Summary: S.2178 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for S.2178. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (12/20/1979)

Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to direct the Federal National Mortgage Association, when specified economic conditions exist, to make commitments to purchase, and to purchase mortgages to promote the construction of multifamily rental housing.

Eliminates the requirement that such a mortgage purchase involve an original principal obligation not to exceed a specified dollar amount limitation.

Stipulates that, in the case of a one-to four-family dwelling, such mortgage may be purchased only if it involves a principal residence the sales price of which does not exceed 120 percent of the appropriate mortgage dollar amount limitation set forth in such Act, except that the Secretary may increase any such dollar amount limitation by an amount not to exceed 25 percent in any geographical area where he finds that cost levels require such action.