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S 3930 118th Congress Senate Finance and Financial Sector

Downpayment Toward Equity Act of 2024

Introduced: March 12, 2024 Introduced by: Warnock, Raphael G. Democratic · Georgia See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 12, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 12, 2024
Introduced in Senate
 Plain-English summary Congressional Research Service

Downpayment Toward Equity Act of 2024

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.

What's happening now March 12, 2024

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

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 4