Bill > S967

This bill establishes a First-Generation Downpayment Assistance Program designed to help first-generation homebuyers, particularly those from socially and economically disadvantaged backgrounds, purchase their first home. The program will provide grants to states and eligible entities to offer financial assistance up to $20,000 (or 10% of the home's purchase price) to qualified homebuyers who meet specific income requirements and have no prior family history of homeownership. Eligible homebuyers must complete housing counseling, and the assistance can be used for downpayment costs, closing costs, interest rate reduction, and home modifications for disabilities. The bill allocates 75% of funding to states based on potential qualified homebuyer population and 25% to eligible entities through a competitive process. States must administer the program through their housing finance agencies and ensure fair housing practices. The legislation aims to address racial homeownership disparities by providing support to individuals who have historically faced barriers to homeownership. The bill authorizes $100 billion in appropriations and requires annual reporting on the program's demographic impacts and effectiveness in promoting equitable housing opportunities.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/967/all-info