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HR 1132 108th Congress House

Home At Last Tax Credit Act of 2003

Official title: To amend the Internal Revenue Code of 1986 to provide a credit to promote homeownership among low-income individuals.

Introduced: July 21, 2003 See on congress.gov
Taxation Apartment housesCommerceCost of living adjustmentsCounseling
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Economics and Public FinanceFinance and Financial SectorGovernment Operations and PoliticsGovernment paperworkHome ownershipHousing and Community DevelopmentIncome taxIndexing (Economic policy)Low-income housingMortgage banksMortgage interest ratesMortgagesResidential rehabilitationSingle family housingSocial Welfare
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This bill died when the 108th Congress ended
It never became law before the 108th Congress (2003–2004) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 6, 2003
Referred to the House Committee on Ways and Means.
Mar 6, 2003
Introduced in House
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 Latest action March 6, 2003

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service
Home at Last Tax Credit of 2003 - Amends the Internal Revenue Code to provide a credit to promote homeownership among low-income individuals purchasing homes in a census tract targeted for reinvestment and redevelopment by the Department of Housing and Urban Development.

Provides that the dollar amount of home at last tax credits received by each qualified State shall be equal to the population of the State multiplied by 40 cents, multiplied by 10, plus the unused home at last tax credit dollar amount of the state for the preceding calendar year or years. Provides for a cost-of-living adjustment.

Defines a "qualified home at last loan" as a first mortgage single-family residential loan funded by a qualified lender to finance the purchase or construction or purchase and construction of a residence by a qualified borrower (meeting residence and income requirements) which has a lower-than-market interest rate as a result of a lender rate "buydown", but only if the loan, among other things: (1) does not exceed 105 percent of the purchase price of the residence; and (2) results in a monthly housing expense-to-income ratio with respect to such residence of not more than 33 percent at the time of closing.

Requires annual reports from each State housing finance agency which allocates any home at last tax credit amount to any qualified lender.

Prohibits carryback of home at last tax credits before the effective date.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 3
D
Bishop, Sanford D.
Georgia · Jul 21, 2003
Faleomavaega, Eni
· Jul 21, 2003
FROST, MARTIN
· Jul 21, 2003
 D
McGovern, James P.
Massachusetts · Jul 21, 2003
 D
Thompson, Bennie G.
Mississippi · Mar 19, 2003
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1132: Home At Last Tax Credit Act of 2003. 108th Congress. Open America. https://openamerica.io/bill/108-HR-1132/
MLA
"H.R. 1132: Home At Last Tax Credit Act of 2003." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-HR-1132/.
Bluebook (legal)
H.R. 1132, 108th Cong. (2026), https://openamerica.io/bill/108-HR-1132/.
Markdown link
[H.R. 1132: Home At Last Tax Credit Act of 2003](https://openamerica.io/bill/108-HR-1132/)
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