First Home Affordability Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7160 Introduced in House (IH)] <DOC> 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 Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``First Home Affordability Act''. SEC. 2. FIRST-TIME HOMEBUYER REFUNDABLE TAX CREDIT. (a) In General.--Section 36 of the Internal Revenue Code of 1986 is amended to read as follows: ``SEC. 36. FIRST-TIME HOMEBUYER CREDIT. ``(a) Allowance of Credit.--In the case of an eligible 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 subsection (a), the term `eligible individual' means, with respect 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 respect 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.