A bill to amend section 103 of the Internal Revenue Code of 1954 to provide that the interest on certain mortgage revenue bonds will not be exempt from Federal income tax.

Summary

Amends the Internal Revenue Code to include in the gross income of an individual the interest received on any mortgage revenue bond except: (1) State and local government-secured bonds substantially all the proceeds of which are to be used directly or indirectly to provide residences for veterans; and (2) certain low-and moderate-income housing bonds issued by a State or an otherwise qualified housing agency. Restricts the latter exception to issues whose proceeds are used to assist households with an annual income not in excess of 95 percent of the applicable median income, or not in excess of 150 percent of such median income if the mortgage loan (or other owner-financing) is for a single-family, owner-occupied residence in a designated Neighborhood Strategy area. Requires 75 percent of the bond issue proceeds to finance homes with a maximum 90 percent loan-to-value ratio. Limits the aggregate authorized face value of such an issue to: (1) $250 times the number of individuals in the bond issue area; or (2) five percent of the total amount of mortgage loans made in such area during the three years preceding the year of issue. Specifies additional restrictions on the use of loans financed by such issue.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 14 September 1979

  Open at official source

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