Downpayment Assistance for First-Generation Homebuyers to Close Equity Gaps.
This bill establishes a grant program providing significant financial aid to individuals whose parents never owned a home, helping them cover down payments and closing costs. Qualified buyers can receive up to $20,000 or 10% of the purchase price to address generational wealth disparities in homeownership. The program aims to narrow the racial homeownership gap in the United States.
Key points
Financial assistance up to $20,000 or 10% of the home price is available for down payments, closing costs, and interest rate reduction.
Eligibility is limited to first-time homebuyers whose parents or guardians did not own a home (first-generation homebuyers) and who meet specific income limits.
Buyers must occupy the home as their primary residence for at least 5 years to avoid having to repay the assistance received.
Recipients must complete mandatory housing counseling regarding homeownership responsibilities before entering into a sales contract.
Status:
Expired
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