Post by inhorto on Jun 3, 2020 19:25:30 GMT
Homeowners Act
Author: Joseph Yu (Prime Minister | UCP)
Sponsors: Rutger de Vries-Lau (Finance Minister | UCP)
Sponsors: Rutger de Vries-Lau (Finance Minister | UCP)
An Act to promote Homeownership by introducing a Mortgage Interest Deduction and Right-to-Buy Scheme
BE IT THEREFORE ENACTED, as follows:
§1 - Definitions
- For the purposes of this act:
- Public housing, public accommodation — Rental accommodations owned by the government of Banduria that offer rent relief for low-income families and the homeless.
- the Bandurian Housing Authority ("the Housing Authority", abbrev. BHA) — Organ of the Bandurian government responsible for creating, maintaining, and promoting public housing.
- Mortgage loan — A debt instrument secured on real estate that the borrower, the owner of the real estate in question, is obliged to pay back
- Person(s) — see §2.1
- Public housing, public accommodation — Rental accommodations owned by the government of Banduria that offer rent relief for low-income families and the homeless.
§2 - Eligibility
- No person shall be eligible for any provisions provided under §§3 and 4 of this Act unless they:
- Are a citizen of Banduria, or;
- Are a permanent resident of Banduria, or;
- Have resided in Banduria for no fewer than one-and-a-half (1.5) years consecutively, or;
- Have resided in Banduria for no fewer than four (4) years non-consecutively.
- No person shall be eligible for any provisions provided under this act for residence other than their primary residence, which must be located in Banduria.
- The Housing Authority shall have the responsibility for enforcing the guidelines delineated here-above.
§3 - Mortgage relief
- Homeowners eligible under §2 of this Act may deduct thirty-five (35) percent of interest paid on the mortgage secured on their primary residence up to thirteen thousand (13,000) florins from their taxable income.
§4 - Right to Buy scheme
- There shall be a Right to Buy scheme, administered by the Bandurian Housing Authority, in which eligible tenants shall have the right to buy public accommodations from the Housing Authority, provided conditions are met.
- For such purposes as this Act shall ascribe, age shall be calculated upon submission to the Housing Authority the petition buy the public accomodation in question.
- Persons younger than sixty (60) years of age who have lived in the same public accommodation for now fewer than:
- Three (3) years shall have the right to buy that accommodation with a twenty-five (25) percent discount of the market price;
- Ten (10) years shall have the right to buy that accommodation with a thirty-five (35) percent discount of the market price;
- Twenty (20) years shall have the right to buy that accommodation with a fifty (50) percent discount of the market price.
- Persons younger than sixty (60) years of age who have lived in the same public accommodation located in Boschstad and Bloemwijk for now fewer than:
- Five (5) years shall have the right to buy that accommodation with a thirty-three (33) percent discount of the market price;
- Ten (10) years shall have the right to buy that accommodation with a forty-five (45) percent discount of the market price;
- Twenty (20) years shall have the right to buy that accommodation with a fifty-five (55) percent discount of the market price.
- Persons aged sixty (60) or above who have lived in the same public accommodation for no fewer than:
- Five (5) years shall have the right to buy that accommodation with a thirty (30) percent discount of the market price;
- Unless they should live in Boschstad or Bloemwijk, in which case §4.a shall apply.
- Ten (10) years shall have the right to buy that accommodation with a fifty (50) percent discount of the market price;
- Twenty (20) years shall have the right to buy that accommodation with an eighty (80) percent discount of the market price.
- Five (5) years shall have the right to buy that accommodation with a thirty (30) percent discount of the market price;
- Persons, of any age, who have lived in the same public accommodation with four or bedrooms, in any location, for no fewer than:
- Five (5) years shall have the right to buy that accommodation with a fifteen (15) percent discount of the market price;
- Ten (10) years shall have the right to buy that accommodation with a twenty-five (25) percent discount of the market price;
- Twenty (20) years shall have the right to buy that accommodation with a forty (40) percent discount of the market price.
- Five (5) years shall have the right to buy that accommodation with a fifteen (15) percent discount of the market price;
- No less than fifty (50) percent of revenue made from right-to-buy purchases shall be used to develop further public housing projects.