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US HB2064
Bill
Status
3/11/2025
Primary Sponsor
Teresa Fernandez
Click for details
AI Summary
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Secretary of Housing and Urban Development must establish a homeownership assistance grant program within 1 year, providing $30,000 one-time grants to first-time homebuyers through States and Indian tribes
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$6.7 billion authorized annually for fiscal years 2026-2030, with 3% reserved for Indian tribes and remaining amounts allocated to States by formula
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Eligible recipients must be first-time homebuyers with household income at or below 120% of area median income (150% in high cost-of-living areas), and must complete financial counseling before receiving assistance
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Grants may be used for downpayments, closing costs, interest rate buydowns, and pre-occupancy repairs including disability accommodations for 1-4 unit residential properties
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Recipients must occupy the home as primary residence for 60 months or repay assistance proportionally; States must distribute at least 25% of funds through community development financial institutions
Legislative Description
Home of Your Own Act of 2025
Housing and community development
Last Action
Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
3/11/2025