A bill to extend and modify provisions relating to Federal expenditures to correct or compensate for structural defects present in hams purchased with federally insured mortgages.

[AI summary unavailable — showing source text] Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to make expenditures: (1) to correct structural defects of any property improved by a one to four-family dwelling which was approved for mortgage insurance prior to construction; (2) to pay the claims of the owner of the property arising from such defects; or (3) acquiring title of such property. Extends by four months the deadline for application for relief under such program. Extends by four months the authorization of the Secretary to make expenditures to correct, or to reimburse the owner for the correction of structural defects which so seriously affect use and livability as to create a serious danger to the life or safety of inhabitants of any one, two, three, or four-family dwelling which is located in an older, declining urban area and is covered by any specified federally insured mortgage. Sets prerequisites for application for such assistance. Provides that expenditures for reimbursement pursuant to this program shall be the obligation of the Special Risk Insurance Fund. Sets forth a permanent program covering all Federal Housing Administration insured housing which is in existence…