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HR 3405 101th Congress House

Homeownership Made Easier Act

Official title: To amend the National Housing Act to authorize the Secretary of Housing and Urban Development to make repayable matching contributions to HOME savings certific… Show full official titleShow less

Official title: To amend the National Housing Act to authorize the Secretary of Housing and Urban Development to make repayable matching contributions to HOME savings certificate accounts established by low- and moderate-income first-time homebuyers to assist such homebuyers in purchasing homes.

Introduced: October 4, 1989 Introduced by: Kaptur, Marcy Democratic · Ohio See on congress.gov
Housing and Community Development Federal aid to housingHome ownershipSavings accounts
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This bill died when the 101st Congress ended
It never became law before the 101st Congress (1989–1990) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 16, 1989
Referred to the Subcommittee on Housing and Community Development.
Oct 4, 1989
Referred to the House Committee on Banking, Finance + Urban Affrs.
Oct 4, 1989
Introduced in House
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 Latest action October 16, 1989

Referred to the Subcommittee on Housing and Community Development.

 Plain-English summary Congressional Research Service

Homeownership Made Easier Act - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to make matching contributions (income-based multiples of buyer contributions) to eligible buyers who have established a home savings certificate amount for the purchase of a principal residence. Bases buyer eligibility on: (1) length of time from previous residential ownership, if any; and (2) qualifying income in relation to State median income.

Requires matching contributions to be used for downpayments and related closing costs.

Limits: (1) maximum buyer contributions matched by the Government; (2) aggregate matching contributions; and (3) income eligibility.

Reserves 20 percent of program appropriations for low-income buyers.

Requires: (1) matching contributions to be used within seven years of issuance; and (2) contribution reductions if redeemed before three years of issuance.

Requires depository institutions holding home accounts to provide the Secretary with specified account information.

Requires monthly repayment of matching contributions and authorizes the Secretary to charge interest) over the period of the residence's mortgage.

Requires the Secretary to include a program report in the annual housing report.

Authorizes appropriations.

Terminates the Secretary's authority to provide matching contributions four years after enactment of this Act.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
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APA
U.S. Congress. (2026). H.R. 3405: Homeownership Made Easier Act. 101st Congress. Open America. https://openamerica.io/bill/101-HR-3405/
MLA
"H.R. 3405: Homeownership Made Easier Act." 101st Congress, 2026, Open America, https://openamerica.io/bill/101-HR-3405/.
Bluebook (legal)
H.R. 3405, 101st Cong. (2026), https://openamerica.io/bill/101-HR-3405/.
Markdown link
[H.R. 3405: Homeownership Made Easier Act](https://openamerica.io/bill/101-HR-3405/)
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