A bill to establish a program to guarantee the availability of downpayments for first time homebuyers based on a program of monthly or other payments into an interest tax-exempt account.
First Home Act - Directs the Secretary of Housing and Urban Development to establish a program of first-time homebuyer downpayment savings accounts based on periodic payment schedules.
Guarantees the difference, if any, between the actual downpayment and the amount in the downpayment account upon the homebuyer's completion of the savings account's terms.
Amends Federal law to establish downpayment savings accounts in the Treasury.
Amends the Internal Revenue Code to exclude from gross income any interest from downpayment savings accounts.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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