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122339 1 (1983-09-13)

handle is hein.gao/gaobactdg0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 FOR RELEASE ON DELIVERY EXPECTED AT 10:30 A.M. EDST 122339 TUESDAY, SEPTEMBER 13, 1983 STATEMENT OF J. DEXTER PEACH, DIRECTOR RESOURCES, COMMUNITY, AND ECONOMIC DEVELOPMENT DIVISION BEFORE THE COMMITTEE ON FINANCE UNITED STATES SENATE ON THE FIRST TIME HOMEBUYER ASSISTANCE ACT OF 1983 Mr. Chairman and Members of the Committee: We appreciate being asked to comment on S-1598, the First Time Homebuyer Assistance Act of 1983. We previously discussed the costs and benefits of the mortgage revenue bond program under which States and localities sell tax-free bonds and use the pro- ceeds to fund lower-interest rate mortgages to first time homebuy- ers, and certain alternatives in our April 18, 1983, report to the Chairman and then subsequently during two hearings held by your Subcommittee on Taxation and Debt Management and by the House Com- mittee on Ways and Means. On those occasions we concluded that a homebuyer tax credit program which would provide income tax reduc- tions to subsidize mortgage interest payments could be much more efficient as a subsidy mechanism than the existing mortgage revenue bond provision. We believe that S. 1598 which would allow States and localities to substitute the use of tax credits for mortgage /c2 ' 33 5

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