Housing and Community Development Act of 1974

[AI summary unavailable — showing source text] Housing and Community Development Act - Chapter I: Housing Loan Insurance and Mortgage Credit Assistance Title I: General Authority - Revised National Housing Act - Provides for the consolidation and revision of laws relating to housing loan insurance and mortgage credit assistance. Sets forth the definitions of terms used in this Act. Provides that to be eligible for insurance under this Act: (1) a mortgate or loan shall be made and held by a mortgagee or lender approved by the Secretary of Housing and Urban Development; and (2) the mortgage transaction shall be determined by the Secretary to be an insurable risk, with specified exceptions. Empowers the Secretary with general insurance authority to adjust mortgage and interest rate ceilings. Authorizes the Secretary to provide compensation for structural defects in mortgaged homes. Requires specified water and sewer facilities to use technically suitable structural materials prior to mortgage insurance or guarantee approval under this Act. Allocates sums appropriated for home ownership assistance payments and multifamily rental assistance payments, including 75 percent to metropolitan areas. Provides for the development of experim…