Summary: H.R.1170 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.1170. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/28/1989)

First-Time Homebuyers Assistance Act of 1989 - Directs the Secretary of Housing and Urban Development to establish a demonstration program to insure mortgages with no downpayments for qualifying first-time buyers.

Sets forth mortgage and mortgagor eligibility criteria.

States that the United States shall be liable for such mortgages but not for any secondary or subsequent liens.

Establishes in the Treasury the First-Time Homebuyers Mortgage Insurance Fund to carry out such program.

Requires annual program reports to the Congress.

Authorizes appropriations.