Us Congress 2025-2026 Regular Session

Us Congress House Bill HB2064 Compare Versions

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11 I
22 119THCONGRESS
33 1
44 STSESSION H. R. 2064
55 To require the Secretary of Housing and Urban Development to establish
66 a program to provide homeownership assistance grants, and for other
77 purposes.
88 IN THE HOUSE OF REPRESENTATIVES
99 MARCH11, 2025
1010 Ms. L
1111 EGERFERNANDEZ(for herself, Mr. COSTA, Mr. GARCI´Aof Illinois, Mr.
1212 G
1313 ARCIAof California, Ms. LOISFRANKELof Florida, Mr. JOHNSONof
1414 Georgia, Ms. M
1515 CCOLLUM, Ms. NORTON, Mrs. RAMIREZ, Ms. SCANLON,
1616 and Ms. S
1717 TANSBURY) introduced the following bill; which was referred to
1818 the Committee on Financial Services, and in addition to the Committee
1919 on Ways and Means, for a period to be subsequently determined by the
2020 Speaker, in each case for consideration of such provisions as fall within
2121 the jurisdiction of the committee concerned
2222 A BILL
2323 To require the Secretary of Housing and Urban Development
2424 to establish a program to provide homeownership assist-
2525 ance grants, and for other purposes.
2626 Be it enacted by the Senate and House of Representa-1
2727 tives of the United States of America in Congress assembled, 2
2828 SECTION 1. SHORT TITLE. 3
2929 This Act may be cited as the ‘‘Home of Your Own 4
3030 Act of 2025’’. 5
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3333 •HR 2064 IH
3434 SEC. 2. ESTABLISHMENT OF HOMEOWNERSHIP ASSIST-1
3535 ANCE GRANT PROGRAM. 2
3636 (a) I
3737 NGENERAL.—The Secretary of Housing and 3
3838 Urban Development shall, not later than 1 year after the 4
3939 date of the enactment of this Act, establish a homeowner-5
4040 ship assistance grant program through which amounts are 6
4141 provided to States and Indian tribes to assist the purchase 7
4242 of eligible homes by eligible persons. 8
4343 (b) A
4444 LLOCATION OFAMOUNTS.— 9
4545 (1) I
4646 N GENERAL.—The Secretary shall reserve 10
4747 3 percent of any amounts appropriated under this 11
4848 Act, for a fiscal year, for grants to Indian tribes in 12
4949 accordance with the formula established by the Sec-13
5050 retary pursuant to section 302 of the Native Amer-14
5151 ican Housing Assistance and Self-Determination Act 15
5252 of 1996 (25 U.S.C. 4152). 16
5353 (2) R
5454 EMAINING AMOUNTS .—After reserving 17
5555 such amounts for Indian tribes under paragraph (1), 18
5656 the Secretary shall equitably allocate remaining 19
5757 amounts to participating States in accordance with 20
5858 a formula established by the Secretary by rule. 21
5959 (c) U
6060 SE OFAMOUNTS.— 22
6161 (1) I
6262 N GENERAL.—States and Indian tribes 23
6363 that receive amounts under this Act shall use such 24
6464 amounts to provide assistance on behalf of eligible 25
6565 persons for— 26
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6868 •HR 2064 IH
6969 (A) costs incurred acquiring an ownership 1
7070 interest in an eligible home by means of an eli-2
7171 gible mortgage loan, including downpayment 3
7272 costs, closing costs, and costs to reduce interest 4
7373 rates on such loan; or 5
7474 (B) pre-occupancy repairs or modifications 6
7575 required for a member of the household of the 7
7676 homebuyer to occupy the home following such 8
7777 acquisition, including repairs to bring the home 9
7878 up to inspection standards and costs associated 10
7979 with reasonable accommodations or reasonable 11
8080 modifications for a household member with a 12
8181 disability, when applicable. 13
8282 (2) A
8383 MOUNT OF ASSISTANCE .—States and In-14
8484 dian tribes that receive amounts under this Act may 15
8585 provide assistance only once on behalf of an eligible 16
8686 person and the amount of such assistance provided 17
8787 on behalf of such eligible person shall be $30,000. 18
8888 (d) L
8989 AYERING OFASSISTANCE.—States and Indian 19
9090 tribes that receive amounts under this Act may provide 20
9191 assistance on behalf of an eligible person who is receiving 21
9292 assistance from other sources, including other State, Fed-22
9393 eral, Indian tribe, tribal organization, private and public 23
9494 tax-exempt nonprofit organizations, for acquisition of an 24
9595 ownership interest in an eligible home. 25
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9898 •HR 2064 IH
9999 (e) REPAYMENT OFASSISTANCE IFOCCUPANCYNOT 1
100100 C
101101 ONTINUED.— 2
102102 (1) I
103103 N GENERAL.—If an eligible person does 3
104104 not continue to occupy, as a primary residence, the 4
105105 eligible home for which the covered person receives 5
106106 assistance under this Act for the 60-month period 6
107107 beginning when the covered person is able to law-7
108108 fully occupy the eligible home, the Secretary shall re-8
109109 quire the eligible person to repay the assistance re-9
110110 ceived in an amount that is proportional to the num-10
111111 ber of months the eligible person did not occupy the 11
112112 eligible home as a primary residence. 12
113113 (2) E
114114 XCEPTIONS.—The Secretary may not re-13
115115 quire an eligible person to repay assistance under 14
116116 paragraph (1) if the Secretary determines that— 15
117117 (A) a hardship as described by the Sec-16
118118 retary prevents the eligible person from occu-17
119119 pying the eligible home as the primary resi-18
120120 dence; or 19
121121 (B) any amount received by the eligible 20
122122 person from an arm’s length transaction selling 21
123123 the entirety of the ownership interest in the eli-22
124124 gible home of the homebuyer to a bona fide 23
125125 purchaser is less than the original cost of acqui-24
126126 sition of the home, including closing costs. 25
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130130 (3) USE OF LIEN.—The State or Indian tribe 1
131131 that provided the assistance to the eligible person 2
132132 may place a lien on the eligible home for the purpose 3
133133 of recapturing such assistance. 4
134134 (4) U
135135 SE OF RECAPTURED AMOUNTS .—Any as-5
136136 sistance repaid pursuant to paragraph (1) shall be 6
137137 used to provide assistance to other covered persons. 7
138138 (f) A
139139 SSISTANCEAMOUNTSEXCLUDEDFROMFED-8
140140 ERALTAXATION.—For purposes of the Internal Revenue 9
141141 Code of 1986, gross income shall not include any assist-10
142142 ance provided under this Act. 11
143143 (g) R
144144 ULE OFCONSTRUCTION.—Assistance provided 12
145145 to an eligible person by a State or Indian tribe under this 13
146146 section may not be considered funds from a prohibited 14
147147 source for the purposes of section 203(b)(9)(C) of the Na-15
148148 tional Housing Act (12 U.S.C. 1709(b)(9)(C)). 16
149149 SEC. 3. ADMINISTRATION OF GRANTS BY STATES AND IN-17
150150 DIAN TRIBES. 18
151151 (a) A
152152 DMINISTRATION BYSTATES.— 19
153153 (1) I
154154 N GENERAL.—The Secretary shall require 20
155155 that each State receiving grant amounts under this 21
156156 Act— 22
157157 (A) submit an annual plan to the Secretary 23
158158 with respect to implementing and complying 24
159159 with the requirements of this Act; and 25
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162162 •HR 2064 IH
163163 (B) distribute not less than 25 percent of 1
164164 the amounts allocated to the State through 2
165165 community development financial institutions. 3
166166 (2) A
167167 NNUAL PLAN.—The annual plan required 4
168168 under paragraph (1) may be included in the Annual 5
169169 Action Plan submitted to the Secretary by such 6
170170 State. 7
171171 (3) O
172172 UTSOURCING PERMITTED .—The Secretary 8
173173 may permit a State to contract with one or more of 9
174174 the following to provide amounts to eligible persons 10
175175 on behalf of the State: 11
176176 (A) A tax-exempt private or public non-12
177177 profit organization approved by the Secretary. 13
178178 (B) A community development financial in-14
179179 stitution. 15
180180 (b) A
181181 DMINISTRATION BYINDIANTRIBES.— 16
182182 (1) I
183183 N GENERAL.—The Secretary shall require 17
184184 that each Indian tribe receiving grant amounts 18
185185 under this Act— 19
186186 (A) submit an annual plan to the Secretary 20
187187 with respect to implementing and complying 21
188188 with the requirements of this Act; and 22
189189 (B) consider distributing some or all 23
190190 amounts allocated to the Indian tribe through 24
191191 community development financial institutions. 25
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194194 •HR 2064 IH
195195 (2) ANNUAL PLAN.—The annual plan required 1
196196 under paragraph (1) may be included in the Indian 2
197197 Housing Plan submitted to the Secretary by such 3
198198 Indian tribe. 4
199199 (3) O
200200 UTSOURCING PERMITTED .—The Secretary 5
201201 may permit a Tribe to contract with one or more of 6
202202 the following to provide amounts to eligible persons 7
203203 on behalf of the Tribe: 8
204204 (A) A tax-exempt private or public non-9
205205 profit organization approved by the Secretary. 10
206206 (B) A Tribally designated housing entity. 11
207207 (C) An intertribal consortium. 12
208208 (D) A community development financial in-13
209209 stitution. 14
210210 (4) P
211211 REFERENCE PERMITTED .—An Indian 15
212212 tribe that receives amounts under this Act may pro-16
213213 vide preference to eligible persons who are members 17
214214 of such Indian tribe as well as to members of other 18
215215 Indian tribes. 19
216216 SEC. 4. FINANCIAL COUNSELING REQUIREMENT. 20
217217 (a) I
218218 NGENERAL.—A State or Indian tribe may only 21
219219 provide assistance under this Act to an eligible person if 22
220220 such eligible person, before receiving such assistance, com-23
221221 pletes a financial counseling program with respect to the 24
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224224 •HR 2064 IH
225225 responsibilities and financial management of homeowner-1
226226 ship. 2
227227 (b) A
228228 PPROVAL ANDMANNER OFPROGRAM.—The fi-3
229229 nancial counseling program shall be conducted by an enti-4
230230 ty that provides financial counseling approved by, and in 5
231231 a manner acceptable to— 6
232232 (1) the Secretary; or 7
233233 (2) the Indian tribe or State providing assist-8
234234 ance to the eligible person. 9
235235 SEC. 5. AUTHORIZATION OF APPROPRIATIONS; ADMINIS-10
236236 TRATIVE COSTS. 11
237237 (a) I
238238 NGENERAL.—There is authorized to be appro-12
239239 priated $6,700,000,000 for each of fiscal years 2026 13
240240 through 2030 to carry out this Act. 14
241241 (b) P
242242 ROGRAMADMINISTRATION.— 15
243243 (1) F
244244 OR STATES.—Not more than 7 percent of 16
245245 any amounts provided to a State under this Act may 17
246246 be used by such State to cover administrative costs. 18
247247 (2) F
248248 OR INDIAN TRIBES.—Not more than 10 19
249249 percent of any amounts provided to an Indian Tribe 20
250250 under this Act may be used by such Indian Tribe to 21
251251 cover administrative costs. 22
252252 (c) T
253253 RAINING ANDTECHNICALASSISTANCE.—Not 23
254254 more than 3 percent of any amounts appropriated under 24
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257257 •HR 2064 IH
258258 this Act may be used by the Secretary to provide training 1
259259 and technical assistance to States and Indian tribes. 2
260260 SEC. 6. DEFINITIONS. 3
261261 In this Act: 4
262262 (1) C
263263 OMMUNITY DEVELOPMENT FINANCIAL IN -5
264264 STITUTION.—The term ‘‘community development fi-6
265265 nancial institution’’ has the meaning given the term 7
266266 in section 103 of the Community Development 8
267267 Banking and Financial Institutions Act of 1994. 9
268268 (2) E
269269 LIGIBLE HOME.—The term ‘‘eligible 10
270270 home’’ means a residential property, including a con-11
271271 dominium, cooperative, or manufactured housing 12
272272 unit, that— 13
273273 (A) consists of 1 to 4 dwelling units, in-14
274274 cluding accessory dwelling units; 15
275275 (B) is subject to a mortgage, and— 16
276276 (i) meets the underwriting require-17
277277 ments and dollar amount limitations for 18
278278 acquisition by the Federal National Mort-19
279279 gage Association or the Federal Home 20
280280 Loan Mortgage Corporation; 21
281281 (ii) is made, insured, or guaranteed 22
282282 under any program administered by the 23
283283 Secretary; 24
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286286 •HR 2064 IH
287287 (iii) is made, insured, or guaranteed 1
288288 by the Rural Housing Administrator of the 2
289289 Department of Agriculture; 3
290290 (iv) is a qualified mortgage, as defined 4
291291 in section 129C(b)(2) of the Truth in 5
292292 Lending Act (15 U.S.C. 1639c(b)(2)); 6
293293 (v) is made, insured, or guaranteed by 7
294294 the Secretary of Veterans Affairs pursuant 8
295295 to chapter 37 of title 38, United States 9
296296 Code; or 10
297297 (vi) in the case of a residential prop-11
298298 erty located on tribal trust or reservation 12
299299 land, meets such requirements as the Sec-13
300300 retary determines appropriate for con-14
301301 sumer protection; and 15
302302 (C) shall be occupied by an eligible person 16
303303 as a primary residence. 17
304304 (3) E
305305 LIGIBLE PERSON.— 18
306306 (A) I
307307 N GENERAL.—The term ‘‘eligible per-19
308308 son’’ means— 20
309309 (i) a person who, as self-attested by 21
310310 the person, is a ‘‘first-time homebuyer’’; 22
311311 and 23
312312 (ii) is a part of a household, the in-24
313313 come of which does not exceed— 25
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316316 •HR 2064 IH
317317 (I) in the case of a person pur-1
318318 chasing an eligible home that is not 2
319319 located on Indian tribe land, 120 per-3
320320 cent of the median income for the 4
321321 local area, as determined by the Sec-5
322322 retary, within which— 6
323323 (aa) the eligible home, for 7
324324 which the ownership interest is to 8
325325 be acquired using such assist-9
326326 ance, is located; or 10
327327 (bb) the place of residence 11
328328 of the homebuyer is located; and 12
329329 (II) in the case of a person who 13
330330 is purchasing an eligible home that is 14
331331 located on Indian tribe land, the 15
332332 greater of 120 percent of the median 16
333333 income of the United States or 120 17
334334 percent of the median income for the 18
335335 local area, as determined by the Sec-19
336336 retary, within which— 20
337337 (aa) the eligible home, for 21
338338 which the ownership interest is to 22
339339 be acquired using such assist-23
340340 ance, is located; or 24
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343343 •HR 2064 IH
344344 (bb) the place of residence 1
345345 of the homebuyer is located. 2
346346 (B) E
347347 XCEPTION.—If the Secretary deter-3
348348 mines that the area described in subparagraph 4
349349 (A)(ii) is a high cost-of-living area, then the eli-5
350350 gible person is required to be a part of a house-6
351351 hold, the income of which does not exceed 150 7
352352 percent of the median income for the area, as 8
353353 determined by the Secretary. 9
354354 (4) F
355355 IRST-TIME HOMEBUYER.—The term ‘‘first- 10
356356 time homebuyer’’ has the meaning given the term is 11
357357 defined in section 104 of the Cranston Gonzalez Na-12
358358 tional Affordable Housing Act (42 U.S.C. 12704). 13
359359 (5) I
360360 NDIAN TRIBE.—The term ‘‘Indian tribe’’ 14
361361 has the meaning given the term in section 4 of the 15
362362 Native American Housing Assistance and Self-De-16
363363 termination Act of 1996 (25 U.S.C. 4103). 17
364364 (6) O
365365 WNERSHIP INTEREST .—The term ‘‘owner-18
366366 ship interest’’ means any ownership, excluding any 19
367367 interest in heir property, in— 20
368368 (A) real estate in fee simple; 21
369369 (B) a leasehold on real estate, under a 22
370370 lease that is not less than 10 years longer than 23
371371 the term of the mortgage; 24
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374374 •HR 2064 IH
375375 (C) a fee interest in, or long-term leasehold 1
376376 interest in, real estate consisting of a one-family 2
377377 unit in a multifamily project, including a 3
378378 project in which the dwelling units are attached, 4
379379 or are manufactured housing units, semi-de-5
380380 tached, or detached, and an undivided interest 6
381381 in the common areas and facilities which serve 7
382382 the project. 8
383383 (7) S
384384 ECRETARY.—The term ‘‘Secretary’’ means 9
385385 the Secretary of Housing and Urban Development. 10
386386 (8) S
387387 TATE.—The term ‘‘State’’ means the 50 11
388388 States of the United States, the District of Colum-12
389389 bia, the Commonwealth of Puerto Rico, Guam, the 13
390390 Commonwealth of the Northern Mariana Islands, 14
391391 the Virgin Islands, and American Samoa. 15
392392 Æ
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