Rep. Darin LaHood Co-Leads Bill to Expand Affordable Mortgages for First-Time Buyers
U.S. Representative Darin LaHood, a Republican from Illinois, is co-leading a bipartisan legislative effort to make mortgages more affordable for first-time and low- to moderate-income home buyers. The proposed legislation, known as the First-Time Homebuyer Affordability Act, aims to expand the capacity of state and local housing agencies to offer affordable mortgage financing. A key component of the bill is the exemption of qualified Mortgage Revenue Bonds from the existing Private Activity Bond volume caps, which currently limit the amount of financing states can provide annually. By removing these caps, the bill seeks to enable housing agencies to offer more below-market mortgage loans, addressing the challenges posed by rising home prices and borrowing costs. The bill has garnered support from the Illinois Housing Development Authority and several national housing and financial organizations. Kristin Faust, Executive Director of the IHDA, highlighted the potential of the legislation to significantly in... 
