[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4552 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 4552

To amend the Internal Revenue Code of 1986 to provide a higher purchase 
 price limitation applicable to mortgage subsidy bonds based on median 
                             family income.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2000

Mr. Bereuter (for himself, Mr. English, Mr. Dickey, and Mr. Barrett of 
  Nebraska) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide a higher purchase 
 price limitation applicable to mortgage subsidy bonds based on median 
                             family income.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN PURCHASE PRICE LIMITATION UNDER MORTGAGE SUBSIDY 
              BOND RULES BASED ON MEDIAN FAMILY INCOME.

    (a) In General.--Paragraph (1) of section 143(e) of the Internal 
Revenue Code of 1986 (relating to purchase price requirement) is 
amended to read as follows:
            ``(1) In general.--An issue meets the requirements of this 
        subsection only if the acquisition cost of each residence the 
        owner-financing of which is provided under the issue does not 
        exceed the greater of--
                    ``(A) 90 percent of the average area purchase price 
                applicable to the residence, or
                    ``(B) 3.5 times the applicable median family income 
                (as defined in subsection (f)(4)).''
    (b) Effective Date.--The amendment made by this section shall apply 
to obligations issued after the date of the enactment of this Act.
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