First-Time Home Buyers Match Act

This bill would require the Department of Housing and Urban Development (HUD) to set up a five-year pilot program within one year that adds matching money to the savings accounts of 20,000 eligible first-time home buyers each year. HUD would match 50 percent of what a person deposits in a year, up to $5,000, and would stop matching once the account reaches 10 percent of the local median single-family home value. To qualify, a person must be a U.S. citizen age 18 or older, have no more than $75,000 in liquid assets, earn no more than 120 percent of area median income, and complete HUD-certified homeownership counseling. The money could only be used for home purchase costs such as down payments, closing costs, and fees, or for certain repairs, and it would be treated as a 36-month second mortgage that must be partly repaid if the buyer sells or moves out early. HUD would also have to report to Congress on the program's results.

Full text and official record on Congress.gov

Sponsors

• Janelle S. Bynum Democrat sponsor
• 0 cosponsors