Housing Preservation Alternatives Act

[AI summary unavailable — showing source text] Housing Preservation Alternatives Act - Declares that it is the purpose of this Act to authorize the Secretary of Housing and Urban Development to develop and implement alternative means of encouraging the preservation and rehabilitation of existing housing and neighborhoods. Authorizes the Secretary, under the home improvement loan program of the National Housing Act, to reimburse lenders up to 100 percent of the loss on a defaulted loan under specified circumstances. Authorizes the Secretary, under such Act, to undertake a program to demonstrate the feasibility of making grants or advances in connection with private financing to enable homeowners to finance housing repairs and rehabilitation with private capital. Authorizes the Secretary to insure against its losses a revolving rehabilitation loan fund operated by a State or local government, or an approved nonprofit agency. Authorizes specified appropriations for the programs established by this Act.…