Legislation introduced recently in the Senate would take a novel approach to downpayment and closing cost assistance by providing would-be homebuyers with an upfront tax credit. Sponsored by Senators Debbie Stabenow, D-MI and Gordon Smith, R-OR, S.1175 would create a credit of up to $3,000 for single people and $6,000 for married couples buying their first homes. To qualify, borrowers have to have incomes under