S. 2797 · 117th Congress
LIFT Homebuyers Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WarnerSponsor4 cosponsors · 4 D
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Low-Income First-Time Homebuyers Act of 2021 or the LIFT Homebuyers Act of 2021
What it does: CRS summary · Introduced in Senate · Sep 22, 2021
Low-Income First-Time Homebuyers Act of 2021 or the LIFT Homebuyers Act of 2021
This bill establishes a program to provide fixed-rate 20-year mortgages for first-time, first-generation homebuyers whose incomes do not exceed a certain amount. These mortgages must be offered by the Federal Housing Administration (FHA) or the Rural Housing Service (RHS).
Pricing terms must be established (1) such that monthly mortgage payments under this program are similar to a 30-year FHA- or RHS-backed mortgage, or (2) as are determined to be necessary to develop liquidity for securities backed by covered mortgage loans and expand program participation by eligible homebuyers.
Additionally, program funds must be transferred to the Department of the Treasury for the purchase of securities backed by such mortgages.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: LIFT Homebuyers Act of 2021
Also known as: Low-Income First-Time Homebuyers Act of 2021
Latest action (Sep 22, 2021): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: Sep 22, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.