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Mortgage Revenue Bonds (MRBs)

Special tax-exempt bonds issued by state and local governments to provide financing for lower-interest mortgages to eligible first-time homebuyers and other qualified individuals.

Internal Revenue Code of 1986

The official compilation of federal tax laws in the United States, which this bill proposes to amend.

Carryforward Bond Authority

The ability of a state or local government to save and use unused bond issuing capacity from a previous year for future projects.

Mortgage Credit Certificates (MCCs)

Tax credits issued by state and local governments that allow eligible homeowners to claim a tax credit for a portion of the mortgage interest they pay each year, reducing their federal income tax liability.

Private Activity Bonds

Tax-exempt bonds issued by state or local governments where the proceeds are primarily used for private business activities, often for public benefit projects like affordable housing or infrastructure.

Recapture Tax

A special tax that can apply when a home purchased with a mortgage financed by a Mortgage Revenue Bond is sold within a certain period, designed to ensure the benefit goes to those who need it most and stay in the home.