Affordable Housing and First Home Buyer Assistance Act of 1990

[AI summary unavailable — showing source text] Affordable Housing and First Home Buyer Assistance Act of 1990 - Title I: First Home Ownership Accounts - Amends the Internal Revenue Code of 1986 to permit a personal deduction for specified contributions to a first home ownership account. Treats such account as an individual retirement account upon a first home purchase. Title II: Repeal of Taxation of Gain on Sale of Principal Residence - Amends the Internal Revenue Code of 1986 to repeal the taxation of gain on the sale of a principal residence. Title III: Mortgage Bonds and Credit Certificates - Amends the Internal Revenue Code to extend through 1993 the issue period for qualified mortgage bonds. Title IV: Mortgage Insurance - Amends the National Housing Act with regard to adjustable rate single family mortgages to: (1) increase maximum interest adjustments; and (2) repeal the aggregate fiscal year limit on such insured mortgages and loans. Authorizes a first-time homebuyer downpayment insurance demonstration program. Amends the Federal National Mortgage Association Charter Act to provide a secondary market for downpayment loans. Amends the National Housing Act to authorize insurance for downpayment loans. Amends the National …