The bill would direct the Department of Housing and Urban Development to create a grant program for states and Indian tribes to help eligible first-time homebuyers purchase a home. Eligible buyers could receive up to $30,000 once for purchase costs, such as a down payment or closing costs, or for certain repairs and accessibility changes needed before moving in. Buyers must complete approved financial counseling. They generally must live in the home as their primary residence for 60 months or repay a portion of the assistance. The bill allows exceptions for certain hardships or sales at a loss.
Eligible buyers would need to meet income limits and buy a qualifying home to receive assistance. States and tribes would decide how to provide grants under plans submitted to the department. Assistance could be combined with support from other sources. The bill also permits tribal programs to give preference to eligible tribal members.
The bill authorizes $6.7 billion for each fiscal year from 2026 through 2030. It limits administrative costs to 7% of state grants and 10% of tribal grants, and permits up to 3% of appropriated amounts for federal training and technical assistance. The bill says assistance would not count as federal taxable income.
No publicly available information.
No publicly available information.