S. 2295 · 118th Congress
LIFT Homebuyers Act of 2023
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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
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 2023 or the LIFT Homebuyers Act of 2023
What it does: CRS summary · Introduced in Senate · Jul 13, 2023
Low-Income First-Time Homebuyers Act of 2023 or the LIFT Homebuyers Act of 2023
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 2023
Also known as: Low-Income First-Time Homebuyers Act of 2023
Latest action (Jul 13, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 13, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.