Permits loans to be used for other residences or to obtain equity in the property.
Imposes income restrictions on borrowers.
Requires public housing agencies to physically maintain qualified (entitled to a loan guarantee) property under its jurisdiction.
Requires the loans to pay reasonable interest and the Secretary to fix and collect loan guarantee fees. Directs the Secretary to issue a certificate of guarantee for approved loans.
Sets forth loan default procedures, providing for foreclosure, assignment, and forgiveness, as specified.
Establishes in the Treasury a loan guarantee fund to be credited with loan collections, guarantee fees, and interest and to pay costs of the program to the extent that amounts in the fund are made available by appropriations acts.