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United States · Bill · HR

H.R. 2022 (107th)

First-Time Homebuyer Affordability Act of 2001

referredUnited States· United States Congress· EN

Introduced

25 May 2001

Last action

25 May 2001 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. LaFalce, John J. [D-NY-29], Rep. Kanjorski, Paul E. [D-PA-11], Rep. Houghton, Amo [R-NY-31], Rep. Gutierrez, Luis V. [D-IL-4], Rep. Souder, Mark E. [R-IN-3], Rep. Gonzalez, Charles A. [D-TX-20], Rep. Thurman, Karen L. [D-FL-5], Rep. Owens, Major R. [D-NY-11], Del. Underwood, Robert A. [D-GU-At Large], Rep. Bonior, David E. [D-MI-10], Rep. Davis, Danny K. [D-IL-7], Rep. Clement, Bob [D-TN-5], Rep. Kucinich, Dennis J. [D-OH-10], Rep. Tauscher, Ellen O. [D-CA-10], Rep. Crowley, Joseph [D-NY-14], Rep. Farr, Sam [D-CA-20], Rep. Schakowsky, Janice D. [D-IL-9], Rep. Miller, George [D-CA-11], Rep. Davis, Susan A. [D-CA-53]

Subjects

Taxation

Source updated

19 August 2025

Taxation

Official sourceDownload fileView documentsShare

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.

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

Timeline

  1. 25 May 2001

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 25 May 2001

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  3. 25 May 2001

    Introduced

    Sponsor introductory remarks on measure. (CR E978-979)

    Source: IntroReferral

  4. 25 May 2001

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • 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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Sponsors

Related records

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Sources

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