Bill > S2719

This bill establishes the Low-Income First-Time Homebuyers Act of 2025 (LIFT Homebuyers Act), creating a program to help low- and moderate-income first-time, first-generation homebuyers access affordable home loans. The bill creates LIFT HOME Funds within existing Loan Guarantee Agencies (Federal Housing Administration and Rural Housing Service) to provide special mortgage loans with unique terms. Eligible homebuyers must have household incomes at or below 120-140% of area median income, be first-time homebuyers, and be first-generation homebuyers (meaning their parents did not own a home). The loans will have fixed interest rates, potentially shorter terms (20 years), and modified insurance premium structures. The program involves coordination between the Department of Housing and Urban Development, Department of Agriculture, and Department of the Treasury to purchase securities backed by these special mortgage loans, with the goal of creating more accessible homeownership opportunities for historically underserved populations. The program is designed to run through December 31, 2027, and relies primarily on borrower self-attestation of eligibility. The bill authorizes necessary appropriations to implement the program and allows the relevant federal agencies to create regulations to ensure effective implementation.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2719/all-info