S. 1805 · 118th Congress
Affordable Housing Bond Enhancement Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
Cortez MastoSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill modifies the Mortgage Revenue Bond (MRB) and the Mortgage Credit Certificate (MCC) programs of state housing finance agencies to expand the supply of affordable homes and homeownership for low- and moderate-income homebuyers.
What it does: CRS summary · Introduced in Senate · Jun 6, 2023
Affordable Housing Bond Enhancement Act
This bill modifies the Mortgage Revenue Bond (MRB) and the Mortgage Credit Certificate (MCC) programs of state housing finance agencies to expand the supply of affordable homes and homeownership for low- and moderate-income homebuyers.
The bill requires the Internal Revenue Service to annually report to the congressional banking and tax committees on the use by states of their private activity bond authority for housing investment. It also increases the MRB home improvement loan limit from $15,000 to $50,000.
The bill permits states to redesignate their carryforward authority and use it for housing investment and permits MRBs to be used to refinance home loans for borrowers who have incomes below 115% of median family income.
The bill modifies the recapture requirement for homeowners who receive a MRB-financed mortgage or an MCC and sell their residences within the first nine years of ownership and reduces the time in which a recapture tax may be assessed from nine to five years.
The bill revises the MCC benefit calculation to a simple percentage of the original loan balance. It also extends the MCC revocation period from two to four years.
The bill reduces the public notice requirement for MCC issuers from 90 days to 30 days and eliminates certain MCC lendor reporting requirements.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Affordable Housing Bond Enhancement Act
Latest action (Apr 16, 2024): Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held.
Policy area: Taxation · Origin: Senate · Introduced: Jun 6, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.