Downpayment Toward Equity Act of 2024

4/6/2024, 8:08 AM

Toward Equity Act of 2024

This bill establishes a grant program through the Department of Housing and Urban Development for states and other entities to provide qualifying assistance to low-income, first-time, first-generation home buyers in purchasing their first homes. Qualifying assistance includes assistance for mortgage down payments, mortgage closing costs, reduction of mortgage interest rates, subsidies for shared equity homes, or for certain modifications to a home to accommodate persons with disabilities.

The bill also establishes grant requirements regarding home buyer income, types of housing, homeowner occupancy, types of mortgages, and home buyer counseling.

Bill 118 s 3930, also known as the Downpayment Toward Equity Act of 2024, is a piece of legislation introduced in the US Congress with the aim of addressing disparities in homeownership and wealth accumulation among marginalized communities. The bill seeks to provide financial assistance to first-time homebuyers from historically disadvantaged backgrounds in order to help them overcome barriers to homeownership.

Under the provisions of the bill, eligible individuals would be able to receive a down payment assistance grant of up to $20,000 when purchasing their first home. This assistance is intended to help lower-income individuals and families who may struggle to save enough money for a down payment on a home, which can be a significant barrier to homeownership.

In addition to providing financial assistance, the bill also includes provisions aimed at increasing access to affordable housing and promoting fair lending practices. This includes measures to expand affordable housing options, strengthen anti-discrimination laws in the housing market, and improve access to credit for underserved communities. Overall, the Downpayment Toward Equity Act of 2024 is designed to promote greater equity in homeownership and wealth accumulation by providing targeted support to individuals and communities that have historically been excluded from the housing market. The bill aims to address systemic inequalities and create opportunities for more Americans to achieve the dream of homeownership.
Congress
118
Number
S - 3930
Introduced on
2024-03-12
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

3/12/2024
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Toward Equity Act of 2024

This bill establishes a grant program through the Department of Housing and Urban Development for states and other entities to provide qualifying assistance to low-income, first-time, first-generation home buyers in purchasing their first homes. Qualifying assistance includes assistance for mortgage down payments, mortgage closing costs, reduction of mortgage interest rates, subsidies for shared equity homes, or for certain modifications to a home to accommodate persons with disabilities.

The bill also establishes grant requirements regarding home buyer income, types of housing, homeowner occupancy, types of mortgages, and home buyer counseling.

Bill 118 s 3930, also known as the Downpayment Toward Equity Act of 2024, is a piece of legislation introduced in the US Congress with the aim of addressing disparities in homeownership and wealth accumulation among marginalized communities. The bill seeks to provide financial assistance to first-time homebuyers from historically disadvantaged backgrounds in order to help them overcome barriers to homeownership.

Under the provisions of the bill, eligible individuals would be able to receive a down payment assistance grant of up to $20,000 when purchasing their first home. This assistance is intended to help lower-income individuals and families who may struggle to save enough money for a down payment on a home, which can be a significant barrier to homeownership.

In addition to providing financial assistance, the bill also includes provisions aimed at increasing access to affordable housing and promoting fair lending practices. This includes measures to expand affordable housing options, strengthen anti-discrimination laws in the housing market, and improve access to credit for underserved communities. Overall, the Downpayment Toward Equity Act of 2024 is designed to promote greater equity in homeownership and wealth accumulation by providing targeted support to individuals and communities that have historically been excluded from the housing market. The bill aims to address systemic inequalities and create opportunities for more Americans to achieve the dream of homeownership.
Alternative Names
Official Title as IntroducedA bill to provide downpayment assistance to first-generation homebuyers to address multigenerational inequities in access to homeownership and to narrow and ultimately close the racial homeownership gap in the United States, and for other purposes.
Policy Areas
Finance and Financial Sector

Comments

Recent Activity

Latest Summary10/24/2024

Toward Equity Act of 2024

This bill establishes a grant program through the Department of Housing and Urban Development for states and other entities to provide qualifying assistance to low-income, first-time, first-genera...

Latest Action3/12/2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.