A bill to stimulate the production and sale of housing.

[AI summary unavailable — showing source text] Amends the National Housing Act to activate the emergency housing market stimulation program by directing the Secretary of Housing and Urban Development to make periodic assistance payments to mortgagees and other lenders on behalf of families having incomes of up to 130 percent of the area median income. Extends to September 30, 1983, the authority of the Secretary to enter into contracts to provide such assistance. Provides a specified amount of additional contract authority. Revises the amount of such assistance payments to the lesser of: (1) the mortgage payment remaining after applying 30 percent (currently 25 percent) of the mortgagor's income; or (2) the difference between the monthly payment of a Federal Housing Administration (FHA) mortgage and the amount the payment would be if the rate of interest on such mortgage were four percent less (currently nine and one-half percent for standard homes and 12 percent for manufactured homes). Revises the conditions of eligibility for insurance and assistance under such program to: (1) provide for eligibility for condominium units; and (2) limit the sales price of an eligible mortgage to 100 percent (currently 82 percent) of the maxi…