US HB7244

HUD must establish a 5-year pilot program matching savings for 20,000 first-time homebuyers annually, contributing 50% of participant deposits up to $5,000 per year into qualifying savings accounts

Eligible participants must be U.S. citizens age 18+, first-time homebuyers with no more than $75,000 in liquid assets, earning up to 120% of area median income, and must complete HUD-certified homeownership counseling

Matching funds may be used for down payments, closing costs, title insurance, real estate commissions, appraisal/inspection fees, loan origination fees, or qualified home repairs addressing health, safety, or structural issues

Federal contribution is structured as a 36-month second mortgage that reduces by 1/36th each month of occupancy; selling or vacating the home triggers repayment of the remaining balance

HUD must report to Congress within 180 days of program termination on enrollment numbers, participant demographics, home purchase success rates, mortgage default comparisons, and overall program effectiveness