118th Congress · HOUSE BILLBILL

H.R. 4231 — Downpayment Toward Equity Act of 2023

“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.”

Finance and financial sector

Introduced Jun 21, 2023

Last action Jun 21, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jun 21, 2023

Step 2

Referred

Jun 21, 2023

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill establishes a grant program through the Department of Housing and Urban Development for states and other entities to provide qualifying assistance to certain 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 preoccupancy 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.

Provisions · 12 sectionsIntroduced in House

Timeline · 2 actions

Jun 21, 2023

Introduced in House

Jun 21, 2023

Referred to the House Committee on Financial Services.