I TH CONGRESS ST SESSION H. R. To amend the Internal Revenue Code of to allow eligible veterans to use qualified veterans mortgage bonds to refinance home loans, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JUNE, 00 Mrs. DAVIS of California (for herself, Mr. BLUMENAUER, Mr. CALVERT, Ms. SPEIER, Mr. KIND, Mr. MCNERNEY, Mr. RODRIGUEZ, Mr. BACA, Mr. BILBRAY, and Mr. FILNER) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of to allow eligible veterans to use qualified veterans mortgage bonds to refinance home loans, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION. SHORT TITLE. This Act may be cited as the Veterans Home Loan Refinance Opportunity Act of 00. hsrobinson on PRODPC with BILLS VerDate Nov 00 : Jun 0, 00 Jkt 000 PO 00000 Frm 0000 Fmt Sfmt 0 E:\BILLS\H.IH H
hsrobinson on PRODPC with BILLS 0 HR IH VerDate Nov 00 : Jun 0, 00 Jkt 000 PO 00000 Frm 0000 Fmt Sfmt 0 E:\BILLS\H.IH H SEC.. MODIFICATION OF QUALIFIED VETERANS MORT- GAGE BONDS PROGRAM TO ALLOW ELIGIBLE VETERANS TO REFINANCE CURRENT HOME LOANS. (a) ELIMINATION OF REFINANCE PROHIBITION FOR VETERANS BONDS. Section (b) of the Internal Revenue Code of (relating to qualified veterans mortgage bond defined) is amended () in paragraph () by striking residences and inserting residences or qualified refinancing loans ; and () in paragraph () by striking (i)(),. (b) DEFINITION. Section (l) of the Internal Revenue Code of (relating to additional requirements for qualified veterans mortgage bonds) is amended by adding at the end the following: () QUALIFIED REFINANCING LOAN. For purposes of this subsection, the term qualified refinancing loan means a loan that is used to refinance acquisition indebtedness (as defined in subclauses (I) and (II) of section (h)()(b)(i)) for a principal residence (within the meaning of section ).. (c) EFFECTIVE DATE. The amendments made by this section shall apply to bonds issued after the date of enactment of this Act.
hsrobinson on PRODPC with BILLS 0 HR IH VerDate Nov 00 : Jun 0, 00 Jkt 000 PO 00000 Frm 0000 Fmt Sfmt 0 E:\BILLS\H.IH H SEC.. INFLATION ADJUSTMENT OF STATE VETERANS LIMIT. (a) IN GENERAL. Paragraph () of section (l) of the Internal Revenue Code of (relating to volume limitation) is amended by adding at the end the following new subparagraph: (D) LIMITATION ADJUSTMENT BASED ON INFLATION. (i) IN GENERAL. In the case of any calendar year after 0, the limit determined under subparagraph (B) for a State shall be adjusted for such calendar year by multiplying such limit by the inflation adjustment factor for the calendar year. (ii) COMPUTATION OF INFLATION ADJUSTMENT clause (i) (I) IN FACTOR. For purposes of GENERAL. The Sec- retary shall, not later than each October, determine and publish in the Federal Register the inflation adjustment factor for the succeeding calendar year in accordance with this clause. (II) INFLATION ADJUSTMENT FACTOR. The term inflation adjust-
0 ment factor means, with respect to a calendar year, a fraction the numerator of which is the CMHPI for the second quarter of the calendar year preceding the calendar year for which the adjustment is being made, and the denominator of which is the CMHPI for the second quarter of calendar year 00. (III) CMHPI. The term CMHPI means the Conventional Mortgage Home Price Index compiled by Federal Home Loan Mortgage Corporation. The CMHPI for any quarter shall be the CMHPI first published for such quarter. (IV) LIMITATION. No adjustment shall be made under clause (i) for any year in which the fraction in subclause (II) is less than.. (b) EFFECTIVE DATE. The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act. hsrobinson on PRODPC with BILLS HR IH VerDate Nov 00 : Jun 0, 00 Jkt 000 PO 00000 Frm 0000 Fmt Sfmt 0 E:\BILLS\H.IH H
hsrobinson on PRODPC with BILLS 0 HR IH VerDate Nov 00 : Jun 0, 00 Jkt 000 PO 00000 Frm 0000 Fmt Sfmt 0 E:\BILLS\H.IH H SEC.. MODIFICATION OF MATERIALLY HIGHER YIELD FOR MORTGAGES MADE FROM QUALIFIED VETERANS MORTGAGE BONDS. (a) MORTGAGE YIELD LIMITATION MEASURED UNDER GENERAL PROGRAM OBLIGATION PROVISIONS. () AMENDMENT. Paragraph () of section (b) of the Internal Revenue Code of (relating to qualified veterans mortgage bond defined) is amended by inserting (other than paragraph () thereof) after (g). () IN GENERAL. Subparagraph (C) of section (g)() of the Internal Revenue Code of (relating to requirements related to arbitrage) is amended by striking. percentage points and inserting.0 percentage points. () CLERICAL AMENDMENT. Section (g)() of such Code (relating to requirements related to arbitrage) is amended in the heading for subparagraph (C) by striking WHERE ISSUER DOES NOT USE FULL. PERCENTAGE POINTS UNDER PARAGRAPH () and inserting FOR CERTAIN UNUSED AMOUNTS. (b) EFFECTIVE DATE. The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act. Æ