Creates a program to help first-generation homebuyers with down payments and closing costs.
This bill would set aside $100 billion to help people who are the first in their family to buy a home. It would provide grants to states and local groups to offer downpayment and closing cost assistance, aiming to address historical barriers to homeownership. Qualified homebuyers could receive up to $20,000 or 10% of the home's price, with more available for those in high-cost areas or who are socially and economically disadvantaged.
Today, many first-generation homebuyers struggle to save enough for a down payment and closing costs, facing significant barriers to homeownership. After this bill, a new federal program would provide direct financial assistance and required homeownership counseling to help these individuals buy their first home, aiming to increase homeownership among groups that have historically been excluded.
S 967 · 119th Congress · March 11, 2025 · AI Summary by gemini-2.5-flash · 9/10
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3 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.