HR 4573 118th Congress House Finance and Financial Sector

LIFT Homebuyers Act of 2023

Introduced: July 12, 2023 Introduced by: Cleaver, Emanuel Democratic · Missouri See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 12, 2023

Referred to the House Committee on Financial Services.

Jul 12, 2023

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now July 12, 2023

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1