National Cooperative Housing Act

[AI summary unavailable — showing source text] National Cooperative Housing Act - Declares that it is the policy of the United States and the purpose of this Act to establish a National Bank for Cooperative Housing in order to provide assurances to private and public housing developers that a continual supply of public funds is being and will be made available, at reasonably level rates during periods of high as well as low interest to encourage the building of low- and middle-income cooperative housing. Defines the terms used in the Act. Creates a body corporate to be known as the National Bank for Cooperative Housing. Provides that loans may not be made by the Bank unless the borrower is unable to obtain funds on reasonable terms from other sources. Vests the management of the Bank in a Board of Directors consisting of the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Housing and Urban Development, the Secretary of Labor, and ten other persons who shall be appointed by the President with the advice and consent of the Senate. Provides that of the ten persons so appointed, one shall be an elected or an appointed official of a State government, and one shall be an elected or appointed official of a local…