A resolution stating transitional rules for tax exempt mortgage bonds.

[AI summary unavailable — showing source text] Expresses the sense of the Senate with respect to the adoption of transitional rules for the elimination of the tax exclusion of interest from Government bonds issued to finance mortgages on owner-occupied and multifamily residences. Provides that interest from Government bonds issued after April 25, 1979, shall be excludable from gross income if official actions had been taken by such date indicating an intent to issue such bonds. Permits the rollover of bonds outstanding on April 24, 1979, where the maturity date of such bonds is no longer than the life of the initial mortgages on the property. Permits the use of the tax-exempt bonds for the financing of projects which had reached specified stages of development prior to April 25, 1979.…