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Federal Housing Trust Fund Act of 1995

Introduced: February 22, 1995 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
Mar 10, 1995
Referred to the Subcommittee on Housing and Community Opportunity.
Feb 22, 1995
Referred to the Committee on Ways and Means, and in addition to the Committee on Banking and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Feb 22, 1995
Sponsor introductory remarks on measure. (CR E405-406)
Feb 22, 1995
Introduced in House
 Plain-English summary Congressional Research Service

TABLE OF CONTENTS:

Title I: Reduction of Certain Tax Benefits for Higher Income

Taxpayers and Establishment of Housing Trust Fund

Title II: Administration of Housing Trust Fund and

Entitlement Program for Formula Grants for Affordable Housing

Federal Housing Trust Fund Act of 1995 - Title I: Reduction of Certain Tax Benefits for Higher Income Taxpayers and Establishment of Housing Trust Fund - Amends the Internal Revenue Code to: (1) limit mortgage interest and property tax deductions for taxpayers whose adjusted gross income exceeds $75,000; (2) treat property acquired from a decedent as property acquired by gift for purposes of basis determinations; (3) phase in capital gains tax on inherited property; and (4) create in the Treasury the Housing Trust Fund (Fund).

Title II: Administration of Housing Trust Fund and Entitlement Program for Formula Grants for Affordable Housing - Directs the Secretary of Housing and Urban Development to make affordable housing grants from the Fund to qualifying entities.

Requires such entities to carry out housing costs and housing supply assistance programs.

Establishes a Housing Trust Fund Advisory Committee.

Amends the Department of Housing and Urban Development Act to establish in the Department of Housing and Urban Development a position of Administrator of the Housing Trust Fund.

What's happening now March 10, 1995

Referred to the Subcommittee on Housing and Community Opportunity.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1