A bill to provide for compliance with improved fire safety conditions in multifamily housing facilities designed for occupancy in whole or substantial part by senior citizens, and to authorize Federal assistance in financing the provision of more adequate fire safety equipment for such facilities.

Title I: Fire Safety Conditions in Multifamily Housing Facilities Occupied by Senior Citizens - Provides that specified mortgages, payments, loans, and contracts, under the Housing Act and the United States Housing Act, shall not be granted unless the Secretary of Housing and Urban Development determines the housing complies with the Life Safety Code of the National Fire Protection Association. Directs the Secretary to incorporate specified requirements in mortgages, loans and contracts, to assure such compliance.

Title II: Assistance in Financing Fire Safety Equipment for Multifamily Housing Facilities Occupied by Senior Citizens - Authorizes the Secretary to insure loans made by financial institutions to the owners or sponsors of rental projects and to public housing agencies to provide fire safety equipment. Sets forth the requirements under which loans shall be eligible for such insurance.

Provides that such assistance to any low-rent housing project shall not be construed as authorizing increases in rent or altering the eligibility requirements for low-rent housing.