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1 (September 15, 2008)

handle is hein.crs/crsajtv0001 and id is 1 raw text is: Order Code RS22841 Updated September 15, 2008 Mortgage Revenue Bonds: Analysis of Sections 3021 and 3022 of the Housing and Economic Recovery Act of 2008 Mark P. Keightley Analyst in Public Finance Government and Finance Division Erika Lunder Legislative Attorney American Law Division Summary The number of homeowners facing the risk of foreclosure is rising and estimates suggest as many as 2.8 million borrowers may face the possible loss of their home over the next five years. Mortgage lending rules and credit are tightening as current and potential homeowners have fewer available financing choices. The Housing and Economic Recovery Act of 2008, P.L. 110-289, changes the rules of the mortgage revenue bond (MRB) program to provide assistance to homeowners. Previous tax law allowed MRB proceeds to be used for mortgages to first-time home buyers. P.L. 110-289 allows proceeds to be used by current home owners to refinance certain loans, increases the amount of bond authority, and excludes interest earned on the bonds under the alternative minimum tax. This report, which will be updated as warranted by legislative changes, provides an overview of the relevant aspects of the MRB program and discusses the recent changes. Overview Mortgage revenue bonds (MRBs) are one type of private activity bond issued by states and their political subdivisions, the interest on which is exempt from federal income taxes if the bonds qualify under rules stipulated in the tax code.' There are two types of 1 For more information on tax-exempt bonds, see CRS Report RL30638, Tax-Exempt Bonds: A Description ofState and Local Government Debt, by Steven Maguire, and CRS Report RL31457, Private Activity Bonds: An Introduction, by Steven Maguire.

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