First-Time Homebuyer Affordability Act

This bill changes federal tax law so that qualified mortgage bonds are no longer counted under the annual limit, called the volume cap, on certain tax-exempt private activity bonds that states can issue. Qualified mortgage bonds are tax-exempt bonds used to fund home loans, often for first-time homebuyers. The bill also updates paragraph references in the same section of the tax code to match the change. The change would apply to bonds issued after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Darin LaHood Republican sponsor
• 5 cosponsors