Homeownership Opportunity Act of 1985

[AI summary unavailable — showing source text] Homeownership Opportunity Act of 1985 - Authorizes the Secretary of Housing and Urban Development to provide loans to very low-income families to permit such families to purchase single-family homes owned by the Department of Housing and Urban Development. Limits program participation to first-time owners. Limits home purchase amounts. Requires a downpayment of the lesser of $500 or two-percent. Requires the Secretary to provide interest and non-interest bearing loans as provided for by this Act. Establishes the Homeownership Opportunity Fund in the Treasury. Authorizes appropriations.…