First-Time Homebuyer Tax Credit Restoration Act
This bill restores and expands the first-time homebuyer tax credit to $15,000 (refundable), indexed to local median home prices, available to households earning up to 150% of area median income, with additional credits for purchases in underserved communities.
Discussion (5)
The enforcement mechanism needs to be stronger. Without teeth, this becomes another unfunded mandate.
The reporting requirements seem excessive for smaller organizations. Add a tiered approach based on size.
This is why I joined CitizenSenator. Real policy proposals that address real problems. Voted yes.
I propose adding a sunset clause so Congress must reauthorize after evaluating effectiveness.
Add 5-year sunset clause with evaluation
+ Proposed Text
New Section 12: "Act expires 5 years after enactment unless reauthorized. GAO evaluation report due at 4 years."
I propose adding a sunset clause so Congress must reauthorize after evaluating effectiveness.
Add 5-year sunset clause with evaluation
+ Proposed Text
New Section 12: "Act expires 5 years after enactment unless reauthorized. GAO evaluation report due at 4 years."