Emergency Housing Act

[AI summary unavailable — showing source text] Emergency Housing Act - Title I: Amendments to the Emergency Home Purchase Assistance Act - Activates the program to purchase mortgages whenever the Director of the Census determines that the four-month moving average annual rate of private housing starts is less than 1,600,000. Revises the maximum annual rate of interest on a mortgage which the Federal National Mortgage Association may purchase to the lesser of 8 percent or the rate set by the Secretary applicable to mortgages insured under the National Housing Act. Prohibits the purchase of any such mortgage by the association unless accompanied by a certification that no points in excess of 1 percent will be assessed against the prospective buyer. Authorizes the Association to deal in mortgages which cover more than four-family residences, or a single-family unit in a condominium. Title II: Emergency Middle-Income Housing - Authorizes the Secretary of Housing and Urban Development to assist middle-income families who purchase homes by making periodic interest reduction payments and by making home purchase incentive payments. Requires any family assisted under this Act to pay a specified amount of assistance back to the Secretary…