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Affordable Housing Bonds: Higher Limits, Easier Refinancing, and Tax Relief.

This Act aims to boost affordable housing investment by making Mortgage Revenue Bonds (MRBs) and Mortgage Credit Certificates (MCCs) more flexible and accessible. It significantly increases the financing limit for home improvement loans from $15,000 to $50,000 and simplifies refinancing for eligible low-income homeowners. Crucially, it reduces the period during which homeowners face a potential recapture tax penalty upon selling their subsidized home from nine years to five years.
Key points
The financing limit for qualified home improvement loans using MRBs increases from $15,000 to $50,000, with future inflation adjustments.
Refinancing of existing mortgages is made easier for eligible low-income homeowners without triggering certain limitations.
The maximum period for the mortgage subsidy recapture tax is shortened from 9 years to 5 years, reducing the financial risk of early home sales.
State and local authorities gain flexibility to transfer and redesignate unused bond authority for housing purposes.
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Additional Information
Print number: 118_S_1805
Sponsor: Sen. Cortez Masto, Catherine [D-NV]
Process start date: 2023-06-06
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Affordable Housing Bond Enhancement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1805.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-06.

What are the main provisions?

Key points include:

  • The financing limit for qualified home improvement loans using MRBs increases from $15,000 to $50,000, with future inflation adjustments.
  • Refinancing of existing mortgages is made easier for eligible low-income homeowners without triggering certain limitations.
  • The maximum period for the mortgage subsidy recapture tax is shortened from 9 years to 5 years, reducing the financial risk of early home sales.
  • State and local authorities gain flexibility to transfer and redesignate unused bond authority for housing purposes.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cortez Masto, Catherine [D-NV].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Real Estate