Rural Housing Act

Rural Housing Act - Amends the Housing Act of 1949 to extend the availability of refinancing of indebtedness for rural housing assistance to elderly or handicapped families. Defines elderly or handicapped families for purposes of this Act.

Directs the Secretary of Agriculture to establish a system of escrow accounts to enable borrowers to make periodic payment for taxes, insurance, and other necessary expenses.

Authorizes and directs the Secretary to conduct specified programs of research, study and analysis of rural housing.

Authorizes the Secretary to make expenditures from the Rural Housing Insurance Fund in order to correct construction defects or to pay claims of the owner of property arising from such defects.

Empowers the Secretary to foreclose on mortgages only if the borrower has been given prior notice and consideration of the availability of the moratorium on payments.

Makes changes with respect to the Secretary's power to make rules and regulations.

Authorizes increases in assistance to specified rural housing programs for fiscal years 1978 and 1979.

Extends rural housing loans for elderly and handicapped facilities to include congregate housing facilities for families who require some supervision and central services.

Requires that at least 60 percent of insured rural housing loans shall benefit persons of low income.

Makes changes in the guaranteed housing loan program and with respect to homeownership subsidy for low and moderate income persons.

Makes it mandatory for the Secretary to provide rural rental assistance.

Amends the Housing Act of 1949 to direct the Secretary to withhold assistance for specified programs from any otherwise eligible borrower who fails to incorporate energy conservation features into any structure commenced by such borrower after January 1, 1978.

Permits the payment of reasonable attorney's fees for the representation of persons and organizations seeking to enforce rights under Title V of the Housing Act of 1949 from the Rural Housing Insurance Fund.