A bill to amend the Internal Revenue Code of 1954 to provide a credit for amounts contributed to an individual housing account, and for other purposes.

Young Families Homeownership Opportunity Act of 1981 - Amends the Internal Revenue Code to allow individuals who are saving for their first home a nonrefundable income tax credit for 20 percent of the cash contributions made during the taxable year to an individual housing account. Limits the amount of such credit to $1,000 for any taxable year and $3,000 during a lifetime. Sets forth...