Public Service Homeownership Assistance Act

This bill would allow the Department of Housing and Urban Development, starting January 1, 2027 and if Congress provides funding, to make loans of $10,000 to $20,000 to people who work for federal, state, tribal, or local government agencies. The loans could be used only for a down payment or closing costs on a home with 1 to 4 units that the employee will live in at least 182 days a year. The employee would have to move into the home within 60 days of getting the loan. Repayment over 10 years would begin when the employee sells or transfers the home, does not live in it for at least 182 days in a year, or does a cash-out refinance. HUD's claim on the home would come after the first mortgage.

Full text and official record on Congress.gov

Sponsors

• Michael Lawler Republican sponsor
• 0 cosponsors