First-time Homebuyer Affordability Act of 1993

Summary

First-time Homebuyer Affordability Act of 1993 - Amends the Internal Revenue Code to make the tax on prohibited transactions inapplicable to a home equity participation arrangement. Describes such arrangement as one in which the eligible participant in an individual retirement plan directs the plan trustee to acquire an ownership interest in all or part of any dwelling unit which within a reasonable period of time is to be used as the principal residence for a first-time homebuyer. Requires such ownership interest to be a fee interest which requires full repayment. Describes the first-time homebuyer as an eligible participant or a qualified family member (child, parent, grandparent, or spouse) who had no present ownership interest in a principal residence during the 36-month period before the date of the arrangement. Allows the use of amounts in an individual retirement plan to make loans to purchase a home for a first-time homebuyer on behalf of an eligible participant or a qualified family member. Requires the repayment of first-time homebuyer loans within 15 years.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 25 February 1993

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 25 February 1993

   Introduced

   Introduced in House

   Source: IntroReferral

3. 25 February 1993

   Introduced

   Introduced in House

   Source: IntroReferral

4. 4 March 1993

   Introduced

   Sponsor introductory remarks on measure. (CR E513-514)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 25 February 1993 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 February 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 25 February 1993

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 25 February 1993

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Orton, Bill [D-UT-3] · D · Sponsor
• Rep. Ackerman, Gary L. [D-NY-5] · D · Sponsor
• Rep. Bacchus, Jim [D-FL-11] · D · Sponsor
• Rep. Doolittle, John T. [R-CA-4] · R · Sponsor
• Rep. Dornan, Robert K. [R-CA-46] · R · Sponsor
• Rep. Fingerhut, Eric D. [D-OH-19] · D · Sponsor
• Rep. Gillmor, Paul E. [R-OH-5] · R · Sponsor
• Rep. Gilman, Benjamin A. [R-NY-20] · R · Sponsor
• Rep. Hansen, James V. [R-UT-1] · R · Sponsor
• Rep. Machtley, Ronald K. [R-RI-1] · R · Sponsor
• Rep. Parker, Mike [R-MS-4] · D · Sponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Sponsor
• Rep. Quinn, Jack [R-NY-27] · R · Sponsor
• Rep. Rohrabacher, Dana [R-CA-48] · R · Sponsor
• Rep. Sarpalius, Bill [D-TX-13] · D · Sponsor
• Rep. Shepherd, Karen [D-UT-2] · D · Sponsor
• Rep. Sisisky, Norman [D-VA-4] · D · Sponsor
• Rep. Solomon, Gerald B. H. [R-NY-22] · R · Sponsor
• Rep. Sundquist, Don [R-TN-7] · R · Sponsor
• Rep. Zeliff, William H., Jr. [R-NH-1] · R · Sponsor
• Rep. Levy, David A. [R-NY-4] · R · Cosponsor
• Rep. Clyburn, James E. [D-SC-6] · D · Cosponsor
• Rep. Sensenbrenner, F. James, Jr. [R-WI-5] · R · Cosponsor
• Rep. Kingston, Jack [R-GA-1] · R · Cosponsor
• Rep. Fish, Hamilton, Jr. [R-NY-19] · R · Cosponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Cosponsor
• Rep. Kreidler, Mike [D-WA-9] · D · Cosponsor
• Rep. Deutsch, Peter [D-FL-20] · D · Cosponsor
• · hswm00 · Standing

Related records

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