Homeownership Opportunity Act of 1983

Homeownership Opportunity Act of 1983 - Amends the Internal Revenue Code to provide an income tax credit to an individual who during the preceding five years has not owned a principal residence and who makes contributions to a homeownership opportunity account. Limits such credit to 25 percent of the amount contributed to such account during the taxable year. Limits the maximum annual contribution to $3,000 ($6,000 in the case of married couples), with a maximum lifetime contribution of $30,000 ($60,000 in the case of married couples). Provides for an annual inflation adjustment of such amounts. Allows a taxpayer to elect to take an income tax deduction in lieu of a credit for contributions to a homeownership opportunity account.