Summary: H.R.6920 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.6920. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/13/1975)

National Cooperative Housing Act - Declares that it is the policy of the United States and the purpose of this Act to establish a National Bank for Cooperative Housing in order to provide assurances to private and public housing developers that a continual supply of public funds is being and will be made available at reasonably level rates during periods of high as well as low interest to encourage the building of low- and middle- income cooperative housing.

Defines the terms used in the Act.

Creates a body corporate to be known as the National Bank for Cooperative Housing. Provides that loans may not be made by the Bank unless the borrower is unable to obtain funds on reasonable terms from other sources. Vests the management of the Bank in a Board of Directors consisting of the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Housing and Urban Development, the Secretary of Labor, and ten other persons who shall be appointed by the President with the advice and consent of the Senate. Provides that of the ten persons so appointed, one shall be an elected or an appointed official of a State government, and one shall be an elected or appointed official of a local government. Requires all of the other persons so appointed to be from the private sector. Provides for the appointment of officers and employees of the Bank.

Provides that no director, officer, attorney, agent, or employee of the Bank shall in any manner, directly or indirectly, participate in the deliberations upon or the determination of any question affecting his personal interests, or the interests of any corporation, partnership, or association in which he is directly or indirectly personally interested. Provides that the Bank shall not engage in political activities nor provide financing for or assist in any manner any project or facility involving political parties, nor shall the directors, officers, employees, or agents of the Bank in any way use their connection with the Bank for the purpose of influencing the outcome of any election.

Provides for a capital stock of $1,000,000,000 for the Bank. Provides for the purchase of Bank stock by the Treasury of the United States. Provides for the borrowing authority of the Bank.

Declares that it shall be the function of the Bank to make and guarantee loans for the purchase or construction of low- and middle-income cooperative housing.

Allows the Bank to make direct loans: (1) to State and local governments, public agencies, nonprofit private organizations, corporations, companies, partnerships, and individuals for the purchase of low- and middle-income cooperative housing constructed after 1959; and (2) to developers, contractors, subcontractors, and other persons to finance the construction of low- and middle-income cooperative housing.

Requires that the financial transactions of the Bank be audited by the General Accounting Office.

Authorizes the appropriation of $1,000,000,000 for subscription to the capital stock of the Bank. Authorizes payments of $125 a day to members of the Board of Directors of the Bank for each day they are engaged in the performance of duties under this Act.

Provides that no person in the United States shall on the ground of sex be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal assistance under this Act.