Affordable Housing and First Home Buyer Assistance Act of 1990 - Title I: First Home Ownership Accounts - Amends the Internal Revenue Code of 1986 to permit a personal deduction for specified contributions to a first home ownership account.
Treats such account as an individual retirement account upon a first home purchase.
Title II: Repeal of Taxation of Gain on Sale of Principal Residence - Amends the Internal Revenue Code of 1986 to repeal the taxation of gain on the sale of a principal residence.
Title III: Mortgage Bonds and Credit Certificates - Amends the Internal Revenue Code to extend through 1993 the issue period for qualified mortgage bonds.
Title IV: Mortgage Insurance - Amends the National Housing Act with regard to adjustable rate single family mortgages to: (1) increase maximum interest adjustments; and (2) repeal the aggregate fiscal year limit on such insured mortgages and loans.
Authorizes a first-time homebuyer downpayment insurance demonstration program.
Amends the Federal National Mortgage Association Charter Act to provide a secondary market for downpayment loans.
Amends the National Housing Act to authorize insurance for downpayment loans.
Amends the National Housing Act to establish minimum Mutual Mortgage Insurance Fund reserves.
Title V: Study Regarding Shared Equity Reserves - Directs the Secretary to study and report to the Congress on shared equity mortgages for first-time homebuyers. Authorizes appropriations.
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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