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LIFT Homebuyers Act of 2021

12/30/2022, 11:48 AM

Congressional Summary of S 2797

Low-Income First-Time Homebuyers Act of 2021 or the LIFT Homebuyers Act of 2021

This bill establishes a program to provide fixed-rate 20-year mortgages for first-time, first-generation homebuyers whose incomes do not exceed a certain amount. These mortgages must be offered by the Federal Housing Administration (FHA) or the Rural Housing Service (RHS).

Pricing terms must be established (1) such that monthly mortgage payments under this program are similar to a 30-year FHA- or RHS-backed mortgage, or (2) as are determined to be necessary to develop liquidity for securities backed by covered mortgage loans and expand program participation by eligible homebuyers.

Additionally, program funds must be transferred to the Department of the Treasury for the purchase of securities backed by such mortgages.

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Current Status of Bill S 2797

Bill S 2797 is currently in the status of Bill Introduced since September 22, 2021. Bill S 2797 was introduced during Congress 117 and was introduced to the Senate on September 22, 2021.  Bill S 2797's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of September 22, 2021

Bipartisan Support of Bill S 2797

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
4
Democrat Cosponsors
4
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 2797

Primary Policy Focus

Housing and Community Development

Alternate Title(s) of Bill S 2797

LIFT Homebuyers Act of 2021
A bill to establish a program to provide low- and moderate-income first-time, first-generation homebuyers with access to affordable and sustainable wealth-building home loans.
LIFT Homebuyers Act of 2021
Low-Income First-Time Homebuyers Act of 2021

Comments

Sponsors and Cosponsors of S 2797

Mark R. Warner
Mark R. Warner
VirginiaDemocrat
Raphael G. Warnock
Raphael G. Warnock
GeorgiaDemocrat
Chris Van Hollen
Chris Van Hollen
MarylandDemocrat
Jon Ossoff
Jon Ossoff
GeorgiaDemocrat
Tim Kaine
Tim Kaine
VirginiaDemocrat

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