Number: RS22841
Title: Mortgage Revenue Bonds: Analysis of Section 3021 and 3022 of the Housing and Economic Recovery Act of 2008
Authors: Mark P. Keightley, Government and Finance Division; Erika Lunder, American Law Division 
Abstract: The Housing and Economic Recovery Act of 2008, P.L. 110-289, changes the rules of the mortgage revenue bond (MRB) program to provide assistance to homeowners. Previous tax law allowed MRB proceeds to be used for mortgages to "first-time" home buyers. P.L. 110-289 allows proceeds to be used by current home owners to refinance certain loans, increases the amount of bond authority, and excludes interest earned on the bonds under the alternative minimum tax. This report provides an overview of the relevant aspects of the MRB program and discusses the recent changes.
Pages: 6
Date: September 15, 2008