the Secretary for purposes of this paragraph, at such time, and in such form and manner, as the Secretary may prescribe, (B) prior to the election described in paragraph (1) and not later than at the time of such purchase, disclosed to the taxpayer making such purchase— (i) the value of the credit allowed under subsection (a), and (ii) the amount provided by the mortgage lender to such taxpayer as a condition of the election described in paragraph (1). (C) not later than at the time of such purchase, made payment to such taxpayer (whether in cash or in the form of a partial payment or down payment for the purchase of such principal residence) in an amount equal to the credit otherwise allowable to such taxpayer, and (D) with respect to any incentive otherwise available for taking a mortgage for which a credit is allowed under this section, including any incentive in the form of a rebate or discount provided by the mortgage lender, ensured that— (i) the availability or use of such incentive shall not limit the ability of a taxpayer to make an election described in paragraph (1), and (ii) such election shall not limit the value or use of such incentive. (3) Timing An election described in paragraph (1) shall be made by the taxpayer not later than the date on which the purchase of the principal residence with respect to which the credit under subsection (a) is allowed is made. (4) Revocation of registration Upon determination by the Secretary that a mortgage lender has failed to comply with the requirements described in paragraph (2), the Secretary may revoke the registration (as described in subparagraph (A) of such paragraph) of such mortgage lender. (5) Tax treatment of payments With respect to any payment described in paragraph (2)(C), such payment— (A) shall not be includible in the gross income of the taxpayer, and (B) with respect to the mortgage lender, shall not be deductible under this title. (6) Advance payment to mortgage lenders (A) In general The Secretary shall establish a program to make advance