Housing Cooperative Financing Association

[AI summary unavailable — showing source text] Housing Cooperative Financing Association - Title I: Housing Cooperative Financing Association - States that it is the policy of the Congress and the purpose of this Act to encourage and assist consumer-oriented groups in their efforts to improve housing conditions through the establishment of nonprofit cooperative corporations to construct, acquire, manage, and maintain housing projects for occupancy by the members of such corporations. Creates a body corporate known as the Housing Cooperative Financing Association, in the Department of Housing and Urban Development, with the authority to make and service loans, issue obligations, and exercise other enumerated powers. Vests the powers and duties of the Association in the Secretary, initially, and management in a board of five directors. States that the Association may issue prefered capital stock in the amount of $5,000,000 and prescribes the procedures for such issuance. States that the Association may issue common capital stock for subscription by eligible cooperatives in an amount not to exceed $50,000,000. Authorizes the Association, with the approval of the Secretary, to issue and have outstanding at any one time bonds and ot…