118th Congress · SENATE BILLBILL

S. 3930 — Downpayment Toward Equity Act of 2024

“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.”

Finance and financial sector

Introduced Mar 12, 2024

Last action Mar 12, 2024

Pipeline · Bill → Law

Step 1

Introduced

Mar 12, 2024

Step 2

Referred

Mar 12, 2024

Banking, Housing, and Urban Affairs

Step 3

Committee

Step 4

Senate

Step 5

House floor

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 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.

Provisions · 12 sectionsIntroduced in Senate

Timeline · 2 actions

Mar 12, 2024

Introduced in Senate

Mar 12, 2024

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.