A bill to amend the National Housing Act to provide for the insurance of graduated payment mortgages.

Summary

Young Families' Housing Act - Graduated Payment Mortgage Insurance Act - Amends the National Housing Act to permit the Secretary of Housing and Urban Development to insure, on a regular basis, mortgages and loans with provisions for varying rates of amortization corresponding to anticipated variations in family income. Sets a percentage limit on the mortgage value ratio of mortgages which will be insurable under this Act. Prescribes eligibility requirements for such insurance. States that mortgages or loans insured pursuant to this Act shall not be subject to State usury laws in most cases. Individual Housing Account Act - Amends the Internal Revenue Code to allow a deduction for amounts paid in cash into an individual housing account. Defines the term "individual housing account" for the purposes of this Act. Limits annual tax deductions to $2,500 and lifetime deductions to $10,000. Makes provisions for tax treatment upon distribution of such accounts. Exempts individual housing accounts from taxation under the Internal Revenue Code.

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Timeline

1. 14 July 1977

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 14 July 1977

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 July 1977

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in House

  summary · EN · 14 July 1977

  Open at official source

Sponsors

• Rep. Whitehurst, G. William [R-VA-2] · R · Sponsor
• Rep. Schulze, Richard T. [R-PA-5] · R · Cosponsor
• · hswm00 · Standing
• · hsba00 · Standing

Related records

• related to → Young Families Housing Act