SHARE Act
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Summary
The SHARE Act amends the Internal Revenue Code to exclude from gross income certain proceeds from shared appreciation mortgage contracts. Specifically, it exempts lenders from reporting as income the appreciation payments received on second mortgages when the borrower's income did not exceed 140 percent of area median income and the property was the borrower's principal residence. The bill defines eligible shared appreciation mortgages as second liens capped at 49 percent of the property's purchase price, subordinate to a qualified first mortgage, with the lender sharing in a predetermined percentage of the property's net appreciation.
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