Bill > HR4069

This bill establishes a First-Generation Downpayment Assistance Program administered by the Department of Housing and Urban Development (HUD) to help first-generation homebuyers 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 a home's purchase price to qualified homebuyers who meet specific criteria, such as having an income not exceeding 120% of the area's median income and being a first-generation homeowner (meaning their parents did not own a home). The assistance can be used for downpayment costs, closing costs, interest rate reductions, and home modifications for disabilities. The bill allocates 75% of funds to states and 25% to eligible entities on a competitive basis, with a focus on addressing racial homeownership disparities. Recipients must complete homeownership counseling and will be required to repay a proportional amount of assistance if they do not occupy the home as a primary residence for at least five years. The bill authorizes $100 billion in appropriations and requires HUD to collect and report demographic data to ensure the program is effectively promoting fair housing and equitable outcomes.

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https://www.congress.gov/bill/119th-congress/house-bill/4069/all-info