First-Time Home Ownership Made Easy Act of 2003

First-Time Home Ownership Made Easy Act of 2003 - Amends the Internal Revenue Code with respect to tax-exempt mortgage issues to include a specified median family income-based alternative purchase price limitation.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 32 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                 H. R. 32

To amend the Internal Revenue Code of 1986 to provide a higher purchase 
 price limitation applicable to mortgage subsidy bonds based on median 
                             family income.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 2003

 Mr. Bereuter introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide a higher purchase 
 price limitation applicable to mortgage subsidy bonds based on median 
                             family income.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``First-Time Home Ownership Made Easy 
Act of 2003''.

SEC. 2. INCREASE IN PURCHASE PRICE LIMITATION UNDER MORTGAGE SUBSIDY 
              BOND RULES BASED ON MEDIAN FAMILY INCOME.

    (a) In General.--Paragraph (1) of section 143(e) of the Internal 
Revenue Code of 1986 (relating to purchase price requirement) is 
amended to read as follows:
            ``(1) In general.--An issue meets the requirements of this 
        subsection only if the acquisition cost of each residence the 
        owner-financing of which is provided under the issue does not 
        exceed the greater of--
                    ``(A) 90 percent of the average area purchase price 
                applicable to the residence, or
                    ``(B) 3.5 times the family income limit applicable 
                to the mortgagors with respect to such residence under 
                subsection (f).''
    (b) Effective Date.--The amendment made by this section shall apply 
to financing provided, and mortgage credit certificates issued, after 
the date of the enactment of this Act.
                                 <all>