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.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.