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Downpayment Assistance for First-Generation Homebuyers

This act aims to make it easier for individuals whose parents did not own a home to purchase their first residence. It provides financial assistance for down payments and closing costs, helping to reduce inequalities in homeownership access. Citizens can receive up to $20,000 or 10% of the purchase price, significantly lowering the barrier to entering the housing market.
Key points
Financial aid for down payments and closing costs for first-time homebuyers whose parents did not own property.
Maximum assistance is $20,000 or 10% of the purchase price, with potential increases for disadvantaged individuals or in high-cost areas.
Mandatory housing counseling before purchase to prepare buyers for homeownership responsibilities.
The program seeks to narrow the homeownership gap, especially for historically disadvantaged groups.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_4069
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2025-06-23
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

Downpayment Toward Equity Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_4069.

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 2025-06-23.

What are the main provisions?

Key points include:

  • Financial aid for down payments and closing costs for first-time homebuyers whose parents did not own property.
  • Maximum assistance is $20,000 or 10% of the purchase price, with potential increases for disadvantaged individuals or in high-cost areas.
  • Mandatory housing counseling before purchase to prepare buyers for homeownership responsibilities.
  • The program seeks to narrow the homeownership gap, especially for historically disadvantaged groups.
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. Waters, Maxine [D-CA-43].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

CATEGORIES

Real Estate Benefits Economy