No official summary available for this bill.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8285 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 8285
To direct the Secretary of Housing and Urban Development to award
grants to provide financial assistance to certain educators to make
down payments on certain homes, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 7, 2024
Mr. Swalwell (for himself, Mrs. Hayes, Mr. Carson, Ms. Norton, Mr.
Soto, Ms. Strickland, Ms. Tokuda, and Ms. Williams of Georgia)
introduced the following bill; which was referred to the Committee on
Financial Services
_______________________________________________________________________
A BILL
To direct the Secretary of Housing and Urban Development to award
grants to provide financial assistance to certain educators to make
down payments on certain homes, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Educator Down Payment Assistance Act
of 2024''.
SEC. 2. FIRST-TIME HOMEBUYER DOWN PAYMENT ASSISTANCE PROGRAM.
(a) Establishment.--The Secretary of Housing and Urban Development
shall award grants, on a competitive basis, to eligible entities to
provide financial assistance to eligible educators in accordance with
subsection (d).
(b) Application.--An eligible entity seeking a grant under this
section shall submit to the Secretary an application in such form, at
such time, and containing such information as the Secretary determines
appropriate, including an assurance that such entity will use an
existing, or establish a new, down payment assistance program to
provide financial assistance to eligible educators.
(c) Geographic Areas.--In the case of a geographic area that is
served by an eligible entity that is a unit of local government and an
eligible entity that is a local educational agency, the Secretary may
only award a grant to 1 such entity in such geographic area.
(d) Use of Amounts To Provide Financial Assistance.--
(1) In general.--An eligible entity that receives a grant
under subsection (a) shall use such grant funds to provide
financial assistance to eligible educators.
(2) Application.--An eligible educator seeking a financial
assistance under this subsection shall submit to the eligible
entity an application in such form, at such time, and
containing such information as the eligible entity determines
appropriate, including an assurance that such educator will--
(A) complete the housing counseling required under
paragraph (8); and
(B) use an eligible residential mortgage loan to
purchase an eligible dwelling.
(3) Use of financial assistance.--An eligible educator who
receives financial assistance under this subsection shall use
such financial assistance to pay, with respect to the purchase
of an eligible dwelling using an eligible residential mortgage
loan, for--
(A) direct down payment costs associated with such
purchase;
(B) closing costs associated with such purchase;
and
(C) costs related to reducing the rates of interest
on such eligible residential mortgage loan associated
with such purchase.
(4) Amount of financial assistance.--
(A) In general.--Except as provided under
subparagraph (B), the amount of financial assistance
awarded to an eligible educator under this subsection
may not exceed $25,000.
(B) Exception.--In the case of an eligible educator
purchasing an eligible dwelling that is located in a
high cost area (as determined each year by the Federal
Housing Finance Agency under the Housing and Economic
Recovery Act of 2008), the amount of financial
assistance awarded to an eligible educator under this
subsection may exceed $25,000.
(5) Limitation.--An eligible educator may only receive
financial assistance under this subsection one time.
(6) Additional funds.--An eligible entity may award
financial assistance under this subsection to an eligible
educator who is receiving funds from other sources, including
other State, Federal, local, private, public, and nonprofit
sources, for the purpose of purchasing an eligible dwelling.
(7) Occupancy requirement.--
(A) In general.--An eligible educator who is
awarded financial assistance under this subsection
shall use the eligible dwelling purchased using such
financial assistance as a primary residence for a
period of not less than 3 years beginning on the date
on which the eligible educator receives financial
assistance under this subsection.
(B) Enforcement.--
(i) Return of funds.--An eligible educator
who does not comply with the requirement under
subparagraph (A) shall return to the eligible
entity the total amount of the financial
assistance awarded to such educator under this
subsection.
(ii) Timing.--Such funds shall be returned
in accordance with clause (i) not later than 1
year after such educator ceases to use such
dwelling as a primary residence in violation of
the requirement under subparagraph (A).
(iii) Exception.--An eligible educator who
does not comply with the requirement under
subparagraph (A) due to an emergency event
shall not be required to return financial
assistance under clause (i).
(8) Service requirement.--
(A) In general.--An eligible educator who is
awarded financial assistance under this subsection
shall be required by the Secretary to continue in their
role as a public elementary or secondary school
teacher, principal, paraprofessional, school leader, or
other staff for not less than 3 years after the date on
which the eligible educator is awarded financial
assistance.
(B) Exception.--Subparagraph (A) shall not apply if
an eligible educator is a military spouse as such term
is defined in section 45AA(d)(1) of title 26, United
States Code.
(e) Reporting Requirements.--The Secretary shall, each year submit
a report to the Congress that includes include a breakdown of financial
assistance provided under this section, by demographic breakdown, mean
income, and mean purchase price.
(f) Authorization of Appropriations.--There are authorized to be
appropriated $30,000,000 for fiscal year 2025 and 5 years thereafter.
(g) Definitions.--In this section:
(1) Eligible dwelling.--The term ``eligible dwelling''
means a residential property with not greater than 4 dwelling
units, an apartment, a condominium, or a manufactured dwelling
unit
(2) Eligible educator.--The term ``eligible educator''
means a public elementary or secondary school teacher,
principal, paraprofessional, school leader, or other staff
who--
(A) is a first-time homebuyer;
(B) has served in their position or another
position in the educational system for not less than a
total of 3 years (without regard to whether such years
were consecutive);
(C) has a qualifying income; and
(D) is in good standing.
(3) Eligible entity.--The term ``eligible entity'' means--
(A) a unit of local government;
(B) a State housing finance agency; or
(C) a local educational agency.
(4) Eligible residential mortgage loan.--The term
``eligible residential mortgage loan'' means a residential
mortgage loan that--
(A) meets the underwriting requirements and dollar
amount limitations for acquisition by the Federal
National Mortgage Association or the Federal Home Loan
Mortgage Corporation;
(B) is made, insured, or guaranteed under title II
of the National Housing Act (12 U.S.C. 1707 et seq.) or
title V of the Housing Act of 1949 (42 U.S.C. 1471 et
seq.);
(C) is made, insured, or guaranteed under title
VIII of the Native American Housing Assistance and
Self-Determination Act of 1996 (25 U.S.C. 4221 et seq.
(D) is a qualified mortgage, as such term is
defined in section 129C(b)(2) of the Truth in Lending
Act (15 U.S.C. 1639c(b)(2));
(E) is made, insured, or guaranteed under title V
of the Housing Act of 1949; or
(F) is guaranteed under section 184 of the Housing
and Community Development Act of 1992 (12 U.S.C. 1715z-
13a).
(5) Emergency event.--The term ``emergency event''
includes--
(A) military deployment;
(B) divorce;
(C) death of an eligible educator or spouse; and
(D) other similar unforeseen events as determined
by the Secretary.
(6) ESEA terms.--The terms ``elementary school'', ``local
educational agency'', ``other staff'', ``secondary school'',
and ``Secretary'' have the meanings given such terms in section
8101 of the Elementary and Secondary Education Act of 1965 (20
U.S.C. 7801).
(7) First-time homebuyer.--The term ``first-time
homebuyer'' has the meaning given such term in section 92.2 of
title 24, Code of Federal Regulations (as in effect on the date
of the enactment of this Act), except that any reference in
such section to the American Dream Downpayment Initiative shall
be deemed to be a reference to the grant program established
under this section.
(8) Good standing.--
(A) In general.--The term ``good standing'' means
that, with respect to an eligible educator and for the
period described in subparagraph (B), such educator has
not received disciplinary action from the local
educational agency that serves the school at which such
educator works as an educator.
(B) Period.--The period described in subparagraph
(A)--
(i) begins on the date that is 3 years
before the date described in clause (ii); and
(ii) ends on the date on which such
educator submits an application under
subsection (c).
(9) Qualifying income.--
(A) In general.--The term ``qualifying income''
means, except as provided in subparagraph (B), an
income that does not exceed 120 percent of the area
median income in which the eligible dwelling to be
purchased is located.
(B) High-cost area.--If the Secretary makes a
determination that an area described in subparagraph
(A) is a high-cost area, the qualifying income shall be
an income that does not exceed 180 percent of the
median income of such area.
(10) Secretary.--The term ``Secretary'' means the Secretary
of Housing and Urban Development.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line