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. 
Be it enacted by the Senate and House of Representa-
tives 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’’. 
VerDate Aug 31 2005 
17:49 Jan 20, 2007
Jkt 059196
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H551.IH
H551
rwilkins on PROD1PC63 with BILLS
SEC. 2. ALL VETERANS ELIGIBLE FOR STATE HOME LOAN 
PROGRAMS FUNDED BY QUALIFIED VET-
ERANS’ 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 mort-
gage 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 cal-
endar years after 2010, the limit deter-
mined under subparagraph (B) for a State 
VerDate Aug 31 2005 
17:49 Jan 20, 2007
Jkt 059196
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H551.IH
H551
rwilkins on PROD1PC63 with BILLS
shall be adjusted for any such calendar 
year by multiplying such limit by the infla-
tion adjustment factor for the calendar 
year. 
‘‘(ii) COMPUTATION
OF
INFLATION 
ADJUSTMENT FACTOR.— 
‘‘(I) IN
GENERAL.—The Sec-
retary shall, not later than each Octo-
ber 1, determine and publish in the 
Federal Register the inflation adjust-
ment factor for the succeeding cal-
endar year in accordance with this 
paragraph. 
‘‘(II) INFLATION
ADJUSTMENT 
FACTOR.—The term ‘inflation adjust-
ment factor’ means, with respect to a 
calendar year, a fraction the numer-
ator 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. 
VerDate Aug 31 2005 
17:49 Jan 20, 2007
Jkt 059196
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H551.IH
H551
rwilkins on PROD1PC63 with BILLS
‘‘(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 pub-
lished 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. 
Æ 
VerDate Aug 31 2005 
17:49 Jan 20, 2007
Jkt 059196
PO 00000
Frm 00004
Fmt 6652
Sfmt 6301
E:\BILLS\H551.IH
H551
rwilkins on PROD1PC63 with BILLS