Amends the Internal Revenue Code to revise mortgage revenue bond rules for the financing of home improvement loans for residences in disaster areas. Increases the limitation on such loans from $15,000 to $150,000. Waives certain income requirements for such loans and the three-year replacement requirement for residences destroyed in a disaster.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3716 Introduced in House (IH)]
109th CONGRESS
1st Session
H. R. 3716
To amend the Internal Revenue Code of 1986 to clarify the mortgage
subsidy bond benefits for residences located in disaster areas.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 8, 2005
Mr. Ramstad 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 clarify the mortgage
subsidy bond benefits for residences located in disaster areas.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SPECIAL MORTGAGE SUBSIDY BOND RULES FOR RESIDENCES LOCATED
IN DISASTER AREAS.
Paragraph (11) of section 143(k) of the Internal Revenue Code of
1986 is amended to read as follows:
``(11) Special rules for residences located in disaster
areas.--
``(A) Home improvement loans for repairs.--In the
case of financing provided by a qualified home
improvement loan for the repair of damage to a
residence located in a disaster area which was
sustained as a result of the disaster--
``(i) the limitation under paragraph (4)
shall be increased (but not above $150,000) to
the extent such loan is for the repair of such
damage, and
``(ii) subsection (f) (relating to income
requirement) shall be applied as if such
residence were a targeted area residence.
``(B) Purchase of replacement home.--In the case of
financing provided to acquire a residence located in a
disaster area by mortgagors whose prior residence was
in such area and was destroyed or otherwise rendered
uninhabitable as a result of the disaster--
``(i) subsection (d) (relating to 3-year
requirement) shall not apply, and
``(ii) subsections (e) and (f) (relating to
purchase price requirement and income
requirement) shall be applied as if such
residence were a targeted area residence.
``(C) Financing must be provided within 2 years
after disaster declaration.--This paragraph shall apply
only to financing provided within 2 years after the
date of the disaster declaration.
``(D) Disaster area.--For purposes of this
paragraph, the term `disaster area' means an area
determined by the President to warrant assistance from
the Federal Government under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act.
``(E) Application of paragraph.--This paragraph
shall apply only with respect to bonds issued after
September 8, 2005.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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