Establishes a first-time homebuyer refundable tax credit under the Internal Revenue Code.
The First Home Affordability Act amends the Internal Revenue Code to create a refundable tax credit for first-time homebuyers. This credit is available to eligible individuals who purchase a principal residence in the United States. The credit amount is subject to limitations based on the purchase price and area median income. Special rules apply for first responders, childcare workers, and teachers. The credit can be transferred to mortgage lenders, and the Secretary of the Treasury is directed to establish a program for advance payments to eligible entities.
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