H.R.12566 - National Homestead Act93rd Congress (1973-1974)
|Sponsor:||Rep. Holt, Marjorie S. [R-MD-4] (Introduced 02/05/1974)|
|Committees:||House - Banking and Currency|
|Latest Action:||House - 02/05/1974 Referred to House Committee on Banking and Currency. (All Actions)|
This bill has the status Introduced
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Summary: H.R.12566 — 93rd Congress (1973-1974)All Information (Except Text)
Introduced in House (02/05/1974)
National Homestead Act - Directs the Secretary of Housing and Urban Development to compile a catalog of all unoccupied single-family dwellings in urban and other areas within the United States which are owned by him or his Department, and which would be suitable for occupancy and rehabilitation by qualified low and moderate-income families. Requires the Secretary to take such steps as may be necessary to assure that the residents of each community or area in which any such dwelling is located will be fully and currently informed of the existence, nature, and location of such dwellings.
States that an applicant is qualified, for the purposes of participation in the program under this Act with respect to any dwelling, only if he or she: (1) is eighteen years of age or older; (2) is the head of his or her household; (3) is a citizen of the United States; (4) has not previously participated in the program; (5) is not the owner of any other real property; and (6) possesses the financial, technical, and other resources which are necessary to rehabilitate such dwelling.
Requires each applicant to enter into an agreement that, among other things, he or she will reside in the dwelling for a period of at least five years and will during such period rehabilitate and maintain the dwelling so that it satisfies all of the requirements of applicable State and local law. States that the conveyance of any dwelling to an applicant under this Act shall be made on a conditional basis, in return for the payment by such applicant of the aforementioned agreement.
Provides that upon any material failure by the applicant to carry out his or her agreement entered into under this Act the conditional conveyance of title to such applicant shall be revoked. States that after the applicant has resided in the dwelling for the required five-year period and has rehabilitated and maintained it and otherwise complied with the terms of his or her agreement throughout such period, he shall be granted a fee simple title to such property.