To increase the affordability of homeownership for first-time homebuyers and promote the development of low-income rental housing.
Homebuyers and Renters Relief Act of 1989 - Title I: Tax Exclusion for Distributions for First-Time Home Purchase - Amends the Internal Revenue Code to exclude from gross income certain retirement plan (individual retirement accounts, defined contribution plans) distributions used for a first-time home purchase.
Title II: Rental Housing Production - Authorizes the Secretary of Housing and Urban Development to make repayable advances to public and private sector project sponsors for rental housing construction and rehabilitation.
Establishes in the Treasury the Rental Housing Production Fund.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Housing and Community Development.
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