A bill to authorize interest subsidy payments to assist nursing homes in repair and renovation in order to comply with Federal standards.

[AI summary unavailable — showing source text] Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to make interest reduction payments with respect to a mortgage covering repair or rehabilitation of a nursing home in order to correct physical deficiencies and comply with Federal minimum standards. States that in order to be eligible for such payments the Secretary of the Department of Health, Education, and Welfare or his designee must certify that the nursing home is in substantial compliance with Federal and State standards except for those deficiencies the sponsor seeks to correct with such payments.…