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National Affordable Housing Act - Title I: General Provisions and Policies - Sets forth a national housing goal and the objectives of a national housing policy. Requires State and local entities receiving direct assistance to submit to the Secretary of Housing and Urban Development a comprehensive housing affordability strategy. Title II: Homeownership - Subtitle A: FHA Amendments - Amends the National Housing Act to base Federal Housing Administration (FHA) first-time homebuyer loan ceilings on regional median home prices. Authorizes the insurance of industry accepted mortgages under specified conditions. Requires the Secretary to report annually to the Congress regarding mortgage insurance categories. Subtitle B: Savings for a Downpayment - Amends the Internal Revenue Code to: (1) authorize certain retirement plans (401(k) plans) to make equity investments in a participant's principal residence; and (2) authorize individual retirement account funds to be used as loans to purchase a home by a first-time homebuyer. Title III: Investment in Affordable Housing - HOME Corporation Act - Establishes the Government National HOME Corporation in the Department of Housing and Urban Development (HUD). Authorizes FY 1990 and 1991 appropriations for activities under this title. Subtitle A: Housing Opportunity Partnerships (HOP) - Authorizes the Secretary, acting through the HOME Corporation, to make funds available for investment in order to expand the affordable housing supply. Directs the HOME Corporation to develop model programs designed to carry out the purposes of this title. Requires participating jurisdictions to target housing for very low- and low-income families. Sets forth affordable housing qualification provisions. Allocates resources by a housing need-based formula and by incentives. Directs the HOME Corporation to establish a housing investment trust fund for each participating jurisdiction. Requires participant matching funds. Sets aside funds for nonprofit community organization housing. Provides penalties for misuse of funds. Subtitle B: Mortgage Credit Enhancement - Authorizes the HOME Corporation to guarantee affordable housing mortgage loan pools. Subtitle C: Other Support for State and Local Housing Strategies - Directs the HOME Corporation to develop the capacity of State and local agencies and profit and nonprofit entities to identify and meet the needs for increased affordable housing, including related housing research. Subtitle D: General Authority of the HOME Corporation - Sets forth operating and authority provisions for the HOME Corporation. Subtitle E: General Provisions - Sets forth administrative provisions for the HOME Corporation. Title IV: Affordable Rental Housing - Subtitle A: Preservation of Affordable Rental Housing - Amends the Department of Housing and Urban Development Act to establish in HUD an Office of Affordable Housing Preservation. Subtitle B: Low-Income Rental Assistance - Amends the United States Housing Act of 1937 to revise the section 8 rental assistance program. Increases FY 1990 and 1991 budget authority for such assistance. Title V: Housing For Persons With Special Needs - Subtitle A: Assistant Secretary for Supportive Housing - Amends the Department of Housing and Urban Development Act to establish in HUD a position of Assistant Secretary for Supportive Housing to administer programs serving elderly, handicapped, or homeless persons, or others with special housing needs. Subtitle B: Supportive Housing for the Elderly - Amends the Housing Act of 1959 to authorize assistance to expand the supply of supportive housing for the elderly. Authorizes FY 1990 and 1991 appropriations. Authorizes assistance to adapt federally assisted housing for the elderly to better meet the needs of frail elderly, handicapped, or temporarily disabled residents. Authorizes FY 1990 and 1991 appropriations. Subtitle C: Supportive Housing for the Handicapped - Authorizes assistance to expand the supply of supportive housing for the handicapped. Authorizes FY 1990 and 1991 appropriations. Subtitle D: Supportive Housing for the Homeless - Amends the Stewart B. McKinney Homeless Assistance Act to authorize grants to States and local government units for homeless housing assistance. Sets forth grant allocation provisions. Permits States and local units to use such assistance for approved activities. Requires grantees to provide matching funds. Authorizes FY 1991 and 1992 appropriations. Requires an annual report to the Congress. Sets forth the following approved activities: (1) emergency shelter; (2) transitional housing for the homeless; (3) permanent housing for the handicapped homeless; and (4) supplemental assistance for facilities to assist the homeless. Increases FY 1990 and 1991 budget authority for the section 8 single room occupancy program. Title VI: Public and Indian Housing - Subtitle A: Public Housing Development - Amends the United States Housing Act of 1937 to authorize the development of new and replacement public housing. Subtitle B: Authorization - Amends the United States Housing Act of 1937 to authorize FY 1990 and 1991 public housing appropriations. Increases FY 1990 and 1991 budget authority for rental rehabilitation and development grants. Obligates FY 1990 and 1991 funds for: (1) Indian housing; and (2) the comprehensive improvement assistance program. Subtitle C: Project Independence - Amends the United States Housing Act of 1937 to provide public housing residents with greater access to employment, day care, educational, and other services. Obligates FY 1990 and 1991 funds for such purposes. Subtitle D: National Commission on Severely Distressed Public Housing - Establishes the National Commission on Severely Distressed Public Housing to identify severely distressed public housing projects, evaluate strategies to eliminate unfit housing conditions, and develop a national plan to achieve such objectives. Authorizes FY 1990 and 1991 appropriations. Title VII: Rural Housing - Amends the Housing Act of 1949 to reauthorize through FY 1991: (1) rural housing insured or guaranteed loans; (2) rental assistance payment contract authority; (3) rental housing loan authority; and (4) mutual and self-help housing grant and loan authority. Authorizes deferred mortgage repayments under specified conditions. Sets aside FY 1990 and 1991 funds for targeted underserved areas. Title VIII: Amendment to the Internal Revenue Code - Amends the Internal Revenue Code to make permanent the low-income housing credit ceiling. Title IX: Repeals and Conforming Amendments - Sets forth specified conforming and other related amendments.
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