§143. Mortgage revenue bonds: qualified mortgage bond and qualified veterans’ mortgage bond — Inbound Citations
26 U.S.C. § 143
Cited by 36 provisions in release 119-102.
Citations to 26 U.S.C. § 143 as a whole
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(iii) under which the indebtedness certified by mortgage credit certificates meets the requirements of the following subsections of section 143 (as modified by subparagraph (B) of this paragraph):(I) subsection (c) (relating to residence requirements),(II) subsection (d) (relating to 3-year requirement),(III) subsection (e) (relating to purchase price requirement),(IV) subsection (f) (relating to income requirements),(V) subsection (h) (relating to portion of loans required to be placed in targeted areas), and(VI) paragraph (1) of subsection (i) (relating to other requirements),
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(B) Under regulations prescribed by the Secretary, in applying section 143 for purposes of subclauses (II), (IV), and (V) of subparagraph (A)(iii)—(i) each qualified mortgage certificate credit program shall be treated as a separate issue,(ii) the product determined by multiplying—(I) the certified indebtedness amount of each mortgage credit certificate issued under such program, by(II) the certificate credit rate specified in such certificate,shall be treated as proceeds of such issue and the sum of such products shall be treated as the total proceeds of such issue, and(iii) paragraph (1) of section 143(d) shall be applied by substituting “100 percent” for “95 percent or more”.Clause (iii) shall not apply if the issuing authority submits a plan to the Secretary for administering the 95-percent requirement of section 143(d)(1) and the Secretary is satisfied that such requirement will be met under such plan.
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(d) A nominated area in Alaska or Hawaii shall be treated as meeting the requirements of paragraphs (2), (3), and (4) of subsection (a) if for each census tract or block group within such area 20 percent or more of the families have income which is 50 percent or less of the statewide median family income (as determined under section 143).
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(A) Chapters 1, 2, and 6 of this title shall apply only with respect to taxable years beginning after December 31, 1953, and ending after the date of enactment of this title, and with respect to such taxable years, chapters 1 (except sections 143 and 144) and 2, and section 3801, of the Internal Revenue Code of 1939 are hereby repealed.
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(B) Chapter 3 of this title shall apply with respect to payments and transfers occurring after December 31, 1954, and as to such payments and transfers sections 143 and 144 and chapter 7 of the Internal Revenue Code of 1939 are hereby repealed.
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(1) The Trust shall provide assistance for first-time homebuyers in the form of interest rate buydowns and downpayment assistance under this subsection. Such assistance shall be available only with respect to mortgages for the purchase of residences (A) financed with the proceeds of a qualified mortgage bond (as such term is defined in section 143 of title 26), or (B) for which a credit is allowable under section 25 of title 26.
Citations to §143(a)
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(II) a qualified mortgage bond (as defined in section 143(a)), or
Citations to §143(a)(1)
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(9) The term “qualified mortgage bond” has the meaning given such term by section 143(a)(1).
Citations to §143(a)(2)(B)
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(A) The term “qualified mortgage credit certificate program” means any program—(i) which is established by a State or political subdivision thereof for any calendar year for which it is authorized to issue qualified mortgage bonds,(ii) under which the issuing authority elects (in such manner and form as the Secretary may prescribe) not to issue an amount of private activity bonds which it may otherwise issue during such calendar year under section 146,(iii) under which the indebtedness certified by mortgage credit certificates meets the requirements of the following subsections of section 143 (as modified by subparagraph (B) of this paragraph):(I) subsection (c) (relating to residence requirements),(II) subsection (d) (relating to 3-year requirement),(III) subsection (e) (relating to purchase price requirement),(IV) subsection (f) (relating to income requirements),(V) subsection (h) (relating to portion of loans required to be placed in targeted areas), and(VI) paragraph (1) of subsection (i) (relating to other requirements),(iv) under which no mortgage credit certificate may be issued with respect to any residence any of the financing of which is provided from the proceeds of a qualified mortgage bond or a qualified veterans’ mortgage bond,(v) except to the extent provided in regulations, which is not limited to indebtedness incurred from particular lenders,(vi) except to the extent provided in regulations, which provides that a mortgage credit certificate is not transferrable, and(vii) if the issuing authority allocates a block of mortgage credit certificates for use in connection with a particular development, which requires the developer to furnish to the issuing authority and the homebuyer a certificate that the price for the residence is no higher than it would be without the use of a mortgage credit certificate.
Citations to §143(a)(2)(C)
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(A) The term “qualified mortgage credit certificate program” means any program—(i) which is established by a State or political subdivision thereof for any calendar year for which it is authorized to issue qualified mortgage bonds,(ii) under which the issuing authority elects (in such manner and form as the Secretary may prescribe) not to issue an amount of private activity bonds which it may otherwise issue during such calendar year under section 146,(iii) under which the indebtedness certified by mortgage credit certificates meets the requirements of the following subsections of section 143 (as modified by subparagraph (B) of this paragraph):(I) subsection (c) (relating to residence requirements),(II) subsection (d) (relating to 3-year requirement),(III) subsection (e) (relating to purchase price requirement),(IV) subsection (f) (relating to income requirements),(V) subsection (h) (relating to portion of loans required to be placed in targeted areas), and(VI) paragraph (1) of subsection (i) (relating to other requirements),(iv) under which no mortgage credit certificate may be issued with respect to any residence any of the financing of which is provided from the proceeds of a qualified mortgage bond or a qualified veterans’ mortgage bond,(v) except to the extent provided in regulations, which is not limited to indebtedness incurred from particular lenders,(vi) except to the extent provided in regulations, which provides that a mortgage credit certificate is not transferrable, and(vii) if the issuing authority allocates a block of mortgage credit certificates for use in connection with a particular development, which requires the developer to furnish to the issuing authority and the homebuyer a certificate that the price for the residence is no higher than it would be without the use of a mortgage credit certificate.
Citations to §143(a)(2)(D)(i)
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(II) a qualified mortgage issue (determined by substituting “12-month period” for “42-month period” each place it appears in section 143(a)(2)(D)(i)).
Citations to §143(b)
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(III) a qualified veterans’ mortgage bond (as defined in section 143(b)).
Citations to §143(c)(1)
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(2) Subsection (a) shall not apply to any indebtedness if all the requirements of subsection (c)(1), (d), (e), (f), and (i) of section 143 and clauses (iv), (v), and (vii) of subsection (c)(2)(A), were not in fact met with respect to such indebtedness. Except to the extent provided in regulations, the requirements described in the preceding sentence shall be treated as met if there is a certification, under penalty of perjury, that such requirements are met.
Citations to §143(d)
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(2) Subsection (a) shall not apply to any indebtedness if all the requirements of subsection (c)(1), (d), (e), (f), and (i) of section 143 and clauses (iv), (v), and (vii) of subsection (c)(2)(A), were not in fact met with respect to such indebtedness. Except to the extent provided in regulations, the requirements described in the preceding sentence shall be treated as met if there is a certification, under penalty of perjury, that such requirements are met.
Citations to §143(d)(1)
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(B) Under regulations prescribed by the Secretary, in applying section 143 for purposes of subclauses (II), (IV), and (V) of subparagraph (A)(iii)—(i) each qualified mortgage certificate credit program shall be treated as a separate issue,(ii) the product determined by multiplying—(I) the certified indebtedness amount of each mortgage credit certificate issued under such program, by(II) the certificate credit rate specified in such certificate,shall be treated as proceeds of such issue and the sum of such products shall be treated as the total proceeds of such issue, and(iii) paragraph (1) of section 143(d) shall be applied by substituting “100 percent” for “95 percent or more”.Clause (iii) shall not apply if the issuing authority submits a plan to the Secretary for administering the 95-percent requirement of section 143(d)(1) and the Secretary is satisfied that such requirement will be met under such plan.
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(iii) paragraph (1) of section 143(d) shall be applied by substituting “100 percent” for “95 percent or more”.
Citations to §143(e)
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(2) Subsection (a) shall not apply to any indebtedness if all the requirements of subsection (c)(1), (d), (e), (f), and (i) of section 143 and clauses (iv), (v), and (vii) of subsection (c)(2)(A), were not in fact met with respect to such indebtedness. Except to the extent provided in regulations, the requirements described in the preceding sentence shall be treated as met if there is a certification, under penalty of perjury, that such requirements are met.
Citations to §143(f)
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(b) An advance made to a State housing finance agency for the purpose of facilitating mortgage lending that benefits individuals and families that meet the income requirements set forth in section 142(d) or 143(f) of title 26, need not be collateralized by a mortgage insured under title II of the National Housing Act [12 U.S.C. 1707 et seq.] or otherwise, if—(1) such advance otherwise meets the requirements of this subsection; and(2) such advance meets the requirements of section 1430(a) of this title, and any real estate collateral for such loan comprises single family or multifamily residential mortgages.
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(2) Subsection (a) shall not apply to any indebtedness if all the requirements of subsection (c)(1), (d), (e), (f), and (i) of section 143 and clauses (iv), (v), and (vii) of subsection (c)(2)(A), were not in fact met with respect to such indebtedness. Except to the extent provided in regulations, the requirements described in the preceding sentence shall be treated as met if there is a certification, under penalty of perjury, that such requirements are met.
Citations to §143(i)
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(2) Subsection (a) shall not apply to any indebtedness if all the requirements of subsection (c)(1), (d), (e), (f), and (i) of section 143 and clauses (iv), (v), and (vii) of subsection (c)(2)(A), were not in fact met with respect to such indebtedness. Except to the extent provided in regulations, the requirements described in the preceding sentence shall be treated as met if there is a certification, under penalty of perjury, that such requirements are met.
Citations to §143(k)(2)(B)
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(i) that was not located in a metropolitan statistical area (as defined in section 143(k)(2)(B) of title 26) at the time of the most recent census taken for purposes of selecting qualified census tracts under section 42(d)(5)(B)(ii) of title 26; and
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(II) The term “nonmetropolitan county” means a county that was not located in a metropolitan statistical area (as defined in section 143(k)(2)(B) of title 26) at the time of the most recent census taken for purposes of selecting qualified census tracts and does not otherwise qualify as a qualified nonmetropolitan county.
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(III) the term “metropolitan statistical area” has the same meaning as when used in section 143(k)(2)(B), and
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(1) For purposes of subsection (a)(11), the term “high-speed intercity rail facilities” means any facility (not including rolling stock) for the fixed guideway rail transportation of passengers and their baggage between metropolitan statistical areas (within the meaning of section 143(k)(2)(B)) using vehicles that are reasonably expected to be capable of attaining a maximum speed in excess of 150 miles per hour between scheduled stops, but only if such facility will be made available to members of the general public as passengers.
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(bb) is not located in a metropolitan statistical area (within the meaning of section 143(k)(2)(B)), or
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(A) outside of a metropolitan statistical area (within the meaning of section 143(k)(2)(B)), or
Citations to §143(k)(4)
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(ii) as a qualified home improvement loan (as defined in section 143(k)(4)) with respect to such residence, or
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(B) The term “qualified home improvement” means an alteration, repair, or improvement described in section 143(k)(4).
Citations to §143(k)(5)
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(iii) as a qualified rehabilitation loan (as defined in section 143(k)(5)) with respect to such residence, and
Citations to §143(k)(5)(B)
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(A) The term “qualified rehabilitation” has the meaning given such term by section 143(k)(5)(B).
Citations to §143(l)(3)
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(ii) section 143(l)(3) applies to such issue.
Citations to §143(m)
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(B) The requirement under paragraph (3) shall not apply to any eligible single family property for which, upon resale by the qualifying household or low-income family during the 1-year period beginning upon initial acquisition by the household or family, a portion of the sale proceeds or any subsidy provided in connection with the acquisition of the property by the household or family is required to be recaptured or repaid under any other Federal, State, or local law (including section 143(m) of title 26) or regulation or under any sale agreement.
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(i) For provisions increasing the tax imposed by this chapter to recapture a portion of the Federal subsidy from the use of mortgage credit certificates, see section 143(m).
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(D) section 143(m) (relating to recapture of proration of Federal subsidy from use of mortgage bonds and mortgage credit certificates),
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(1) the tax imposed by chapter 1 (other than any increase in such tax by reason of section 143(m)), plus
Citations to §143(m)(3)
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(B) Whether or not the financing (if any) of the seller was federally-subsidized indebtedness (as defined in section 143(m)(3)).