Tax Exempt Bonds for Housing Act

[AI summary unavailable — showing source text] Tax Exempt Bonds for Housing Act - Amends the Internal Revenue Code to limit the eligibility of mortgage bond interest for exclusion from gross income to issues: (1) all the proceeds of which (excluding issuance costs, administrative expenses, and a reasonably required reserve) are reasonably expected to be used to finance owner-occupied residences; and (2) whose proceeds are used to acquire a residence whose cost does not exceed 300 percent of the median family income for the statistical area in which it is located (400 percent in the case of certain target areas). Limits eligible mortgagors for whom such owner-financing is provided to those whose family income is 120 percent or less of the median family income for the statistical area involved (150 percent in the case of certain target areas). Limits the aggregate amount of qualified mortgage bonds issued during the calendar year to ten percent of the average annual aggregate principal amount of mortgages executed during the preceding three calendar years plus: (1) for State-issued bonds, an additional percentage determined according to a specified formula; or (2) in the case of local-issue bonds, an optional limit determined acc…