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$30,000 Federal Grant and Tax Exemption for First-Time Homebuyers.

This Act establishes a federal grant program offering $30,000 in one-time assistance to eligible first-time homebuyers to cover costs like down payments and closing fees. The goal is to make homeownership more accessible for low and moderate-income families. Crucially, this financial assistance will not be counted as taxable income, maximizing the benefit for recipients.
Key points
Provides a one-time grant of $30,000 for first-time homebuyers who meet specific income limits (up to 120% or 150% of the local median income).
The grant money is excluded from federal gross income, meaning recipients do not pay taxes on the assistance received.
Recipients must occupy the home as their primary residence for 5 years (60 months) or face proportional repayment of the funds.
Mandatory financial counseling must be completed before receiving the grant to ensure readiness for homeownership responsibilities.
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Expired
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Additional Information
Print number: 118_HR_8714
Sponsor: Rep. Leger Fernandez, Teresa [D-NM-3]
Process start date: 2024-06-12
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Home of Your Own Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8714.

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 2024-06-12.

What are the main provisions?

Key points include:

  • Provides a one-time grant of $30,000 for first-time homebuyers who meet specific income limits (up to 120% or 150% of the local median income).
  • The grant money is excluded from federal gross income, meaning recipients do not pay taxes on the assistance received.
  • Recipients must occupy the home as their primary residence for 5 years (60 months) or face proportional repayment of the funds.
  • Mandatory financial counseling must be completed before receiving the grant to ensure readiness for homeownership responsibilities.
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. Leger Fernandez, Teresa [D-NM-3].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

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

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Real Estate Benefits