This bill would change parts of the federal tax code to expand and reshape how mortgage revenue bonds and mortgage credit certificates are used for housing. Key changes in the bill text include: an annual federal report on state bond usage; new electronic reporting by bond issuers; rules letting issuing authorities use or move unused bond authority (carryforwards) for housing purposes within a State; removal of a restriction that limited refinancing for certain mortgage revenue bond loans for qualifying mortgagors; an increase in the dollar limit for qualified home improvement loans from $15,000 to $75,000 with future inflation adjustments; a shorter recapture tax holding period (from 9 years to 5 years) and a new percentage schedule; limits on mortgage credit certificate rates to between 1% and 5% and permission for different annual rates over a mortgage term; extension of the period a mortgage credit certificate may stay in effect; a longer window to revoke an election to issue mortgage credit certificates; shortening a public notice requirement from 90 days to 30 days; and elimination of a lender reporting requirement, replacing it with issuer reporting. The bill sets effective dates for each change in the bill text.
No publicly available information on estimated federal costs or savings is included in the bill text provided. The bill does include new reporting and administrative tasks for issuing authorities and the IRS, but the text does not give dollar estimates.
No publicly available information.
No publicly available information.