PlainBillCongress, translated.Legislation. Context. Public interest.Sponsor introductory remarks on measure. (CR E513-514)
Congressional Research Service
Version 00 · Introduced in House · Feb 25, 1993
First-time Homebuyer Affordability Act of 1993 - Amends the Internal Revenue Code to make the tax on prohibited transactions inapplicable to a home equity participation arrangement. Describes such arrangement as one in which the eligible participant in an individual retirement plan directs the plan trustee to acquire an ownership interest in all or part of any dwelling unit which within a reasonable period of time is to be used as the principal residence for a first-time homebuyer. Requires such ownership interest to be a fee interest which requires full repayment. Describes the first-time homebuyer as an eligible participant or a qualified family member (child, parent, grandparent, or spouse) who had no present ownership interest in a principal residence during the 36-month period before the date of the arrangement. Allows the use of amounts in an individual retirement plan to make loans to purchase a home for a first-time homebuyer on behalf of an eligible participant or a qualified family member. Requires the repayment of first-time homebuyer loans within 15 years.
People & committees
Rep. Orton, Bill [D-UT-3] · D–UT
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Sponsor introductory remarks on measure. (CR E513-514)
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 26, 2025. Consult Congress.gov for the current record.
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