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Homeownership Assistance: Grants for First-Time Buyers

This act establishes a grant program to help first-time homebuyers cover costs associated with purchasing a home, such as down payments or closing costs. The aim is to make homeownership more accessible, especially for lower-income individuals. Grants can also be used for essential pre-occupancy repairs.
Key points
The program offers up to $30,000 in grants for eligible home purchases.
Grants are available to first-time homebuyers whose household income does not exceed a specified limit (typically 120% of the local median income).
Funds can be used for down payments, closing costs, interest rate reduction, or essential pre-occupancy repairs.
Recipients must complete a financial counseling program on homeownership responsibilities.
If the home is not occupied as a primary residence for 60 months, a proportional amount of the grant may need to be repaid, with certain exceptions.
The financial assistance received will not be considered taxable income.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_2064
Sponsor: Rep. Leger Fernandez, Teresa [D-NM-3]
Process start date: 2025-03-11
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Home of Your Own Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_2064.

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 2025-03-11.

What are the main provisions?

Key points include:

  • The program offers up to $30,000 in grants for eligible home purchases.
  • Grants are available to first-time homebuyers whose household income does not exceed a specified limit (typically 120% of the local median income).
  • Funds can be used for down payments, closing costs, interest rate reduction, or essential pre-occupancy repairs.
  • Recipients must complete a financial counseling program on homeownership responsibilities.
  • If the home is not occupied as a primary residence for 60 months, a proportional amount of the grant may need to be repaid, with certain exceptions.
  • The financial assistance received will not be considered taxable income.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

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