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Tax Credits for First-Time Homebuyers and Starter Home Construction

This act introduces new tax credits to assist citizens in purchasing their first home and to support the construction of smaller, affordable homes. The goal is to improve access to homeownership, especially for first-time buyers and those with lower incomes.
Key points
First-time homebuyers can receive a tax credit of up to $25,000 for a down payment, increasing to $50,000 for first-generation homebuyers whose parents did not own property.
An option for an advance payment of the credit directly to an escrow account is available, making it easier to cover down payment costs.
A tax credit is introduced for companies building smaller homes (up to 1200 sq ft) sold below 80% of the area's median home price, aiming to increase the availability of affordable housing.
The homebuyer credit must be repaid if the property is sold or ceases to be the primary residence within 5 years, with exceptions for purchasing a new home, death, divorce, or government-ordered relocation.
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Additional Information
Print number: 118_HR_10025
Sponsor: Rep. Gomez, Jimmy [D-CA-34]
Process start date: 2024-10-22
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

American Homeownership Opportunity Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10025.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-10-22.

What are the main provisions?

Key points include:

  • First-time homebuyers can receive a tax credit of up to $25,000 for a down payment, increasing to $50,000 for first-generation homebuyers whose parents did not own property.
  • An option for an advance payment of the credit directly to an escrow account is available, making it easier to cover down payment costs.
  • A tax credit is introduced for companies building smaller homes (up to 1200 sq ft) sold below 80% of the area's median home price, aiming to increase the availability of affordable housing.
  • The homebuyer credit must be repaid if the property is sold or ceases to be the primary residence within 5 years, with exceptions for purchasing a new home, death, divorce, or government-ordered relocation.
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 Rep. Gomez, Jimmy [D-CA-34].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Real Estate