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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8714 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 8714
To require the Secretary of Housing and Urban Development to establish
a program to provide homeownership assistance grants, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 12, 2024
Ms. Leger Fernandez (for herself, Mr. Costa, Mr. Robert Garcia of
California, Ms. Garcia of Texas, Mr. Grijalva, Ms. Lee of California,
Ms. Norton, Mrs. Ramirez, Ms. Salinas, Ms. Stansbury, and Mrs. Watson
Coleman) introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Ways and Means, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To require the Secretary of Housing and Urban Development to establish
a program to provide homeownership assistance grants, 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 ``Home of Your Own Act of 2024''.
SEC. 2. ESTABLISHMENT OF HOMEOWNERSHIP ASSISTANCE GRANT PROGRAM.
(a) In General.--The Secretary of Housing and Urban Development
shall, not later than 1 year after the date of the enactment of this
Act establish a homeownership assistance grant program through which
amounts are provided to States and Indian tribes to assist the purchase
of eligible homes by eligible persons.
(b) Allocation of Amounts.--
(1) In general.--The Secretary shall reserve 3 percent of
any amounts appropriated under this Act, for a fiscal year, for
grants to Indian tribes in accordance with the formula
established by the Secretary pursuant to section 302 of the
Native American Housing Assistance and Self-Determination Act
of 1996.
(2) Remaining amounts.--After reserving such amounts for
Indian tribes under paragraph (1), the Secretary shall
equitably allocate remaining amounts to participating States in
accordance with a formula established by the Secretary by rule.
(c) Use of Amounts.--
(1) In general.--States and Indian tribes that receive
amounts under this Act shall use such amounts to provide
assistance on behalf of eligible persons for--
(A) costs incurred acquiring an ownership interest
in an eligible home by means of an eligible mortgage
loan, including downpayment costs, closing costs, and
costs to reduce interest rates on such loan; or
(B) pre-occupancy repairs or modifications required
for a member of the household of the homebuyer to
occupy the home following such acquisition, including
repairs to bring the home up to inspection standards
and costs associated with accommodations for a
household member with a disability.
(2) Amount of assistance.--States and Indian tribes that
receive amounts under this Act may provide assistance only once
on behalf of an eligible person and the amount of such
assistance provided on behalf of such eligible person shall be
$30,000.
(d) Layering of Assistance.--States and Indian tribes that receive
amounts under this Act may provide assistance on behalf of an eligible
person who is receiving assistance from other sources, including other
State, Federal, Indian tribe, tribal organization, local private,
public, and nonprofit sources, for acquisition of an ownership interest
in an eligible home.
(e) Repayment of Assistance if Occupancy Not Continued.--
(1) In general.--If an eligible person does not continue to
occupy, as a primary residence, the eligible home for which the
covered person receives assistance under this Act for the 60-
month period beginning when the covered person is able to
lawfully occupy the eligible home, the Secretary shall require
the eligible person to repay the assistance received in an
amount that is proportional to the number of months the
eligible person did not occupy the eligible home as a primary
residence.
(2) Exceptions.--The Secretary may not require a eligible
person to repay assistance under paragraph (1) if the Secretary
determines that--
(A) a hardship prevents the eligible person from
occupying the eligible home as the primary residence;
or
(B) any amount received by the eligible person from
an arm's length transaction selling the entirety of the
ownership interest in the eligible home of the
homebuyer to a bona fide purchaser is less than the
original cost of acquisition of the home, including
closing costs.
(3) Use of lien.--The State or Indian tribe that provided
the assistance to the eligible person may place a lien on the
eligible home for the purpose of recapturing such assistance.
(4) Use of recaptured amounts.--Any assistance repayed
pursuant to paragraph (1) shall be used to provide assistance
to other covered persons.
(f) Assistance Amounts Excluded From Federal Taxation.--For
purposes of the Internal Revenue Code of 1986, gross income shall not
include any assistance provided under this Act.
(g) Rule of Construction.--Assistance provided to an eligible
person under this section may not be considered funds from a prohibited
source for the purposes of section 203(b)(9)(C) of the National Housing
Act.
SEC. 3. ADMINISTRATION OF GRANTS BY STATES AND INDIAN TRIBES.
(a) Administration by States.--
(1) In general.--The Secretary shall require that each
State receiving grant amounts under this Act--
(A) submit an annual plan to the Secretary with
respect to implementing and complying with the
requirements of this Act; and
(B) distribute not less than 25 percent of the
amounts allocated to the State through community
development financial institutions.
(2) Annual plan.--The annual plan required under paragraph
(1) may be included in the Annual Action Plan submitted to the
Secretary by such State.
(3) Outsourcing permitted.--The Secretary may permit a
State to contract with one or more of the following to provide
amounts to eligible persons on behalf of the State:
(A) A nonprofit entity approved by the Secretary.
(B) A community development financial institution.
(b) Administration by Indian Tribes.--
(1) In general.--The Secretary shall require that each
Indian tribe receiving grant amounts under this Act--
(A) submit an annual plan to the Secretary with
respect to implementing and complying with the
requirements of this Act; and
(B) consider distributing some or all amounts
allocated to the Indian tribe through community
development financial institutions.
(2) Annual plan.--The annual plan required under paragraph
(1) may be included in the Indian Housing Plan submitted to the
Secretary by such Indian tribe.
(3) Outsourcing permitted.--The Secretary may permit a
Tribe to contract with one or more of the following to provide
amounts to eligible persons on behalf of the Tribe:
(A) A nonprofit entity approved by the Secretary.
(B) A Tribally designated housing entity.
(C) An intertribal consortium.
(D) A community development financial institution.
(4) Preference permitted.--An Indian tribe that receives
amounts under this Act may provide preference to eligible
persons who are members of such Indian tribe as well as to
members of other Indian tribes.
SEC. 4. FINANCIAL COUNSELING REQUIREMENT.
(a) In General.--A State or Indian tribe may only provide
assistance under this Act to a eligible person if such eligible person,
before receiving such assistance, completes a financial counseling
program with respect to the responsibilities and financial management
of homeownership.
(b) Approval and Manner of Program.--The financial counseling
program shall be conducted by an entity that provides financial
counseling approved by, and in a manner acceptable to--
(1) the Secretary; or
(2) the Indian tribe or State providing assistance to the
eligible person.
SEC. 5. AUTHORIZATION OF APPROPRIATIONS; ADMINISTRATIVE COSTS.
(a) In General.--There is authorized to be appropriated
$6,700,000,000 for each of fiscal years 2025 through 2029 to carry out
this Act.
(b) Program Administration.--
(1) For states.--Not more than 7 percent of any amounts
provided to a State under this Act may be used by such State to
cover administrative costs.
(2) For indian tribes.--Not more than 10 percent of any
amounts provided to an Indian Tribe under this Act may be used
by such Indian Tribe to cover administrative costs.
(c) Training and Technical Assistance.--Not more than 3 percent of
any amounts appropriated under this Act may be used by the Secretary to
provide training and technical assistance to States and Indian tribes.
SEC. 6. DEFINITIONS.
In this Act:
(1) Community development financial institution.--The term
``community development financial institution'' has the meaning
given the term in section 103 of the Community Development
Banking and Financial Institutions Act of 1994.
(2) Eligible home.--The term ``eligible home'' means a
residential property, including a condominium, a cooperative,
or manufactured housing unit--
(A) that consists of 1 to 4 dwelling units,
including accessory dwelling units;
(B) is subject to a mortgage, and--
(i) meets the underwriting requirements and
dollar amount limitations for acquisition by
the Federal National Mortgage Association or
the Federal Home Loan Mortgage Corporation;
(ii) is made, insured, or guaranteed under
any program administered by the Secretary;
(iii) is made, insured, or guaranteed by
the Rural Housing Administrator of the
Department of Agriculture;
(iv) is a qualified mortgage, as defined in
section 129C(b)(2) of the Truth in Lending Act
(15 U.S.C. 1639c(b)(2));
(v) is made, insured, or guaranteed by the
Secretary of Veterans Affairs pursuant to
chapter 37 of title 38, United States Code; or
(vi) in the case of a residential property
located on tribal trust or reservation land,
meets such requirements as the Secretary
determines appropriate for consumer protection;
and
(C) shall be occupied by an eligible person as a
primary residence.
(3) Eligible person.--
(A) In general.--The term ``eligible person''
means--
(i) a person who, as self-attested by the
person, is a ``first-time homebuyer''; and
(ii) is a part of a household, the income
of which does not exceed--
(I) in the case of a person
purchasing an eligible home that is not
located on Indian tribe land, 120
percent of the median income for the
local area, as determined by the
Secretary, within which--
(aa) the eligible home, for
which the ownership interest is
to be acquired using such
assistance, is located; or
(bb) the place of residence
of the homebuyer is located;
and
(II) in the case of a person who is
purchasing an eligible home that is
located on Indian tribe land, the
greater of 120 percent of the median
income of the United States or 120
percent of the median income for the
local area, as determined by the
Secretary, within which--
(aa) the eligible home, for
which the ownership interest is
to be acquired using such
assistance, is located; or
(bb) the place of residence
of the homebuyer is located.
(B) Exception.--If the Secretary determines that
the area described in subparagraph (A)(ii) is a high
cost-of-living area, then the eligible person is
required to be a part of a household, the income of
which does not exceed 150 percent of the median income
for the area, as determined by the Secretary.
(4) First-time homebuyer.--The term ``first-time
homebuyer'' has the meaning given the term is defined in
section 104 of the Cranston Gonzalez National Affordable
Housing Act.
(5) Indian tribe.--The term ``Indian tribe'' has the
meaning given the term in section 4 of the Native American
Housing Assistance and Self-Determination Act of 1996 (25
U.S.C. 4103).
(6) Ownership interest.--The term ``ownership interest''
means any ownership, excluding any interest in heir property,
in--
(A) real estate in fee simple;
(B) a leasehold on real estate, under a lease that
is not less than 10 years longer than the term of the
mortgage;
(C) a fee interest in, or long-term leasehold
interest in, real estate consisting of a one-family
unit in a multifamily project, including a project in
which the dwelling units are attached, or are
manufactured housing units, semi-detached, or detached,
and an undivided interest in the common areas and
facilities which serve the project.
(7) Secretary.--The term ``Secretary'' means the Secretary
of Housing and Urban Development.
(8) State.--The term ``State'' means the 50 States of the
United States, the District of Columbia, the Commonwealth of
Puerto Rico, Guam, the Commonwealth of the Northern Mariana
Islands, the Virgin Islands, and American Samoa.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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