To amend the Internal Revenue Code of 1986 to allow a refundable credit for the purchase of a principal residence by a first-time homebuyer and to amend the National Housing Act to prohibit the Secretary of Housing and Urban Development from limiting the amount of closing costs financed in connection with a loan insured under the single family housing mortgage insurance program.

Summary

Amends the Internal Revenue Code to allow a first-time homebuyer a tax credit of ten percent of the purchase price of a principal residence. Limits such credit to $5,000. Amends the National Housing Act to prohibit the Secretary of Housing and Urban Development from limiting the closing costs financed under the Federal Housing Authority single family housing mortgage insurance program.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 1 June 1992

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.