The bill would amend the Internal Revenue Code to expand and modify housing investment through mortgage revenue bonds and mortgage credit certificates. It would require annual state-level reporting on bond authority, carryforwards, issuances, expirations, and unused amounts; permit certain housing-related transfers and redesignations of carryforward authority; and allow qualifying mortgagors to refinance without treating the refinancing as acquisition or replacement of an existing mortgage. It would also raise the qualified home improvement loan financing limit from $15,000 to $75,000, with inflation adjustments for calendar years after 2026, and modify credit, recapture, notice, and reporting rules.

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