Bill > HR2064

This bill establishes a new homeownership assistance grant program administered by the Department of Housing and Urban Development (HUD) to help first-time homebuyers purchase homes. The program will provide up to $30,000 in assistance per eligible person, with 3% of funds reserved for Indian tribes and the remaining funds allocated to states. Eligible persons must be first-time homebuyers with household incomes at or below 120% of the local median income (or 150% in high-cost areas), and the home must be a 1-4 unit residential property that will serve as the primary residence. Recipients must complete a financial counseling program before receiving assistance, and the funds can be used for down payment costs, closing costs, interest rate reductions, or pre-occupancy repairs. If the homeowner does not continue to occupy the home as a primary residence for 60 months, they may be required to repay a proportional amount of the assistance, with exceptions for hardship or sales at a loss. States and Indian tribes can distribute the funds through community development financial institutions or approved nonprofit organizations, and they are authorized to provide a preference for their own tribal members. The bill authorizes $6.7 billion annually through 2030 for the program, with administrative costs limited to 7-10% of received funds.

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https://www.congress.gov/bill/119th-congress/house-bill/2064/all-info