S. 967: Downpayment Toward Equity Act of 2025

119th Congress · introduced 2025-03-11 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

What does this mean?

Official title

Downpayment Toward Equity Act of 2025

Plain summary

Downpayment Toward Equity Act of 2025 This bill establishes a grant program through the Department of Housing and Urban Development (HUD) for states and other entities to provide qualifying assistance to low-income, first-generation home buyers in purchasing their first homes. Qualifying assistance includes assistance for mortgage down payments, mortgage closing costs, reduction of mortgage interest rates, subsidies for shared equity homes, or for certain modifications to a home to accommodate persons with disabilities. Grant amounts are generally limited to the greater of $20,000 or 10% of the purchase price of the home. HUD may increase the cap for socially and economically disadvantaged homebuyers or for purchases in high-cost areas. The bill also establishes grant requirements regarding home buyer income, types of housing, homeowner occupancy, types of mortgages, and home buyer counseling.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Downpayment Toward Equity Act of 2025

Source: Congressional Research Service summary (Introduced in Senate)

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Officials and money

Sponsor: Sen. Warnock, Raphael G. [D-GA] · 6 cosponsors

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Words on this page, explained (1)

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Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119s967.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/s>

Record fed-us-cong119-s967 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills