Bill
Bill > S2797
summary
Introduced
09/22/2021
09/22/2021
In Committee
09/22/2021
09/22/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To establish a program to provide low- and moderate-income first-time, first-generation homebuyers with access to af- fordable and sustainable wealth-building home loans.
AI Summary
This bill establishes the Low-Income First-Time Homebuyers Act of 2021 (also known as the LIFT Homebuyers Act of 2021) to provide low- and moderate-income first-time, first-generation homebuyers with access to affordable and sustainable wealth-building home loans. The bill creates a program within the Department of Housing and Urban Development (HUD) and the Department of Agriculture (USDA) to make "covered mortgage loans" available to eligible homebuyers to purchase single-family homes as their principal residence. The key provisions include the creation of "LIFT HOME Funds" managed by each department, specific pricing and eligibility criteria for the covered mortgage loans, and coordination between the departments and the Government National Mortgage Association (Ginnie Mae) to develop liquidity for the mortgage-backed securities.
Committee Categories
Housing and Urban Affairs
Sponsors (5)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 09/22/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/2797/all-info |
| BillText | https://www.congress.gov/117/bills/s2797/BILLS-117s2797is.pdf |
| Bill | https://www.congress.gov/117/bills/s2797/BILLS-117s2797is.pdf.pdf |
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