To assist first-time homebuyers to purchase homes through first home ownership accounts, the elimination of the capital gains tax on the sale of a principal residence, and the extension of mortgage bonds.
Affordable Housing and First Home Buyer Assistance Act of 1991 - Title I: First Home Ownership Accounts - Amends the Internal Revenue Code 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 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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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