HR 2022 · 107th Congress 2001–2003, ended

First-Time Homebuyer Affordability Act of 2001

Introduced May 25, 2001 Originated House Sponsor John J. LaFalce D-NY

Latest action · May 25, 2001 Referred to the House Committee on Ways and Means.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedMay 25, 2001
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

First-Time Homebuyer Affordability Act of 2001 - Amends the Internal Revenue Code to make the tax on prohibited transactions inapplicable to a qualified home equity participation arrangement (one in which up to $10,000 in an individual retirement plan is used to acquire an ownership interest in a dwelling unit that is to be used as the principal residence for a first-time homebuyer). Requires such ownership interest to be a fee interest requiring full repayment. Defines "first-time homebuyer" as an individual on whose behalf an individual retirement plan is established (eligible participant) or a family member (child, parent, or grandparent) who had no present ownership interest in a principal residence during the two-year period before the date of the arrangement.

Allows the use of amounts in an individual retirement plan to make loans of up to $10,000 to purchase a home for a first-time homebuyer on behalf of an eligible participant or a family member. Prohibits a related interest deduction.

Cosponsors 18

Members who signed on, in the order they did. Signatures ran from May 25, 2001 to Sep 6, 2001; 8 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
R-NY	Amo Houghton	Original	May 25, 2001
D-TX	Charles A. Gonzalez	Original	May 25, 2001
D-FL	Karen L. Thurman	Original	May 25, 2001
D-IL	Luis V. Gutierrez	Original	May 25, 2001
D-NY	Major R. Owens	Original	May 25, 2001
R-IN	Mark E. Souder	Original	May 25, 2001
D-PA	Paul E. Kanjorski	Original	May 25, 2001
D-GU	Robert A. Underwood	Original	May 25, 2001
D-TN	Bob Clement		Jun 7, 2001
D-IL	Danny K. Davis		Jun 7, 2001
D-MI	David E. Bonior		Jun 7, 2001
D-OH	Dennis J. Kucinich		Jun 7, 2001
D-CA	Ellen O. Tauscher		Jun 27, 2001
D-IL	Janice D. Schakowsky		Jun 27, 2001
D-NY	Joseph Crowley		Jun 27, 2001
D-CA	Sam Farr		Jun 27, 2001
D-CA	George Miller		Sep 6, 2001
D-CA	Susan A. Davis		Sep 6, 2001

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Ways and Means Committee	Referred May 25, 2001

Actions 3

Everything that happened, newest first.

May 25, 2001Introduced in House
May 25, 2001Sponsor introductory remarks on measure. (CR E978-979)
May 25, 2001Referred to the House Committee on Ways and Means.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
Extensions	Debate and remarks E978	John J. LaFalce D-NY	May 25, 2001

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Internal Revenue Code of 1986 to provide assistance to first-time homebuyers.
Short Titles as Introduced: First-Time Homebuyer Affordability Act of 2001

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

May 25, 2001Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.