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S 2295 118th Congress Senate Finance and Financial Sector

LIFT Homebuyers Act of 2023

Introduced: July 13, 2023 Introduced by: Warner, Mark R. Democratic · Virginia See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 13, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 13, 2023
Introduced in Senate
 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 13, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 4