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Downpayment Assistance for First-Generation Homebuyers

This bill aims to make homeownership more accessible for individuals whose parents did not own a home. It provides financial assistance for down payments, closing costs, and mortgage interest rate reductions, helping to address generational inequities in housing access.
Key points
Financial aid up to $20,000 or 10% of the purchase price for down payments and closing costs for first-generation homebuyers.
The program prioritizes socially and economically disadvantaged individuals, potentially offering higher assistance amounts.
Mandatory housing counseling before purchase to educate homebuyers on responsibilities and financial management.
Partial repayment of assistance may be required if the home is not occupied as a primary residence for at least 5 years, with exceptions for hardship.
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Expired
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Additional Information
Print number: 118_HR_4231
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2023-06-21
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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

Downpayment Toward Equity Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4231.

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 2023-06-21.

What are the main provisions?

Key points include:

  • Financial aid up to $20,000 or 10% of the purchase price for down payments and closing costs for first-generation homebuyers.
  • The program prioritizes socially and economically disadvantaged individuals, potentially offering higher assistance amounts.
  • Mandatory housing counseling before purchase to educate homebuyers on responsibilities and financial management.
  • Partial repayment of assistance may be required if the home is not occupied as a primary residence for at least 5 years, with exceptions for hardship.
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. Waters, Maxine [D-CA-43].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Real Estate Benefits Economy