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Housing Bond and Credit Modernization and Fairness Act of 2001

1/16/2023, 3:03 PM

Congressional Summary of S 677

Housing Bond and Credit Modernization and Fairness Act of 2001 - Amends the Internal Revenue Code to: (1) repeal the required use of certain principal repayments on mortgage subsidy bond financings to redeem bonds; (2) modify the purchase price limitation under mortgage subsidy bond rules based on median family income; and (3) define the term "area median gross income" for low-income housing credit projects.

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Current Status of Bill S 677

Bill S 677 is currently in the status of Bill Introduced since April 2, 2001. Bill S 677 was introduced during Congress 107 and was introduced to the Senate on April 2, 2001.  Bill S 677's most recent activity was Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3281) as of April 2, 2001

Bipartisan Support of Bill S 677

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
78
Democrat Cosponsors
42
Republican Cosponsors
36
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 677

Primary Policy Focus

Taxation

Potential Impact Areas

- Business income tax
- Commerce
- Economics and Public Finance
- Finance and Financial Sector
- Housing and Community Development
- Housing subsidies
- Income
- Income tax
- Low-income housing
- Mortgage interest rates
- Mortgage loans
- Rent
- Social Welfare
- Tax credits
- Tax-exempt securities

Alternate Title(s) of Bill S 677

Housing Bond and Credit Modernization and Fairness Act of 2001
A bill to amend the Internal Revenue Code of 1986 to repeal the required use of certain principal repayments on mortgage subsidy bond financing to redeem bonds, to modify the purchase price limitation under mortgage subsidy bond rules based on median family income, and for other purposes.
Housing Bond and Credit Modernization and Fairness Act of 2001

Comments

Sponsors and Cosponsors of S 677

Orrin G. Hatch
Orrin G. Hatch
UtahRepublican
Ron Wyden
Ron Wyden
OregonDemocrat
Paul D. Wellstone
Paul D. Wellstone
MinnesotaIndependent
John Warner
John Warner
VirginiaIndependent
George V. Voinovich
George V. Voinovich
OhioRepublican
Robert G. Torricelli
Robert G. Torricelli
New JerseyIndependent

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