S. 967 · 119th Congress
Downpayment Toward Equity Act of 2025
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D
WarnockSponsor6 cosponsors · 6 D
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes a grant program through the Department of Housing and Urban Development (HUD) for states and other entities to provide qualifying assistance to low-income, first-generation home buyers in purchasing their first homes.
What it does: CRS summary · Introduced in Senate · Mar 11, 2025
Downpayment Toward Equity Act of 2025
This bill establishes a grant program through the Department of Housing and Urban Development (HUD) for states and other entities to provide qualifying assistance to low-income, 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.
Grant amounts are generally limited to the greater of $20,000 or 10% of the purchase price of the home. HUD may increase the cap for socially and economically disadvantaged homebuyers or for purchases in high-cost areas.
The bill also establishes grant requirements regarding home buyer income, types of housing, homeowner occupancy, types of mortgages, and home buyer counseling.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Downpayment Toward Equity Act of 2025
Latest action (Mar 11, 2025): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 11, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.