A bill to authorize expenditures to correct or compensate for substantial defects in Federal Housing Administration mortgaged homes.

[AI summary unavailable — showing source text] Authorizes the Secretary of Housing and Urban Development to make expenditures to correct, or to compensate the owner for, structural or other defects which seriously affect the use and livability of any single-family dwelling which is covered by mortgage insurance under the National Housing Act if the defect is one that existed on the date of the mortgage commitment and is one that proper inspection could reasonably be expected to disclose. Provides that the owner must request assistance from the Secretary within certain periods of time set forth in this Act after the date of enactment of the Housing and Urban Development Act of 1972. States that the Secretary may require from the seller of any such dwelling an agreement to reimburse him for any payments made pursuant to this Act with respect to such dwelling.…