Homestead Act of 1984

[AI summary unavailable — showing source text] Homestead Act of 1984 - Amends the United States Housing Act of 1937 to establish procedures under which families residing in public housing projects shall be provided with an opportunity to purchase their dwelling units. Requires the formation of a homeownership association composed of families who: (1) are capable of assuming the responsibilities of homeownership; (2) have resided in public housing projects for not less than 24 consecutive months; and (3) have resided in their current dwelling units for at least 12 consecutive months. Requires the Secretary of Housing and Urban Development to provide comprehensive improvement assistance to such projects to ensure that the physical condition, management, and operation of such projects are sufficient to encourage homeownership by resident families. Directs the Secretary and the responsible public housing agency to provide the training and technical and educational assistance necessary to prepare the families and the homeownership association for homeownership. Directs the Secretary to pay to the agency an amount equal to any reduction in the operating expenses of a project realized as a result of providing such assistance. Directs …