First-Time Homebuyer Affordability Act of 2001

Summary

First-Time Homebuyer Affordability Act of 2001 - 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 two-year period before the date of the arrangement. 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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 May 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 25 May 2001

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• Introduced in House

  summary · EN · 25 May 2001

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