118th Congress · SENATE BILLBILL

S. 2295 — LIFT Homebuyers Act of 2023

“A bill to establish a program to provide low- and moderate-income first-time, first-generation homebuyers with access to affordable and sustainable wealth-building home loans.”

Finance and financial sector

Introduced Jul 13, 2023

Last action Jul 13, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jul 13, 2023

Step 2

Referred

Jul 13, 2023

Banking, Housing, and Urban Affairs

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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 securiti...

Provisions · 2 sectionsIntroduced in Senate

Timeline · 2 actions

Jul 13, 2023

Introduced in Senate

Jul 13, 2023

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.