Bill Sponsor
BILLSPONSOR
Bill Sponsor
Politicians
Bills
Senate Bill 2797
117th Congress(2021-2022)
LIFT Homebuyers Act of 2021
Introduced
Introduced
Introduced in Senate on Sep 22, 2021
Overview
Text
Introduced
Sep 22, 2021
Latest Action
Sep 22, 2021
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2797
Congress
117
Policy Area
Housing and Community Development
Housing and Community Development
Primary focus of measure is home ownership; housing programs administration and funding; residential rehabilitation; regional planning, rural and urban development; affordable housing; homelessness; housing industry and construction; fair housing. Measures concerning mortgages and mortgage finance may fall under Finance and Financial Sector policy area.
Sponsorship by Party
Democrat
Mark Warner
Virginia
Democrat
Jon Ossoff
Georgia
Democrat
Raphael Warnock
Georgia
Democrat
Chris Van Hollen
Maryland
Democrat
Tim Kaine
Virginia
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Low-Income First-Time Homebuyers Act of 2021 or the LIFT Homebuyers Act of 2021

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.

Text (1)
Introduced in Senate
September 22, 2021
Related Bills (1)
Aug 16, 2022
Became Public Law 117-169
1
Sponsorship
House Bill 5376
Inflation Reduction Act of 2022
Became Law
Amendments
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Actions (2)
09/22/2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
09/22/2021
Introduced in Senate
Public Record
Record Updated
Dec 30, 2022 11:48:15 AM
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