Senators Catherine Cortez Masto and Bill Cassidy have reintroduced the Affordable Housing Bond Enhancement Act to enhance affordability options for first-time homebuyers. The legislation targets two key programs: Mortgage Revenue Bonds (MRB) and Mortgage Credit Certificates (MCC). It aims to simplify the administration of these programs and shift benefits to support working families. The bill proposes increased funding limits, allows flexibility in loan periods, and includes provisions for home renovations, particularly for aging in place and energy efficiency, enhancing support for low- and moderate-income families.
The Affordable Housing Bond Enhancement Act aims to make housing more affordable for first-time buyers by expanding federal assistance programs and simplifying their administration.
The MRB provides below-market loans to low-income homebuyers while the MCC offers a tax credit, enhancing the benefits of homeownership for first-time buyers.
This legislative effort prioritizes support for working families, allowing more flexibility and additional funding for essential home renovations, particularly for older and disabled individuals.
The bill proposes raising the funding limit for assistance programs significantly and allowing housing finance agencies greater flexibility to adapt to market challenges.
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