Downpayment Toward Equity Act of 2024

Hozzl · 2024-04-06T08:08:17Z

Explore the details of Senate Bill 3930 Downpayment Toward Equity Act of 2024 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

4/6/2024, 8:08 AM

Summary of Bill S 3930

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.

Congressional Summary of S 3930

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.

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Current Status of Bill S 3930

Bill S 3930 is currently in the status of Bill Introduced since March 12, 2024. Bill S 3930 was introduced during Congress 118 and was introduced to the Senate on March 12, 2024. Bill S 3930's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 12, 2024

Bipartisan Support of Bill S 3930

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3930

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 3930

Downpayment Toward Equity Act of 2024Downpayment Toward Equity Act of 2024A 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.A 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.

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