All Home ownership Legislation - Federal Government

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.

Amends the Internal Revenue Code to allow individual taxpayers a one-time refundable tax credit for up to 10% of the purchase price of a principal residence purchased in the United States within the 12-month period beginning on the date of enactment of this Act. Limits the dollar amount of such credit to $10,000. Terminates such credit after 2009.

Keep Our Homes Act of 2008 - Amends the Internal Revenue Code to allow: (1) a tax deduction through 2012 for mortgage counseling costs; (2) a tax deduction through 2009 for amounts, up to $5,000, of mortgage indebtedness in excess of the assessed value of a principal residence; (3) a one-time tax credit for a percentage of the purchase price of a principal residence; (4) nonitemizing taxpayers a tax deduction in 2008 or 2009 for real property taxes; and (5) an exclusion from gross income for unemployment compensation received in 2008 or 2009.

Foreclosure Counseling Assistance Act of 2008 - Directs the Neighborhood Reinvestment Corporation (NRC) to make grants to qualified counseling intermediaries and qualified legal organizations to provide legal assistance to homeowners of owner-occupied homes with mortgages in default, in danger of default, or subject to or at risk of foreclosure.

Requires the NRC to give priority to qualified counseling intermediaries and qualified legal organizations that: (1) provide legal assistance in the 100 metropolitan statistical areas with the highest home foreclosure rates; and (2) have the capacity to begin using the grant funds within 90 days after receipt of the funds.

Amends the Internal Revenue Code to allow individual taxpayers a one-time tax credit for up to $10,000 of the cost of a principal residence purchased in the United States within the 12-month period following enactment of this Act. Terminates such credit after 2009.

First-Time Homebuyers' Tax Credit Act of 2008 - Amends the Internal Revenue Code to: (1) allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers); (2) allow transfer of such credit (within 30 days of transfer application) as payment towards related downpayment and closing costs; and (3) apply the credit to purchases made on or after January 1, 2008, and before January 1, 2013, and to binding contracts made between such dates, and in which the residence is occupied before July 1, 2014.

Next Generation Homes Act of 2008 - Amends the Internal Revenue Code to: (1) increase the dollar limits on the new energy efficient home tax credit and revise the energy savings requirements for such credit; and (2) allow a new tax deduction for the purchase of an energy efficient principal residence.