Affordable Housing Bond Enhancement Act
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Summary
The Affordable Housing Bond Enhancement Act amends the Internal Revenue Code to expand the use of mortgage revenue bonds and mortgage credit certificates for affordable housing. Key provisions include: allowing carryforward bond authority to be transferred or redesignated among state housing authorities; eliminating refinancing limitations for certain mortgagors; increasing the financing limit for qualified home improvement loans from $15,000 to $75,000 (with inflation adjustments); reducing the recapture tax holding period from 9 years to 5 years; and modifying mortgage credit certificate calculations. The bill also establishes new reporting requirements for bond usage by state and local authorities.
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