S. 2295
Referred to CommitteeLIFT Homebuyers Act of 2023
Latest Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
7/13/2023 • Senate
Summary
Low-Income First-Time Homebuyers Act of 2023 or the LIFT Homebuyers Act of 2023
This bill establishes a program to provide fixed-rate 20-year mortgages for first-time, first-generation homebuyers whose incomes do not exceed a certain amount. These mortgages must be offered by the Federal Housing Administration (FHA) or the Rural Housing Service (RHS).
Pricing terms must be established (1) such that monthly mortgage payments under this program are similar to a 30-year FHA- or RHS-backed mortgage, or (2) as are determined to be necessary to develop liquidity for securities backed by covered mortgage loans and expand program participation by eligible homebuyers.
Additionally, program funds must be transferred to the Department of the Treasury for the purchase of securities backed by such mortgages.
Introduced in Senate • 7/13/2023
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Bill Journey
Originated in the Senate
Introduced
July 13, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law