arrow_back Back to App

Downpayment Assistance for First-Generation Homebuyers

This act aims to make it easier for individuals whose parents did not own a home to purchase their first residence. The program offers financial assistance for down payments, closing costs, and mortgage interest rate reductions, helping to reduce inequalities in homeownership access and support lower-income individuals.
Key points
Financial assistance up to $20,000 (or $25,000 for socially/economically disadvantaged individuals) for first-time home purchases.
Aid is specifically for individuals whose parents did not own a home, or those who were in foster care.
Mandatory housing counseling before receiving assistance to prepare for homeownership responsibilities.
Partial repayment required if the home ceases to be the primary residence within 5 years, with exceptions for unforeseen hardships.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_2920
Sponsor: Sen. Warnock, Raphael G. [D-GA]
Process start date: 2021-09-30
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Downpayment Toward Equity Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2920.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-30.

What are the main provisions?

Key points include:

  • Financial assistance up to $20,000 (or $25,000 for socially/economically disadvantaged individuals) for first-time home purchases.
  • Aid is specifically for individuals whose parents did not own a home, or those who were in foster care.
  • Mandatory housing counseling before receiving assistance to prepare for homeownership responsibilities.
  • Partial repayment required if the home ceases to be the primary residence within 5 years, with exceptions for unforeseen hardships.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Warnock, Raphael G. [D-GA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Real Estate Benefits Economy