Homeownership Affordability Act of 2007

U.S. Rep. Dave Weldon (R-Fla.) plans to introduce legislation that would allow family members to provide tax-free cash gifts to relatives equivalent to a 20-percent house downpayment, as long as the home's price is 110 percent or less of the Federal Housing Administration's local median price. Weldon believes the Homeownership Affordability Act of 2007 could help young, first-time buyers and middle-income service workers achieve homeownership and expand their housing choices.

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