Emergency Homeowners' Relief Act

[AI summary unavailable — showing source text] Emergency Homeowners' Relief Act - Authorizes the Secretary of Housing and Urban Development to make repayable emergency mortgage relief payments on behalf of homeowners who are delinquent in their mortgage payments in cases where the mortgagor has incurred a substantial reduction in income due to adverse economic conditions. States that the payments made under this Act shall be repayable at not more than 8 percent interest. Authorizes to be appropriated for the purpose of this Act up to $500,000,000. Provides that mortgage relief payments shall not be made after July 1, 1976. Directs the Secretary to report every 60 days to the Congress with respect to the delinquencies and forclosures in the housing market areas of the country and government action with respect thereto.…