Skip to content
PoliticalRepoPoliticalRepo

United States · Bill · HR

H.R. 2026 (105th)

First-time Homebuyer Affordability Act of 1997

referredUnited States· United States Congress· EN

Introduced

24 June 1997

Last action

24 June 1997 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Kennedy, Joseph P., II [D-MA-8], Rep. Bereuter, Doug [R-NE-1], Rep. Canady, Charles T. [R-FL-12], Rep. Clyburn, James E. [D-SC-6], Rep. Delahunt, William D. [D-MA-10], Rep. Dellums, Ronald V. [D-CA-9], Rep. Evans, Lane [D-IL-17], Rep. Fattah, Chaka [D-PA-2], Rep. Filner, Bob [D-CA-51], Rep. Fox, Jon D. [R-PA-13], Rep. Frost, Martin [D-TX-24], Rep. Hooley, Darlene [D-OR-5], Rep. Kanjorski, Paul E. [D-PA-11], Rep. Kilpatrick, Carolyn C. [D-MI-13], Rep. Lofgren, Zoe [D-CA-18], Rep. Maloney, Carolyn B. [D-NY-12], Rep. Sisisky, Norman [D-VA-4], Rep. Torres, Esteban Edward [D-CA-34], Rep. Deutsch, Peter [D-FL-20], Rep. Nadler, Jerrold [D-NY-12], Rep. Engel, Eliot L. [D-NY-16], Rep. Lee, Barbara [D-CA-12]

Subjects

Taxation

Source updated

21 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

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.

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

Timeline

  1. 24 June 1997

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 24 June 1997

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 24 June 1997

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

View fileDownload file

This file cannot be previewed here. Use View or Download.

Leesvertaling

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

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

  • Introduced in House (text)

    Introduced in House · EN · 24 June 1997

    ViewDownloadOpen at official source

  • Introduced in House (PDF)

    Introduced in House · EN · 24 June 1997

    ViewDownloadOpen at official source

    Leesvertaling

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

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

  • Introduced in House

    summary · EN · 24 June 1997

    Open at official source

    Leesvertaling

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

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

Sponsors

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.