A bill to amend the Internal Revenue Code of 1954 to provide that certain homeowner mortgage interest paid by the Secretary of Housing and Urban Development on behalf of a low-income mortgagor shall not be deductible by such mortgagor.

Provides that homeowner mortgage interest paid as periodic assistance payments by the Secretary of Housing and Urban Development on behalf of a low-income mortgagor shall not be deductible by such a mortgagor under the Internal Revenue Code. (Adds 26 U.S.C. 280)