Mortgage Revenue Bonds: Analysis of Sections 3021 and 3022 of the Housing and Economic Recovery Act of 2008 (CRS Report for Congress)
| Release Date |
Sept. 15, 2008 |
| Report Number |
RS22841 |
| Report Type |
Report |
| Authors |
Mark P. Keightley, Government and Finance Division; Erika Lunder, American Law Division |
| Source Agency |
Congressional Research Service |
Summary:
The Foreclosure Prevention Act of 2008, S. 2636, proposes to change the rules ofthe mortgage revenue bond (MRB) program to provide assistance to homeowners.Current tax law allows MRB proceeds to be used for mortgages to "first-time" homebuyers. S. 2636 would allow proceeds to be used by current home owners to refinancecertain loans, increase the amount of bond authority, and exclude interest earned on thebonds under the alternative minimum tax. An amendment in the nature of a substitutewas passed to replace H.R. 3221 with the text of S. 2636, and on April 10, 2008, theSenate passed H.R. 3221. The House Committee on Ways and Means passed a similarprovision in the Housing Assistance Tax Act of 2008 (H.R. 5720) on April 9, 2008. This report provides an overview of the relevant aspects of the MRB program and discusses thechanges S. 2636 proposes to make.
