Affordable Housing and First Home Buyer Assistance Act of 1991

[AI summary unavailable — showing source text] Affordable Housing and First Home Buyer Assistance Act of 1991 - Title I: First Home Ownership Accounts - Amends the Internal Revenue Code 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 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.…