Sens. Bill Cassidy (R-LA) and Catherine Cortez Masto (D-NV) recently introduced legislation designed to make homeownership more accessible to working families by improving first time buyer tax credits.
The Affordable Housing Bond Enhancement Act would improve tax credits for first time homebuyers by enhancing the Mortgage Revenue Bond (MRB) program and Mortgage Credit Certificates (MCC) that have aided nearly four million low- and moderate-income families purchasing their first home.
“Middle-class Americans should not be priced out of the American Dream because of rapid inflation and sluggish economic growth,” Cassidy said. “This bill helps families achieve that dream of homeownership.”
Bill provisions include simplifying the MRB and MCC programs application process and implementing changes to use tax benefits to add more borrower flexibility; allow homeowners to refinance mortgages with MRB loans that lower homeowner costs; and increase the amount of money homeowners with MRB loans can direct towards making home health and safety improvements.
“The opportunity to own a home is an important piece of the American Dream. That’s why I’m fighting to help families afford a home through federal tax investments that provide lower interest rates and annual tax credits that help families with their mortgage,” Cortez Masto said. “My bipartisan bill will help more Nevadans be able to own and improve their homes, and I won’t stop working to lower housing costs in Nevada and across the states.”