Creates a pilot program to help 20,000 first-time homebuyers save for a down payment and other home costs.
This bill would set up a new pilot program at the Department of Housing and Urban Development (HUD) to help first-time homebuyers. Each year, up to 20,000 eligible people could get matching funds, up to $5,000, for their home savings. These funds would help cover down payments, closing costs, or certain home repairs, but would need to be repaid if the home is sold within three years.
Today, there is no federal program that provides matching funds to first-time homebuyers for savings accounts. If this bill passes, a pilot program would be established to annually deposit matching funds, up to $5,000. These funds would go into qualifying savings accounts for up to 20,000 eligible first-time homebuyers. This would come with certain conditions. These include a restriction on deposits if the account balance is too high, and a repayment requirement if the home is sold within 36 months.
HR 7244 · 119th Congress · January 27, 2026 · AI Summary by gemini-2.5-flash · 8/10
Sign in to see your representatives' phone numbers