3.0.0 4445 2022-12-29T17:48:34Z 2022-12-29T17:48:34Z Senate S 2022-06-22 117 ssfi00 Finance Committee Senate Standing Referred to 2022-06-22T18:50:15Z Affordable Housing Bond Enhancement Act 117 8184 HR 2022-06-22 Referred to the House Committee on Ways and Means. Identical bill CRS 2022-06-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2022-06-22 Introduced in Senate IntroReferral 10000 9 Library of Congress C001113 Sen. Cortez Masto, Catherine [D-NV] Catherine Cortez Masto D NV N Taxation Taxation 00 2022-06-22 Introduced in Senate 2022-09-15T17:00:52Z Affordable Housing Bond Enhancement Act

This bill modifies the Mortgage Revenue Bond (MRB) and the Mortgage Credit Certificate (MCC) programs of state housing finance agencies to expand the supply of affordable homes and homeownership for low- and moderate-income homebuyers.

The bill requires the Internal Revenue Service to annually report to the congressional banking and tax committees on the use by states of their private activity bond authority for housing investment. It also increases the MRB home improvement loan limit from $15,000 to $50,000.

The bill permits states to redesignate their carryforward authority and use it for housing investment and permits MRBs to be used to refinance home loans for borrowers who have incomes below 115% of median family income.

The bill modifies the recapture requirement for homeowners who receive a MRB-financed mortgage or an MCC and sell their residences within the first nine years of ownership and reduces the time in which a recapture tax may be assessed from nine to five years.

The bill revises the MCC benefit calculation to a simple percentage of the original loan balance. It also extends the MCC revocation period from two to four years.

The bill reduces the public notice requirement for MCC issuers from 90 days to 30 days and eliminates certain MCC reporting requirements.

]]> Affordable Housing Bond Enhancement Act Display Title Affordable Housing Bond Enhancement Act Short Title(s) as Introduced Affordable Housing Bond Enhancement Act Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to expand housing investment with mortgage revenue bonds, and for other purposes. Introduced in Senate IS Introduced in Senate 2022-06-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s4445is/xml/BILLS-117s4445is.xml 2022-06-22 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.