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HR 4248 101th Congress House Housing and Community Development Bonds Capital gains tax Home ownership Income tax Individual retirement accounts Interest Interest rates Mortgage guaranty insurance Mortgage loans Mortgages Savings accounts Secondary mortgage market Single family housing Tax deductions Tax exclusion Tax-exempt securities

Affordable Housing and First Home Buyer Assistance Act of 1990

Introduced: March 13, 1990 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 2, 1990
Referred to the Subcommittee on Housing and Community Development.
Mar 13, 1990
Referred to the House Committee on Banking, Finance + Urban Affrs.
Mar 13, 1990
Referred to the House Committee on Ways and Means.
Mar 13, 1990
Introduced in House
 Plain-English summary Congressional Research Service

Affordable Housing and First Home Buyer Assistance Act of 1990 - Title I: First Home Ownership Accounts - Amends the Internal Revenue Code of 1986 to permit a personal deduction for specified contributions to a first home ownership account.

Treats such account as an individual retirement account upon a first home purchase.

Title II: Repeal of Taxation of Gain on Sale of Principal Residence - Amends the Internal Revenue Code of 1986 to repeal the taxation of gain on the sale of a principal residence.

Title III: Mortgage Bonds and Credit Certificates - Amends the Internal Revenue Code to extend through 1993 the issue period for qualified mortgage bonds.

Title IV: Mortgage Insurance - Amends the National Housing Act with regard to adjustable rate single family mortgages to: (1) increase maximum interest adjustments; and (2) repeal the aggregate fiscal year limit on such insured mortgages and loans.

Authorizes a first-time homebuyer downpayment insurance demonstration program.

Amends the Federal National Mortgage Association Charter Act to provide a secondary market for downpayment loans.

Amends the National Housing Act to authorize insurance for downpayment loans.

Amends the National Housing Act to establish minimum Mutual Mortgage Insurance Fund reserves.

Title V: Study Regarding Shared Equity Reserves - Directs the Secretary to study and report to the Congress on shared equity mortgages for first-time homebuyers. Authorizes appropriations.

What's happening now April 2, 1990

Referred to the Subcommittee on Housing and Community Development.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Republican 1