Summary: S.709 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for S.709. Bill summaries are authored by CRS.

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Introduced in Senate (04/05/1989)

First Home Act - Directs the Secretary of Housing and Urban Development to establish a program of first-time homebuyer downpayment savings accounts based on periodic payment schedules.

Guarantees the difference, if any, between the actual downpayment and the amount in the downpayment account upon the homebuyer's completion of the savings account's terms.

Amends Federal law to establish downpayment savings accounts in the Treasury.

Amends the Internal Revenue Code to exclude from gross income any interest from downpayment savings accounts.