Affordable Housing Bond Enhancement Act

This bill changes federal tax rules for mortgage revenue bonds and mortgage credit certificates, which state and local agencies use to help people buy and finance homes. It would let agencies use unused bond authority for up to 3 years and transfer or redesignate it for housing, and allow these bonds to fund refinancing for qualifying homeowners. It would raise the home improvement loan limit from $15,000 to $75,000 with inflation adjustments, and shorten the period in which a recapture tax may apply on home sales from 9 years to 5 years. It would also set mortgage credit certificate rates between 1 and 5 percent, extend certain deadlines, shorten a public notice period from 90 to 30 days, end a lender reporting requirement, and require the Treasury to send Congress a yearly report on bond use in each state.

Full text and official record on Congress.gov

Sponsors

• Rudy Yakym III Republican sponsor
• 2 cosponsors