Emergency Home Purchase Assistance Act of 1974

Emergency Home Purchase Assistance Act - Requires that whenever the Secretary of Housing and Urban Development finds inflationary conditions and related governmental actions are having a severely disproportionate effect on the housing industry and the resulting reduction in the volume of home construction or acquisition threatens seriously to affect the economy and to delay the orderly achievement of the national housing goals contained in the Housing and Urban Development Act of 1968, he shall direct the Government National Mortgage Association to begin making commitments to purchase and to purchase mortgages in accordance with the provisions of this Act.

States that upon direction from the Secretary the Association shall purchase, sell and otherwise deal in mortgages covering more than four-family residences or covering one to four-family residences, both to be insured as provided in this Act.

Provides that if mortgages are to be purchased they must involve an original principal obligation not to exceed $42,000 ($55,000 in Alaska, Hawaii, and Guam) per family residence, and must not involve in excess of prescribed maximum interest rates (8 1/4%) or in excess of that which the Secretary prescribes.

Authorizes the Association to guarantee securities based on pools or trusts of the mortgages purchased by it under this Act with respect to federally insured or guaranteed mortgages and to act issuer of such guaranteed securities. Allows the Association to sell securities guaranteed under this Act to Federal Reserve banks.

Sets a limit on the total amount of purchases and commitments under this Act of $7,750,000,000.

States that the provisions of this Act shall remain in effect for one year.

Authorizes home improvement loans of up to $15,000 per family unit for preservation of historic structures.

Authorizes insurance of mortgages involving a dwelling unit in a cooperative housing project which is covered by a blanket mortgage insured under this Act.

Requires the Council on Wage and Price Stability to report to the President on a quarterly basis its activities, findings, and recommendations with respect to the containment of inflation and maintenance of the economy.