National Mutual Housing Corporation Act

[AI summary unavailable — showing source text] National Mutual Housing Corporation Act - Establishes a National Mutual Housing Corporation to assist and encourage the development of mutual housing associations. Defines such associations as private, nonprofit corporations which: (1) develop and manage multifamily housing projects for low and moderate income people; (2) offer the units in such projects to people who are members or stockholders in the association; and (3) share the responsibility of setting management policy for such projects with the residents. Exempts the Corporation from all Federal, State, and local taxes except real property taxes. Directs the President to appoint a Board of Directors for the Corporation which shall include the Chairman of the Board of Directors of the National Consumer Cooperative Bank, the Secretary of Housing and Urban Development, the Administrator of the National Credit Union Administration and representatives of mutual housing associations, the general public, credit unions, the consumer cooperative movement, the housing industry, and financial institutions. Sets forth the terms of office, duties, and compensation of the Board of Directors, the executive officer of the Corporation, and …