Housing Act

[AI summary unavailable — showing source text] Housing Act - Title I: Amendments to Provide Additional Relief To Owners and Tenants of Multifamily Projects and to Insure Fiscal Responsibility in Their Management - Provides financial relief for subsidized multifamily projects including: (1) additional monthly assistance payments to project owners for operating expenses; (2) payments to owners of subsidized multifamily projects under section eight of the United States Housing Act of 1937; (3) mortgage interest reduction payments to a mortgagee on behalf of a project owner who has obtained a supplemental loan for his multifamily project which is insured under the National Housing Act; and (4) deferment or extension of mortgage payments by a project owner. Reduces rent for very low-income persons who are tenants of subsidized multifamily projects by authorizing the Secretary of Housing and Urban Development to make annual payments to owners of projects subsidized under the Housing and Urban Development Act of 1965. Sets forth procedures for rent increases in multifamily projects and relating to the rights of tenants in such projects. Title II: HUD Ownership and Disposition of Subsidized Multifamily Rental Housing Projects - Directs…