Bill > HR7244

This bill, titled the "First-Time Home Buyers Match Act," mandates that the Secretary of Housing and Urban Development (HUD) establish a pilot program to assist eligible first-time homebuyers. This program, which will run for five years, aims to match a portion of savings deposited by eligible individuals into a qualifying savings account, up to a maximum of $5,000 per year, with the lesser of 50% of the deposited amount or $5,000. To qualify, individuals must be U.S. citizens, at least 18 years old, first-time homebuyers with limited liquid assets and income not exceeding 120% of the area median income, and must have completed homeownership counseling from a HUD-certified agency. The matching funds can be used for down payments, closing costs, real estate commissions, appraisal and inspection fees, loan origination fees, or qualified home repairs. Importantly, the matching funds are treated as a second mortgage for 36 months, meaning participants must repay any remaining balance if they sell or move out of the home before that period. The program will enroll 20,000 eligible borrowers annually, and HUD is required to report on its effectiveness, including data on participant demographics, savings, successful home purchases, and comparisons to non-participants.

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https://www.congress.gov/bill/119th-congress/house-bill/7244/all-info