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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.
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Additional Information
Print number: 118_S_3930
Sponsor: Sen. Warnock, Raphael G. [D-GA]
Process start date: 2024-03-12
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Downpayment Toward Equity Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3930.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-12.

What are the main provisions?

Key points include:

  • 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.
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 Sen. Warnock, Raphael G. [D-GA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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