I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Home Ownership for 

5 America’s Veterans Act of 2007’’. 


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1 SEC. 2. ALL VETERANS ELIGIBLE FOR STATE HOME LOAN 

2 PROGRAMS FUNDED BY QUALIFIED VET3 ERANS’ MORTGAGE BONDS. 

4 (a) IN GENERAL.—Section 143(l)(4) of the Internal 

5 Revenue Code of 1986 (defining qualified veteran) is 

6 amended— 

7 (1) by striking ‘‘at some time before January 1, 

8 1977’’ in subparagraph (A), and 

9 (2) by striking subparagraph (B) and inserting 

10 the following: 

11 ‘‘(B) who applied for the financing before 

12 the date 25 years after the last on which such 

13 veteran left active service.’’. 

14 (b) EFFECTIVE DATE.—The amendments made by 

15 this section shall apply to financing provided and mort16 gage credit certificates issued after June 30, 2007. 

17 SEC. 3. INFLATION ADJUSTMENT OF STATE VETERANS 

18 LIMIT. 

19 (a) IN GENERAL.—Section 143(l)(3) of such Code 

20 (relating to volume limitation) is amended by adding at 

21 the end the following new subparagraph: 

22 ‘‘(D) LIMITATION ADJUSTMENT BASED ON

23 INFLATION.— 

24 ‘‘(i) IN GENERAL.—In the case of cal25 endar years after 2010, the limit deter26 mined under subparagraph (B) for a State 


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1 shall be adjusted for any such calendar 

2 year by multiplying such limit by the infla3 tion adjustment factor for the calendar 

4 year. 

5 ‘‘(ii) COMPUTATION OF INFLATION

6 ADJUSTMENT FACTOR.— 

7 ‘‘(I) IN GENERAL.—The Sec8 retary shall, not later than each Octo9 ber 1, determine and publish in the 

10 Federal Register the inflation adjust11 ment factor for the succeeding cal12 endar year in accordance with this 

13 paragraph. 

14 ‘‘(II) INFLATION ADJUSTMENT

15 FACTOR.—The term ‘inflation adjust16 ment factor’ means, with respect to a 

17 calendar year, a fraction the numer18 ator of which is the CMHPI for the 

19 second quarter of the calendar year 

20 preceding the calendar year for which 

21 the adjustment is being made and the 

22 denominator of which is the CMHPI 

23 for the second quarter of calendar 

24 year 2009. 


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1 ‘‘(III) CMHPI.—The term 

2 ‘CMHPI’ means the Conventional 

3 Mortgage Home Price Index compiled 

4 by Freddie Mac. The CMHPI for any 

5 quarter shall be the CMHPI first pub6 lished for such quarter.’’. 

7 (b) EFFECTIVE DATE.—The amendments made by 

8 this section shall apply to bonds issued after the date of 

9 the enactment of this Act. 

Æ 


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