H.R.2026 - First-time Homebuyer Affordability Act of 1997105th Congress (1997-1998)
|Sponsor:||Rep. Kennedy, Joseph P., II [D-MA-8] (Introduced 06/24/1997)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/24/1997 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.2026 — 105th Congress (1997-1998)All Information (Except Text)
Introduced in House (06/24/1997)
First-time Homebuyer Affordability Act of 1997 - Amends the Internal Revenue Code to make the tax on prohibited transactions inapplicable to a qualified home equity participation arrangement (one in which up to $10,000 in an individual retirement plan is used to acquire an ownership interest in a dwelling unit that is to be used as the principal residence for a first-time homebuyer). Requires such ownership interest to be a fee interest requiring full repayment. Defines "first-time homebuyer" as an individual on whose behalf an individual retirement plan is established (eligible participant) or a family member (child, parent, or grandparent) who had no present ownership interest in a principal residence during the 36-month period before the date of the arrangement.
(Sec. 4) Allows the use of amounts in an individual retirement plan to make loans of up to $10,000 to purchase a home for a first-time homebuyer on behalf of an eligible participant or a family member. Prohibits a related interest deduction. Requires repayment within 15 years.