Home Purchase Assistance Act

[AI summary unavailable — showing source text] House Purchase Assistance Act - Declares the finding of the Congress that: (1) in many parts of the Nation, residential mortgage credit is or is likely soon to become prohibitively expensive or unavailable at any price; (2) the unavailability of mortgage credit severely restricts housing production, causes hardship for those who wish to purchase or sell existing housing, and delays the achievement of the national goal of a decent home for every American family; and (3) there is an urgent need to provide an alternate source of residential mortgage credit on an emergency basis. Provides that whenever the Secretary of Housing and Urban Development determines that a substantial number of families are unable to obtain mortgage credit at reasonable rates due to high interest rates or reduced availability of mortgage credit and that the inability to obtain such credit is causing or threatening to cause a substantial reduction in the volume of home construction or acquisition and is delaying the orderly achievement of the national housing goals contained in title XVI of the Housing and Urban Development Act of 1968 the Secretary shall institute steps to provide for the purchase of mortgage…