Bill > S1511

This bill aims to enhance affordable housing investment by making several technical modifications to the Internal Revenue Code's provisions related to mortgage revenue bonds and housing finance. The bill introduces new reporting requirements where the Secretary of the Treasury must submit an annual detailed report to congressional committees about bond usage, including state-level information on bond authority, issuance, and carryforwards. It expands flexibility for housing bond authorities by allowing easier transfer and redesignation of unused bond allocations between issuers within the same state, eliminates certain refinancing limitations for mortgage revenue bonds, increases the financing limit for home improvement loans from $15,000 to $75,000 with future inflation adjustments, and revises the recapture tax structure for mortgage revenue bonds by reducing the recapture period from 9 to 5 years. Additionally, the bill modifies mortgage credit certificate regulations by adjusting credit rates, extending the period mortgage credit certificates can be in effect, providing more flexibility for issuing authorities to revoke or adjust bond allocations, reducing public notice requirements from 90 to 30 days, and simplifying lender reporting requirements. These changes are designed to make housing finance more adaptable, streamline administrative processes, and potentially increase access to affordable housing financing.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1511/all-info