LIFT Homebuyers Act of 2023
- Last Action
- 7/13/2023
Actions
- 2023-07-13Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2023-07-13Introduced in Senate
CRS Summary
As of 2023-07-13 (00)
Low-Income First-Time Homebuyers Act of 2023 or the LIFT Homebuyers Act of 2023
This bill establishes a program to provide fixed-rate 20-year mortgages for first-time, first-generation homebuyers whose incomes do not exceed a certain amount. These mortgages must be offered by the Federal Housing Administration (FHA) or the Rural Housing Service (RHS).
Pricing terms must be established (1) such that monthly mortgage payments under this program are similar to a 30-year FHA- or RHS-backed mortgage, or (2) as are determined to be necessary to develop liquidity for securities backed by covered mortgage loans and expand program participation by eligible homebuyers.
Additionally, program funds must be transferred to the Department of the Treasury for the purchase of securities backed by such mortgages.
Cosponsors (4)
- Timothy Kaine (D-VA)
- Raphael Warnock (D-GA)
- Jon Ossoff (D-GA)
- Chris Van Hollen (D-MD)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.