A bill to provide low-interest construction and mortgage loans for low-and medium-priced residential housing where members banks of the Federal Reserve System wish to be paid interest on their funds on reserve in exchange for furnishing said low-interest loans, and to permit non-member banks, savings and loan associations and certain other financial institutions to participate by offering deferred-interest loans by amending the Federal Reserve Act.

[AI summary unavailable — showing source text] Amends the Federal Reserve Act to provide low-interest construction and mortgage loans for low- and medium-priced housing by permitting member banks of the Federal Reserve System to elect to be paid interest on their funds on reserve in exchange for furnishing such loans. Permits nonmember banks, savings and loan associations, and other financial institutions to offer deferred-interest loans for low- and medium-priced housing.…