I 
119TH CONGRESS 
2D SESSION 
H. R. 7160 
To amend the Internal Revenue Code of 1986 to establish the first-time 
homebuyer refundable tax credit. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 20, 2026 
Mr. KRISHNAMOORTHI introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to establish 
the first-time homebuyer refundable tax credit. 
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 ‘‘First Home Afford-
ability Act’’. 
SEC. 2. FIRST-TIME HOMEBUYER REFUNDABLE TAX CRED-
IT. 
(a) IN GENERAL.—Section 36 of the Internal Rev-
enue Code of 1986 is amended to read as follows: 
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‘‘SEC. 36. FIRST-TIME HOMEBUYER CREDIT. 
‘‘(a) ALLOWANCE OF CREDIT.—In the case of an eli-
gible individual, there shall be allowed as a credit against 
the tax imposed by this subtitle a credit in an amount 
equal to the applicable credit amount for the taxable year. 
‘‘(b) ELIGIBLE INDIVIDUAL.—For purposes of sub-
section (a), the term ‘eligible individual’ means, with re-
spect to any taxable year, an individual who is a first- 
time homebuyer with respect to the purchase of a principal 
residence in the United States during such taxable year 
or any of the 4 preceding taxable years. 
‘‘(c) APPLICABLE CREDIT AMOUNT.— 
‘‘(1) IN GENERAL.—For purposes of subsection 
(a), the term ‘applicable amount’ means, with re-
spect to any taxable year which occurs during the 
credit period of an eligible individual, an amount 
equal to— 
‘‘(A) 10 percent of the purchase price of 
the primary residence described in subsection 
(b), divided by 
‘‘(B) 5. 
‘‘(2) DOLLAR LIMITATION.— 
‘‘(A) IN GENERAL.—Except as otherwise 
provided in this paragraph, the aggregate 
amount of all credits allowed to any taxpayer 
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allowed with respect to a single purchase of a 
primary residence shall not exceed $25,000. 
‘‘(B) MARRIED INDIVIDUALS FILING SEPA-
RATELY.—In the case of a married individual 
filing a separate return, subparagraph (A) shall 
be applied by substituting ‘$12,500’ for 
‘$25,000’. 
‘‘(C) OTHER INDIVIDUALS.—If 2 or more 
individuals who are not married purchase a 
principal residence, the amount of the credit al-
lowed under subsection (a) shall be allocated 
among such individuals in such manner as the 
Secretary may prescribe, except that the aggre-
gate amount of the credits allowed to all such 
individuals with respect to such purchase dur-
ing the credit period with respect to such pur-
chase shall not exceed $25,000. 
‘‘(3) PHASEOUT BASED ON AREA MEDIAN IN-
COME.— 
‘‘(A) IN GENERAL.—The amount allowable 
as a credit under subsection (a) (determined 
without regard to this paragraph) shall be re-
duced (but not below zero) by the amount 
which bears the same ratio to the amount which 
is so allowable as— 
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‘‘(i) the excess (if any) of— 
‘‘(I) the modified adjusted gross 
income of the taxpayer for the taxable 
year in which the taxpayer makes the 
purchase of the principal residence 
with respect to which the credit is al-
lowed, over 
‘‘(II) 150 percent of the applica-
ble Area Medium Income, bears to 
‘‘(ii) 20 percent of the applicable Area 
Median Income. 
‘‘(B) MODIFIED
ADJUSTED
GROSS
IN-
COME.—For purposes of subparagraph (A), the 
term ‘modified adjusted gross income’ means 
the adjusted gross income of the taxpayer for 
the taxable year increased by any amount ex-
cluded from gross income under section 911, 
931, or 933. 
‘‘(C) 
APPLICABLE
AREA
MEDIAN
IN-
COME.—For purposes of subparagraph (A), the 
term ‘applicable Area Median Income’ means 
the Area Median Income set by the Secretary of 
Housing and Urban Development with respect 
to— 
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chase price for a home in both the area and the 
calendar year in which the purchase of the prin-
cipal residence takes place. 
‘‘(C) REGULATIONS AND GUIDANCE.—The 
Secretary, after consultation with the Secretary 
of Housing and Urban Development, shall pro-
mulgate such regulations and guidance as are 
necessary to carry out the purposes of this sub-
paragraph, including for determining the area 
median purchase price with respect to different 
localities. 
‘‘(D) INFLATION
ADJUSTMENT.—In the 
case of any taxable year beginning in a calendar 
year after 2025, each of the dollar amounts in 
paragraph (1) shall be increased by an amount 
equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year in which the taxable year be-
gins, determined by substituting ‘calendar 
year 2024’ for ‘calendar year 2016’ in sub-
paragraph (A)(ii) thereof. 
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Any increase determined under the preceding 
sentence shall be rounded to the nearest mul-
tiple of $100. 
‘‘(E) AGE LIMITATION.—No credit shall be 
allowed under subsection (a) with respect to the 
purchase of any residence unless the taxpayer 
has attained age 18 as of the date of such pur-
chase. In the case of any taxpayer who is mar-
ried (within the meaning of section 7703), the 
taxpayer shall be treated as meeting the age re-
quirement of the preceding sentence if the tax-
payer or the taxpayer’s spouse meets such age 
requirement. 
‘‘(5) REGULATIONS AND GUIDANCE.—The Sec-
retary, in consultation with the Secretary of Housing 
and Urban Development, shall issue such regulations 
and guidance as are necessary to carry out the pur-
poses of this subparagraph. 
‘‘(d) CREDIT PERIOD.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, the term ‘credit period’ means, with respect to 
any individual, the 5 taxable year period beginning 
with the taxable year during which such individual 
makes a purchase described in subsection (b). 
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‘‘(2) 
SPECIAL
RULE
FOR
TEACHERS, 
CHILDCARE WORKERS, AND FIRST RESPONDERS.— 
‘‘(A) IN GENERAL.—In the case of an eligi-
ble individual whose primary occupation during 
the taxable year in which such individual makes 
a purchase described in subsection (b) is first 
responder, childcare worker, or teacher— 
‘‘(i) the credit period with respect to 
such purchase shall be the taxable year in 
which such purchase is made, and 
‘‘(ii) the applicable amount shall be 
10 percent of the purchase price of the pri-
mary residence described in subsection (b). 
‘‘(B) FIRST RESPONDER.—For purposes of 
this paragraph, the term ‘first responder’ 
means an individual who is— 
‘‘(i) a law enforcement officer, fire-
fighter, or member of a rescue squad or 
ambulance crew (as such terms are defined 
in section 1204 of title I of the Omnibus 
Crime Control and Safe Streets Act of 
1968), or 
‘‘(ii) a public safety telecommunicator, 
including a 9–1–1 operator or dispatcher. 
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‘‘(C) CHILDCARE WORKER.—For purposes 
of this paragraph, the term ‘childcare worker’ 
means an individual— 
‘‘(i) who has a credential or a license 
under State law for early childhood edu-
cation, and 
‘‘(ii) whose primary responsibility is 
for the learning and development of chil-
dren in an early childhood education pro-
gram. 
‘‘(D) TEACHER.—For purposes of this 
paragraph, the term ‘teacher’ means an indi-
vidual who— 
‘‘(i) is an elementary school or sec-
ondary school teacher who, as determined 
by the State or local educational agency, is 
a teacher of record who provides direct 
classroom 
teaching 
(or 
classroom-type 
teaching in a no classroom setting) to stu-
dents in an elementary or secondary 
school, and 
‘‘(ii) meets applicable State certifi-
cation and licensure requirements, includ-
ing any requirements for certification ob-
tained through alternative routes to certifi-
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cation, in the State in which such school is 
located and in the subject area in which 
the individual is the teacher of record. 
‘‘(e) DEFINITIONS.—For purposes of this section— 
‘‘(1) 
FIRST-TIME
HOMEBUYER.—The 
term 
‘first-time homebuyer’ means any individual if such 
individual 
(and 
if 
married, 
such 
individual’s 
spouse)— 
‘‘(A) has no present ownership interest in 
any residence during the 3-year period ending 
on the date of the purchase of the principal res-
idence to which this section applies, and 
‘‘(B) has not taken the credit under this 
section in any other taxable year. 
‘‘(2) PRINCIPAL RESIDENCE.—The term ‘prin-
cipal residence’ has the same meaning as when used 
in section 121. 
‘‘(3) PURCHASE.— 
‘‘(A) IN GENERAL.—The term ‘purchase’ 
means any acquisition, but only if— 
‘‘(i) the property is not acquired from 
a person related to the person acquiring 
such property (or, if married, such individ-
ual’s spouse), 
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‘‘(ii) 
the 
acquisition 
is 
financed 
through a federally backed mortgage loan 
(as defined in section 4022 of the CARES 
Act), and 
‘‘(iii) the basis of the property in the 
hands of the person acquiring such prop-
erty is not determined— 
‘‘(I) in whole or in part by ref-
erence to the adjusted basis of such 
property in the hands of the person 
from whom acquired, or 
‘‘(II) under section 1014(a) (re-
lating to property acquired from a de-
cedent). 
‘‘(B) CONSTRUCTION.—A residence which 
is constructed by the taxpayer shall be treated 
as purchased by the taxpayer on the date the 
taxpayer first occupies such residence. 
‘‘(4) PURCHASE
PRICE.—The term ‘purchase 
price’ means the adjusted basis of the principal resi-
dence on the date such residence is purchased. 
‘‘(5) RELATED
PERSONS.—A person shall be 
treated as related to another person if the relation-
ship between such persons would result in the dis-
allowance of losses under section 267 or 707(b). 
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‘‘(f) EXCEPTIONS.—No credit under subsection (a) 
shall be allowed to any taxpayer for any taxable year with 
respect to the purchase of a residence if— 
‘‘(1) the taxpayer disposes of such residence (or 
such residence ceases to be the principal residence of 
the taxpayer (and, if married, the taxpayer’s 
spouse)) before the close of such taxable year, 
‘‘(2) a deduction under section 151 with respect 
to such taxpayer is allowable to another taxpayer for 
such taxable year, or 
‘‘(3) the taxpayer fails to attach to the return 
of tax for such taxable year a properly executed copy 
of the settlement statement used to complete such 
purchase. 
‘‘(g) REPORTING.—If the Secretary requires informa-
tion reporting under section 6045 by a person described 
in subsection (e)(2) thereof to verify the eligibility of tax-
payers for the credit allowable by this section, the excep-
tion provided by section 6045(e)(5) shall not apply. 
‘‘(h) RECAPTURE OF CREDIT.— 
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in this subsection, if, during any taxable year 
during the credit period, a taxpayer disposes of the 
principal residence with respect to which a credit 
was allowed under subsection (a) (or such residence 
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ceases to be the principal residence of the taxpayer), 
the tax imposed by this chapter for such taxable 
year shall be increased by the recoverable amount 
determined in paragraph (2). 
‘‘(2) RECOVERABLE AMOUNT.—For purposes of 
paragraph (1), the recoverable amount is the prod-
uct of— 
‘‘(A) 25 percent of the amount of the cred-
it allowed under subsection (a) in all taxable 
years with respect to the same purchase, multi-
plied by 
‘‘(B) the number of taxable years remain-
ing in the recapture period as of the beginning 
of the taxable year in which the taxpayer dis-
poses of the principal residence. 
‘‘(3) LIMITATION BASED ON GAIN.—In the case 
of the sale of the principal residence to a person who 
is not related to the taxpayer, the increase in tax de-
termined under paragraph (1) shall not exceed the 
amount of gain (if any) on such sale. Solely for pur-
poses of the preceding sentence, the adjusted basis 
of such residence shall be reduced by the amount of 
the credit allowed under subsection (a). 
‘‘(4) EXCEPTIONS.— 
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‘‘(A) DEATH OF A TAXPAYER.—Paragraph 
(1) shall not apply to any taxable year ending 
after the date of the taxpayer’s death. 
‘‘(B) INVOLUNTARY
CONVERSION.—Para-
graph (1) shall not apply in the case of a resi-
dence which is compulsorily or involuntarily 
converted (within the meaning of section 
1033(a)) if the taxpayer acquires a new prin-
cipal residence during the 2-year period begin-
ning on the date of the disposition or cessation 
referred to in paragraph (1). Paragraph (1) 
shall apply to such new principal residence dur-
ing the recapture period in the same manner as 
if such new principal residence were the con-
verted residence. 
‘‘(C) TRANSFERS BETWEEN SPOUSES OR 
INCIDENT TO DIVORCE.—In the case of a trans-
fer of a residence to which section 1041(a) ap-
plies— 
‘‘(i) paragraph (1) shall not apply to 
such transfer, and 
‘‘(ii) in the case of taxable years end-
ing after such transfer, paragraph (1) shall 
apply to the transferee in the same manner 
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as if such transferee were the transferor 
(and shall not apply to the transferor). 
‘‘(D) SPECIAL
RULE
FOR
MEMBERS
OF 
THE ARMED FORCES, ETC.— 
‘‘(i) IN GENERAL.—In the case of the 
disposition of a principal residence by an 
individual (or a cessation referred to in 
paragraph (1)) after December 31, 2022, 
in connection with Government orders re-
ceived by such individual, or such individ-
ual’s spouse, for qualified official extended 
duty service, paragraph (1) and subsection 
(d)(2) shall not apply to such disposition 
(or cessation). 
‘‘(ii) QUALIFIED OFFICIAL EXTENDED 
DUTY SERVICE.—For purposes of this sec-
tion, the term ‘qualified official extended 
duty service’ means service on qualified of-
ficial extended duty as— 
‘‘(I) a member of the uniformed 
services, 
‘‘(II) a member of the Foreign 
Service of the United States, or 
‘‘(III) an employee of the intel-
ligence community. 
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‘‘(iii) DEFINITIONS.—Any term used 
in this subparagraph which is also used in 
paragraph (9) of section 121(d) shall have 
the same meaning as when used in such 
paragraph. 
‘‘(E) DISPOSITION OF RESIDENCE IN CON-
NECTION WITH CHANGE OF EMPLOYMENT.—In 
the case of the disposition of a principal resi-
dence by an individual (or a cessation referred 
to in paragraph (1)) after December 31, 2022, 
in connection with a change of employment 
which meets the conditions described in section 
217(c), paragraph (1) shall not apply to such 
disposition (or cessation). 
‘‘(5) JOINT RETURNS.—In the case of a credit 
allowed under subsection (a) with respect to a joint 
return, half of such credit shall be treated as having 
been allowed to each individual filing such return for 
purposes of this subsection. 
‘‘(6) RETURN REQUIREMENT.—If the tax im-
posed by this chapter for the taxable year is in-
creased under this subsection, the taxpayer shall, 
notwithstanding section 6012, be required to file a 
return with respect to the taxes imposed under this 
subtitle. 
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‘‘(i) TRANSFER OF CREDIT.— 
‘‘(1) IN GENERAL.—Subject to such regulations 
and other guidance as the Secretary determines nec-
essary, a taxpayer may elect that the credit which 
would (but for this subsection) be allowed to such 
taxpayer with respect to the purchase of a principal 
residence in the taxable year in which the taxpayer 
makes such purchase shall be allowed to the mort-
gage lender with respect to such purchase and not 
to such taxpayer. 
‘‘(2) ELIGIBLE ENTITY.—For purposes of this 
subsection, the term ‘eligible entity’ means, with re-
spect to the purchase of the principal residence for 
which the credit is allowed under subsection (a), the 
mortgage lender which provides the mortgage to the 
taxpayer and has— 
‘‘(A) registered with the Secretary for pur-
poses of this paragraph, at such time, and in 
such form and manner, as the Secretary may 
prescribe, 
‘‘(B) prior to the election described in 
paragraph (1) and not later than at the time of 
such purchase, disclosed to the taxpayer making 
such purchase— 
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‘‘(i) the value of the credit allowed 
under subsection (a), and 
‘‘(ii) the amount provided by the 
mortgage lender to such taxpayer as a con-
dition of the election described in para-
graph (1). 
‘‘(C) not later than at the time of such 
purchase, made payment to such taxpayer 
(whether in cash or in the form of a partial 
payment or down payment for the purchase of 
such principal residence) in an amount equal to 
the credit otherwise allowable to such taxpayer, 
and 
‘‘(D) with respect to any incentive other-
wise available for taking a mortgage for which 
a credit is allowed under this section, including 
any incentive in the form of a rebate or dis-
count provided by the mortgage lender, ensured 
that— 
‘‘(i) the availability or use of such in-
centive shall not limit the ability of a tax-
payer to make an election described in 
paragraph (1), and 
‘‘(ii) such election shall not limit the 
value or use of such incentive. 
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‘‘(3) TIMING.—An election described in para-
graph (1) shall be made by the taxpayer not later 
than the date on which the purchase of the principal 
residence with respect to which the credit under sub-
section (a) is allowed is made. 
‘‘(4) REVOCATION
OF
REGISTRATION.—Upon 
determination by the Secretary that a mortgage 
lender has failed to comply with the requirements 
described in paragraph (2), the Secretary may re-
voke the registration (as described in subparagraph 
(A) of such paragraph) of such mortgage lender. 
‘‘(5) TAX
TREATMENT
OF
PAYMENTS.—With 
respect to any payment described in paragraph 
(2)(C), such payment— 
‘‘(A) shall not be includible in the gross in-
come of the taxpayer, and 
‘‘(B) with respect to the mortgage lender, 
shall not be deductible under this title. 
‘‘(6) ADVANCE PAYMENT TO MORTGAGE LEND-
ERS.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
establish a program to make advance payments 
to any eligible entity in an amount equal to the 
cumulative amount of the credits allowed under 
subsection (a) with respect to any mortgages 
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issued by such entity for which an election de-
scribed in paragraph (1) has been made. 
‘‘(B) EXCESSIVE PAYMENTS.—Rules simi-
lar to the rules of section 6417(d)(6) shall 
apply for purposes of this paragraph. 
‘‘(C) TREATMENT
OF
ADVANCE
PAY-
MENTS.—For purposes of section 1324 of title 
31, United States Code, the payments under 
subparagraph (A) shall be treated in the same 
manner as a refund due from a credit provision 
referred to in subsection (b)(2) of such section. 
‘‘(7) RECAPTURE.—In the case of any taxpayer 
who has made an election described in paragraph (1) 
with respect to the purchase of a principal residence 
and received a payment described in paragraph 
(2)(C) from an eligible entity, such principal resi-
dence shall be treated as a principal residence with 
respect to which a credit was allowed under sub-
section (a) for purposes of subsection (f).’’. 
(b) CERTAIN ERRORS WITH RESPECT TO FIRST- 
TIME HOMEBUYER TAX CREDIT TREATED AS MATHE-
MATICAL OR CLERICAL ERRORS.—Paragraph (2) of sec-
tion 6213(g) of the Internal Revenue Code of 1986, as 
amended by Public Law 119–21, is amended by striking 
‘‘and’’ at the end of subparagraph (Z), by striking the pe-
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riod at the end of subparagraph (AA) and inserting ‘‘, 
and’’, and by inserting after subparagraph (AA) the fol-
lowing new subparagraph: 
‘‘(BB) an entry on a return claiming the 
credit under section 36 if— 
‘‘(i) the Secretary obtains information 
from the person issuing the TIN of the 
taxpayer that indicates that the taxpayer 
does not meet the age requirement of sec-
tion 36(b)(4), 
‘‘(ii) information provided to the Sec-
retary by the taxpayer on an income tax 
return for at least one of the 2 preceding 
taxable years is inconsistent with eligibility 
for such credit, or 
‘‘(iii) the taxpayer fails to attach to 
the return the form described in section 
36(f)(3).’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to principal residences 
purchased after the date of the enactment of this Act. 
Æ 
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