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7345209
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Signing of S. 3295 - Housing Authorization Act of 1976 [Bill]
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1
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id
7345209
sourceUrl
contentType
document
title
Signing of S. 3295 - Housing Authorization Act of 1976 [Bill]
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collections
White House Press Releases (Ford Administration)
Press Releases
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U.S. Senate. (03/04/1789 - )
Legislation
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7345209
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4
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1976-08-04
month
8
year
1976
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nara-archive
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1
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b9c1699221add78e
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Digitized from Box 29 of the White House Press Releases at the Gerald R. Ford Presidential Library
August 4, 1976
Office of the White House Press Secretary
NOTICE TO THE PRESS
The President has signed S. 3295 - Housing Authorization Act of 1976.
This bill extends HUD program authorities through fiscal year 1977; modifies
and adds funding authorizations for HUD programs; and revises a variety of
HUD authorities, responsibilities and operations.
The bill provides $850 million of additional contract authority for fiscal year
1977 for rental subsidies in low-income housing projects. The bill changes the
int erest rate formula for section 202 direct loans which finance the development
of rental housing for the elderly or handicapped. The rate of these HUD 40-year
loans would be calculated using average interest rates on all interest-bearing
U.S. obligations which are part of the public debt; existing law uses the average
rate on long-term obligations. This change would lower the present interest
rate paid from 9% to 7 1/2%.
S. 3295 also provides that the minimum interest rate for certain rural housing
loans be determined by the Secretary of the Treasury on request of the Secretary
of Agriculture, instead of annually, as presently required.
Other provisions include:
-- the authority to insure mortgages under the section 236 rental housing
assistance program, which provides interest reduction payments on
behalf of lower income families.
the section 312 rehabilitation loan program, which finances home im-
provements or repairs in slum areas. $100 million would be authorized
to be appropriated in 1977.
-- the standby program of emergency relief for homeowners threatened
with foreclosure, which would allow HUD to insure or make loans on
behalf of homeowners who have been unable to make mortgage payments
for at least 3 months.
-- authorization for an additional $2. 5 billion of loans under the section 202
housing for the elderly or handicapped program in fiscal years 1977-1979.
-- $576 million for public housing operating subsidies in fiscal year 1977.
$100 million for fiscal year 1977 for the section 701 comprehensive
planning grant program.
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