H.R.5944 - A bill to amend the Internal Revenue Code of 1954 to clarify certain requirements which apply to mortgage subsidy bonds.97th Congress (1981-1982)
|Sponsor:||Rep. Downey, Thomas J. [D-NY-2] (Introduced 03/24/1982)|
|Committees:||House - Ways and Means|
|Latest Action:||08/19/1982 See H.R.4961. (All Actions)|
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Summary: H.R.5944 — 97th Congress (1981-1982)All Information (Except Text)
Introduced in House (03/24/1982)
Amends the Internal Revenue Code to revise requirements for the tax exclusion of interest on mortgage subsidy bonds. Revises the arbitrage requirements for tax-exempt bonds to increase the amount by which interest rates on such bonds may exceed the interest rates on mortgages financed with such bonds.
Increases the amount by which the acquisition cost of bond-financed residences may exceed the average area purchase price of other homes in the same statistical area.
Revises the new homeowner requirements to allow eligibility for bond-financed mortgages for persons who are residing in substandard housing or who have lost their homes because of natural disasters or governmental action.