Section 1 Short title
This Act may be cited as the “First-Time Homebuyer Affordability Act”.
First-Time Homebuyer Affordability Act
A BILL
To amend the Internal Revenue Code of 1986 to exempt qualified mortgage bonds from the volume cap, and for other purposes.
Sec. 2 Qualified mortgage bonds exempt from volume cap
In general— Section 146(g) of the Internal Revenue Code of 1986 is amended by redesignating paragraphs (1) through (6) as paragraphs (2) through (7), respectively, and by inserting before paragraph (2) the following new paragraph:
“(1) any qualified mortgage bond,”
Conforming amendment— Section 146(g) of such Code, as amended by subsection (a), is amended by striking “Paragraphs (4) and (5)” in the last sentence and inserting “Paragraphs (5) and (6)”.
Effective date— The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.