Bill > S3930

This bill establishes the Downpayment Toward Equity Act of 2024, a program that provides grants to states and eligible entities to offer financial assistance to first-generation homebuyers. The assistance can be used for downpayment, closing costs, and reducing mortgage interest rates for the acquisition of eligible homes. The bill defines key terms like "first-generation homebuyer" and "socially and economically disadvantaged individual," sets income limits for eligible homebuyers, and requires housing counseling. The bill also mandates reporting on the demographics and outcomes of the program, and provides funding for capacity building and a study on historic housing discrimination. Overall, the bill aims to address multigenerational inequities in homeownership and narrow the racial homeownership gap in the United States.