What is the official ID of this bill?
The official print number for this legislation is S 1805.
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.
Status:
Expired
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