A bill to amend section 103 of the Internal Revenue Code of 1954 to provide that the interest on certain mortgage revenue bonds will not be exempt from Federal income tax.

Amends the Internal Revenue Code to deny an income tax exclusion of the interest paid on mortgage revenue bonds. Defines "mortgage revenue bonds" as any obligations which are issued to finance single family housing and which are not secured by the general obligation of any State or local government. Provides for an exception to this rule for bond issues in connection with: (1) assisted housing, redevelopment and renewal programs; (2) State programs; and (3) low and moderate income housing programs.

Directs the Secretary of the Treasury, together with the Secretary of Housing and Urban Development and the Comptroller General of the United States, to conduct a joint study of: (1) the effectiveness of tax exempt mortgage revenue bond programs as compared to existing private and Federal mortgage activities; (2) the accessibility of the mortgage revenue bond program to those who would not otherwise have home ownership opportunities; and (3) measures taken by bond issuers to mitigate the displacement of low and moderate income families resulting from the development of mortgage revenue bond programs.