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B-197139 1 (1980-01-11)

handle is hein.gao/gaobabjqn0001 and id is 1 raw text is: • '- COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON, M.C. Z0548 B-1971 39 January 11, 1980 CEDO-97 The Honorable Russell B. Longv/ L&1\ O Chairman, Committee on FinanceA 0 United States Senate -J Dear iTh: -S. 2064 was recently referred to the Senate Committee on inance frits consideration. The bill would amend Section 103 of the Internal Revenue Code of 1954 to provide that the interest on certain mortgage revenue bonds will not be exempt from Federal income tax. As amended by the bill, paragraph (g)(7) of Section-103 would require the Secretary ofAci the Treasury, the Secretary of Housin_ and -Urb = rlo-v. Yp% t /N o60-13 (HUD), and the Comptroller General of the United States to jointly conduct a study of: ' --ooio (1) the effectiveness of tax exempt mortgage revenue bond programs as compared to existing private and Federal mortgage activities in terms of providing community rehabilitation, revitalization, and housing assistance programs, especially with regard to families of low and moderate income; (2) the extent to which tax exempt mortgage revenue bond programs have been directed toward those who would not otherwise have home ownership opportunities; and (3) the degree to which issuers have taken specific steps to alleviate substantial displacement in the development of mortgage revenue bond programs as they would impact families of low and moderate income . The findings and recommendations of this study would be required to be submitted to the House Committepe on Ways and 4eans and the Senate Committee on Finance not later than two years after the date o-- enactment of the Act.

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