Home At Last Tax Credit Act of 2003

The Home At Last Tax Credit Act of 2003 proposes a federal tax credit designed to increase homeownership among low-income individuals in specific areas targeted for redevelopment. Under this bill, states would receive an allocation of tax credits to provide to lenders, who would then offer eligible borrowers first-time mortgages with interest rates lower than the current market average. To qualify, a borrower must meet specific income requirements and the monthly housing costs cannot exceed 33 percent of their income at the time of purchase.