Home Purchase Assistance Act

House Purchase Assistance Act - Declares the finding of the Congress that: (1) in many parts of the Nation, residential mortgage credit is or is likely soon to become prohibitively expensive or unavailable at any price; (2) the unavailability of mortgage credit severely restricts housing production, causes hardship for those who wish to purchase or sell existing housing, and delays the achievement of the national goal of a decent home for every American family; and (3) there is an urgent need to provide an alternate source of residential mortgage credit on an emergency basis.

Provides that whenever the Secretary of Housing and Urban Development determines that a substantial number of families are unable to obtain mortgage credit at reasonable rates due to high interest rates or reduced availability of mortgage credit and that the inability to obtain such credit is causing or threatening to cause a substantial reduction in the volume of home construction or acquisition and is delaying the orderly achievement of the national housing goals contained in title XVI of the Housing and Urban Development Act of 1968 the Secretary shall institute steps to provide for the purchase of mortgages in accordance with this Act.

Establishes a housing trust fund for carrying out the purposes of this Act. Sets standards for the mortgages to be purchased under this Act. Provides that not more than $10,000,000,000 in any single fiscal year shall be committed under this Act for the purchase of mortgages.

Directs the Secretary to transmit to the Congress not later than March 15 of each year a report on his activities under this Act during the preceding year and on any activities he anticipates during the year in which the report is made.