H.R. 4023 — American Dream for All Act

This section establishes a pilot program to be administered by the Secretary of Housing and Urban Development (HUD), requiring the Secretary to award capitalization grants not later than one year after enactment to eligible entities (i.e., State or Indian tribe agencies or instrumentalities, including housing finance agencies, that have or establish a revolving State loan fund) in amounts proportional to State or Indian tribe population. Grants must be deposited into State loan funds to provide down payment assistance loans to eligible borrowers (i.e., U.S. citizens or permanent residents who are first-time or first-generation homebuyers, have completed HUD-approved homebuyer education and counseling, have incomes not exceeding 150% of area median income, and self-attest inability to provide more than 5% down payment) in amounts between 3% and 20% of home purchase price (up to $150,000 in high-cost areas, $100,000 in medium-cost areas, or $50,000 in low-cost areas, with annual cost classifications and consumer price index adjustments), distributed on a first-come, first-served or lottery basis with no more than 15% of grants for administrative costs. Loans are repayable upon home sale in the full loan amount plus a pro-rata share of appreciation (or just the loan amount if depreciated), with repayments returned to the State loan fund for reuse; eligible entities may issue loans before purchase, allow time to find a home, and permit one-time renewal offers. This section requires annual or other reports from grantees to HUD on loans distributed and home sales, a HUD report to Congress on program implementation one year after establishment, and authorizes appropriations of such sums as necessary for FY2026 through FY2030.