Housing Affordability Act

Summary

Housing Affordability Act - Title I: Homeowner Assistance - Amends the National Housing Act to revise Federal Housing Administration (FHA) mortgage criteria to: (1) allow home purchases of up to 95 percent of the median home price in the local metropolitan area; (2) limit mortgages to principal residences; and (3) limit mortgagors to persons whose income does not exceed 200 percent of the median income for the metropolitan area in which the property is located. Title II: Retirement Plan Investments in Principal Residences - Amends the Internal Revenue Code to permit first-time homebuyers (persons and spouses having no principal residence ownership interest within three years of the intended home purchase) to withdraw individual retirement account (IRA) funds tax-free to use for a residential downpayment. Treats such distribution as a "qualified home purchase loan" requiring full repayment upon such residence's sale or transfer. Title III: Federal Government Cooperative Program With the Advanced Building Consortium - Advanced Building Consortium Act - Establishes the Advanced Buildings Consortium as a nongovernmental instrument to promote the use of new, cost-saving building technologies. Provides for Federal-Consortium cooperation to develop and implement programs to use new technologies in Federal buildings. Authorizes appropriations for the Consortium's first two years of operation. Sets forth participating Federal agency and Consortium reporting requirements.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 August 1989

  Open at official source

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