What is the official ID of this bill?
The official print number for this legislation is HR 4495.
Downpayment Assistance for First-Generation Homebuyers to Boost Homeownership
This act aims to make it easier for individuals whose parents did not own a home, as well as those with foster care experience, to purchase their first home. The program offers financial assistance for acquisition costs, such as down payments and closing costs, helping to reduce inequalities in access to homeownership. Citizens can receive up to $20,000, or up to $25,000 in certain cases, which can significantly lower initial financial burdens.
Key points
Financial assistance up to $20,000 (or $25,000 in specific cases) for down payments and home acquisition costs.
Program targets individuals whose parents did not own a home or who were in foster care, promoting access to homeownership.
Mandatory housing counseling before purchase to prepare buyers for homeownership responsibilities.
Potential repayment of assistance if the home ceases to be the primary residence within 5 years of purchase, with some exceptions.
Status:
Expired
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