Congressman Suozzi Co-Introduces Bipartisan Bill to Expand Low-Interest Mortgages for First-Time Homebuyers
A bipartisan group of House members, including Representative Tom Suozzi (D-NY), has introduced the First-Time Homebuyer Affordability Act. This legislation aims to increase access to lower-interest mortgages for first-time and low- to moderate-income homebuyers. The core of the bill involves exempting qualified mortgage bonds from annual federal Private Activity Bond (PAB) volume caps. Currently, these bonds, issued by state and local housing agencies to finance below-market-rate mortgages, count against each state’s PAB allocation. Supporters argue that increased housing demand and rising home prices have strained these limits in many states, restricting the amount of mortgage assistance housing agencies can provide. By removing qualified mortgage bonds from this cap, the bill would allow states to issue more bonds for homeownership programs without reducing financing available for other uses, such as affordable rental housing. The proposal has garnered support from various housing and financial industry... 
