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HR 2022 107th Congress House

First-Time Homebuyer Affordability Act of 2001

Official title: To amend the Internal Revenue Code of 1986 to provide assistance to first-time homebuyers.

Introduced: June 27, 2001 See on congress.gov
Taxation Excise taxFinance and Financial SectorHome ownershipHousing and Community Development
More subjectsShow fewer subjects
Housing financeIncome taxIndividual retirement accountsInterestLabor and EmploymentLoansMortgage loansPersonal income taxTax deductionsTax exclusionTax exemptionTax penaltiesTax-deferred compensation plans
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 25, 2001
Referred to the House Committee on Ways and Means.
May 25, 2001
Sponsor introductory remarks on measure. (CR E978-979)
May 25, 2001
Introduced in House
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 Latest action May 25, 2001

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service
First-Time Homebuyer Affordability Act of 2001 - Amends the Internal Revenue Code to make the tax on prohibited transactions inapplicable to a qualified home equity participation arrangement (one in which up to $10,000 in an individual retirement plan is used to acquire an ownership interest in a dwelling unit that is to be used as the principal residence for a first-time homebuyer). Requires such ownership interest to be a fee interest requiring full repayment. Defines "first-time homebuyer" as an individual on whose behalf an individual retirement plan is established (eligible participant) or a family member (child, parent, or grandparent) who had no present ownership interest in a principal residence during the two-year period before the date of the arrangement.

Allows the use of amounts in an individual retirement plan to make loans of up to $10,000 to purchase a home for a first-time homebuyer on behalf of an eligible participant or a family member. Prohibits a related interest deduction.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2
D
Schakowsky, Janice D.
Illinois · Jun 27, 2001
 D
Davis, Danny K.
Illinois · Jun 7, 2001
HOUGHTON, AMO
· May 25, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2022: First-Time Homebuyer Affordability Act of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-HR-2022/
MLA
"H.R. 2022: First-Time Homebuyer Affordability Act of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-2022/.
Bluebook (legal)
H.R. 2022, 107th Cong. (2026), https://openamerica.io/bill/107-HR-2022/.
Markdown link
[H.R. 2022: First-Time Homebuyer Affordability Act of 2001](https://openamerica.io/bill/107-HR-2022/)
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