First-Time Home Buyers Match Act
Congress proposes HUD pilot to match first-time homebuyer savings, up to $5,000 a year
Legislative Progress
Key Points
- Creates a 5-year HUD pilot program that matches first-time homebuyer savings for up to 20,000 people each year.
- HUD would add up to 50% of what you save in a special savings account each year, capped at $5,000 per year.
- To qualify, you must be a U.S. citizen, 18+, a first-time buyer, have $75,000 or less in liquid assets, and earn up to 120% of your area’s median income.
- You must complete HUD-approved homeownership counseling, and the matched money can only be used for down payment, closing costs, fees, and certain needed repairs.
- If you sell the home or move out within 3 years, you may have to repay some or all of the match, with the amount owed shrinking each month you stay.
Impact Analysis
Personal Impact
How this policy affects specific groups of people
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
3 articlesOregon’s U.S. Rep. Bynum pitches patchwork ‘K-30’ plan to tackle generational affordability issues
Covers Rep. Janelle Bynum’s K-30 legislative package and specifically notes the First-Time Home Buyers Match Act’s HUD pilot to match savings for 20,000 low- and middle-income first-time buyers.
Rep. Janelle Bynum pitches patchwork 'K-30' plan to tackle generational affordability issues
Local-news write-up of Bynum’s K-30 agenda that explicitly mentions the First-Time Home Buyers Match Act and its HUD savings-match pilot for 20,000 would-be first-time buyers.
Oregon U.S. Rep. Bynum pitches patchwork ‘K-30’ plan to tackle generational affordability issues
Syndicated version of the K-30 agenda story; includes a brief but direct reference to the First-Time Home Buyers Match Act and the HUD pilot matching savings for 20,000 prospective first-time buyers.
Source Information
Document Type
Congressional Bill
Official Title
First-Time Home Buyers Match Act
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.