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United States · Bill · S

S. 875 (108th)

Community Development Homeownership Tax Credit Act

referredUnited States· United States Congress· EN

Introduced

10 April 2003

Last action

10 April 2003 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Kerry, John F. [D-MA], Sen. Santorum, Rick [R-PA], Sen. Sarbanes, Paul S. [D-MD], Sen. Allard, Wayne [R-CO], Sen. Daschle, Thomas A. [D-SD], Sen. Kennedy, Edward M. [D-MA], Sen. Stabenow, Debbie [D-MI], Sen. Clinton, Hillary Rodham [D-NY], Sen. Crapo, Mike [R-ID], Sen. Johnson, Tim [D-SD], Sen. Schumer, Charles E. [D-NY], Sen. Burns, Conrad R. [R-MT], Sen. Hagel, Chuck [R-NE], Sen. Bayh, Evan [D-IN], Sen. Collins, Susan M. [R-ME], Sen. Snowe, Olympia J. [R-ME], Sen. Reid, Harry [D-NV], Sen. Allen, George [R-VA], Sen. Cantwell, Maria [D-WA], Sen. Durbin, Richard J. [D-IL], Sen. Dayton, Mark [D-MN], Sen. Gregg, Judd [R-NH], Sen. Hutchison, Kay Bailey [R-TX], Sen. Lincoln, Blanche L. [D-AR], Sen. Mikulski, Barbara A. [D-MD], Sen. Jeffords, James M. [I-VT], Sen. Campbell, Ben Nighthorse [R-CO], Sen. Conrad, Kent [D-ND], Sen. Wyden, Ron [D-OR], Sen. Ensign, John [R-NV], Sen. Dorgan, Byron L. [D-ND], Sen. Pryor, Mark L. [D-AR], Sen. Harkin, Tom [D-IA], Sen. Cornyn, John [R-TX], Sen. Corzine, Jon S. [D-NJ], Sen. Lautenberg, Frank R. [D-NJ], Sen. Rockefeller, John D., IV [D-WV], Sen. Murray, Patty [D-WA], Sen. Landrieu, Mary L. [D-LA], Sen. Nelson, Ben [D-NE], Sen. Chafee, Lincoln [R-RI], Sen. Feinstein, Dianne [D-CA], Sen. DeWine, Mike [R-OH], Sen. Dodd, Christopher J. [D-CT], Sen. Specter, Arlen [R-PA], Sen. Warner, John [R-VA]

Subjects

Housing, Taxation

Source updated

18 August 2025

Housing · Taxation

Official sourceDownload fileView documentsShare

Summary

Community Development Homeownership Tax Credit Act - Amends the Internal Revenue Code to permit a community homeownership tax credit based upon an applicable percentage of each qualified residence's eligible basis. Makes such credit available to residences (including factory built homes) located: (1) in a census tract with a median gross income not exceeding 80 percent of the greater area or statewide median gross income; (2) in a rural area; (3) on an Indian reservation; or (4) in an area of chronic economic distress. Prohibits a buyer's income from exceeding 80 percent (70 percent for families of less than three) of the area gross median income and requires owner occupancy. Specifies that the aggregate homeownership credit dollar amount which a homeownership credit agency (an "agency") may disburse is the portion of the "State homeownership credit ceiling" (the "ceiling") allocated to such agency. Allows "unused homeownership credit carryovers" to be allocated among qualified States. Sets aside up to 90 percent of a State's ceiling for certain housing projects in which a qualified nonprofit organization owns an interest and materially participates in the given project's development and operation throughout the credit period. Requires allocation of credit to residences to be in accordance with a "qualified allocation plan" of the agency issuing credit. Lists certain specified criteria such a plan must include and specifies that the plan must be approved by the governmental unit of which such agency is a part.

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

Timeline

  1. 10 April 2003

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 10 April 2003

    Introduced

    Sponsor introductory remarks on measure. (CR S5201-5203)

    Source: IntroReferral

  3. 10 April 2003

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 10 April 2003

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 10 April 2003

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 10 April 2003

    Open at official source

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Sponsors

Related records

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Sources

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