Emergency Middle Income Housing Act

[AI summary unavailable — showing source text] Emergency Middle-Income Housing Act - Authorizes the Secretary of Housing and Urban Development to reduce interest rates on home mortgages for middle- income families by making, and contracting to make, periodic interest reduction payments, interest rate differential payments and by purchasing below-market-interest-rate mortgages. Defines terms as used in this Act. Provides that the aggregate amount of mortgages assisted under this Act shall not exceed $12,000,000,000. Authorizes the appropriation of such sums as may be necessary to carryout the provisions of this Act. Sets forth the guidelines the Secretary shall follow in allocating such assistance. Specifies that the Secretary shall take steps to encourage the construction or sale of dwelling units which he determines will contribute to the conservation of land and energy resources. Directs that authority to enter into such financial assistance obligations as provided in this Act shall expire June 30, 1976.…