A bill to provide for agreements to transfer the home mortgage interest deductions of first-time home buyers to lending institutions in exchange for creidt for mortgage interest owed and to amend the Internal Revenue Code of 1986 to allow lending institutions to claim home mortgage interest deduction pursuant to such agreements.
Affordable Family Home Mortgage Act of 1988 - Permits eligible first-time homebuyers to enter into an agreement with a qualified lending institution to transfer their mortgage interest tax benefits to such lender for the first five years of the mortgage.
Amends the Internal Revenue Code to permit a five-year transfer of the amount of mortgage interest deduction from an eligible first-time homebuyer to a qualifying lending institution.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Housing and Community Development.
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