Home ownership Legislation - Federal Government

401Kids Family Savings Act of 2007 - Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to extend through 2015 provisions allowing increased annual contributions to Coverdell education savings accounts.

Amends the Internal Revenue Code to: (1) allow tax-free distributions from a Coverdell education savings account for first-time homebuyer expenses; (2) permit rollovers from Coverdell education savings accounts to Roth individual retirement accounts (Roth IRAs); and (3) rename Coverdell education savings accounts as 401Kids Savings Accounts.

Community Partners Next Door Act of 2007 - Amends the National Housing Act to provide: (1) a 50% discount for teachers, teacher assistants, administrators, and public safety officers purchasing certain eligible asset properties for use as their primary residence; (2) a $100 downpayment on any related insured mortgage; and (3) a higher Federal Housing Administration (FHA) loan limit for such purchases in high-cost areas.

Authorizes such sales directly to a qualifying individual or to a unit of local government or a nonprofit organization for resale to such individual.

Directs the Secretary of Housing and Urban Development (HUD) to carry out a program to inform teachers and public safety officers about such program.

Amends the Internal Revenue Code to allow a surviving spouse to exclude from gross income up to $500,000 of the gain from the sale or exchange of a principal residence owned jointly with a deceased spouse if the sale or exchange occurs within two years of the death of the spouse and other ownership and use requirements have been met.

Supports the goals and ideals of National Homeownership Month (June 2007).

Recognizes the importance of homeownership in building strong communities and families.

Expresses the sense of Congress that: (1) everyone in the United States should have a decent home in which to live; (2) Members of Congress should demonstrate the importance of volunteerism; (3) during the 110th, 111th, and 112th Congresses, Members are encouraged to participate in Congress Building America, a program in which congressional delegations work with Habitat for Humanity affiliates to build homes in their districts and states; and (4) these occasions should be used to emphasize and focus on the importance of providing decent homes for all people in the United States.

Expresses the sense of Congress that: (1) everyone in the United States should have a decent home in which to live; (2) Members of Congress should demonstrate the importance of volunteerism; (3) during the 110th, 111th, and 112th Congresses, Members are encouraged to participate in Congress Building America, a program in which congressional delegations work with Habitat for Humanity affiliates to build homes in their districts and states; and (4) these occasions should be used to emphasize and focus on the importance of providing decent homes for all people in the United States.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Supports the goals and ideals of National Homeownership Month (June 2008).

Recognizes the importance of homeownership in building strong communities and families.

Prohibits any individual from purchasing or leasing any housing (or any dwelling unit in housing) acquired using federal loan or grant funds Congress appropriates for the purchase and rehabilitation of foreclosed housing under the Neighborhood Stabilization Act of 2008, if he or she has been convicted under federal or state law of a felony drug-dealing offense (within the five-year period preceding the purchase or lease transaction date), a sex offense, or mortgage fraud.

First Time Property Owners Tax Credit Act of 2008 - Amends the Internal Revenue Code to allow an income-based, one-time refundable tax credit for first-time homebuyers of 5% of the purchase price of real property located in the United States, up to a maximum credit amount of $1,500 ($3,000 for joint returns). Makes such credit applicable to purchases of property on or after January 1, 2008, and before January 1, 2013, and to binding contracts made between such dates to purchase such property before July 1, 2014.