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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 551 Introduced in House (IH)]

110th CONGRESS
  1st Session
                                H. R. 551

    To amend the Internal Revenue Code of 1986 with respect to the 
  eligibility of veterans for mortgage bond financing, and for other 
                               purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 18, 2007

 Mrs. Davis of California (for herself, Mr. Herger, Ms. Zoe Lofgren of 
 California, Ms. Roybal-Allard, Ms. Woolsey, Mr. Cardoza, Ms. Matsui, 
   Mr. Farr, Mrs. Tauscher, Mr. McNerney, Mr. Schiff, Mr. Honda, Mr. 
 Costa, Mr. Filner, Mr. Bilbray, Mr. Calvert, Mr. Waxman, Mr. Berman, 
 and Mr. Lantos) introduced the following bill; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL

 
    To amend the Internal Revenue Code of 1986 with respect to the 
  eligibility of veterans for mortgage bond financing, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Home Ownership for America's 
Veterans Act of 2007''.

SEC. 2. ALL VETERANS ELIGIBLE FOR STATE HOME LOAN PROGRAMS FUNDED BY 
              QUALIFIED VETERANS' MORTGAGE BONDS.

    (a) In General.--Section 143(l)(4) of the Internal Revenue Code of 
1986 (defining qualified veteran) is amended--
            (1) by striking ``at some time before January 1, 1977'' in 
        subparagraph (A), and
            (2) by striking subparagraph (B) and inserting the 
        following:
                    ``(B) who applied for the financing before the date 
                25 years after the last on which such veteran left 
                active service.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to financing provided and mortgage credit certificates issued 
after June 30, 2007.

SEC. 3. INFLATION ADJUSTMENT OF STATE VETERANS LIMIT.

    (a) In General.--Section 143(l)(3) of such Code (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 calendar 
                        years after 2010, the limit determined under 
                        subparagraph (B) for a State shall be adjusted 
                        for any such calendar year by multiplying such 
                        limit by the inflation adjustment factor for 
                        the calendar year.
                            ``(ii) Computation of inflation adjustment 
                        factor.--
                                    ``(I) In general.--The Secretary 
                                shall, not later than each October 1, 
                                determine and publish in the Federal 
                                Register the inflation adjustment 
                                factor for the succeeding calendar year 
                                in accordance with this paragraph.
                                    ``(II) Inflation adjustment 
                                factor.--The term `inflation adjustment 
                                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 
                                2009.
                                    ``(III) CMHPI.--The term `CMHPI' 
                                means the Conventional Mortgage Home 
                                Price Index compiled by Freddie Mac. 
                                The CMHPI for any quarter shall be the 
                                CMHPI first published for such 
                                quarter.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this Act.
                                 <all>
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