States that after the applicant has occupied such property for the required three-year period and has rehabilitated and maintained i…