II 

118TH CONGRESS 

2D SESSION S. 3930 

To provide downpayment assistance to first-generation homebuyers to address 

multigenerational inequities in access to homeownership and to narrow 

and ultimately close the racial homeownership gap in the United States, 

and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 12, 2024 

Mr. WARNOCK (for himself, Ms. BUTLER, Mr. BROWN, and Mr. VAN HOLLEN) introduced the following bill; which was read twice and referred to 

the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To provide downpayment assistance to first-generation homebuyers to address multigenerational inequities in access 

to homeownership and to narrow and ultimately close 

the racial homeownership gap in the United States, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Downpayment Toward 

5 Equity Act of 2024’’. 

6 SEC. 2. DEFINITIONS. 

7 In this section: 


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1 (1) AFFIRMATIVELY FURTHER FAIR HOUS2 ING.—The term ‘‘affirmatively further fair housing’’ 

3 has the same meaning as defined by the Secretary 

4 to implement section 808(e)(5) of the Fair Housing 

5 Act (42 U.S.C. 3608(e)(5)). 

6 (2) ELIGIBLE ENTITY.—The term ‘‘eligible enti7 ty’’ means— 

8 (A) a minority depository institution, as 

9 defined in section 308 of the Financial Institu10 tions Reform, Recovery, and Enforcement Act 

11 of 1989 (12 U.S.C. 1463 note); 

12 (B) a community development financial in13 stitution, as defined in section 103 of the Riegle 

14 Community Development and Regulatory Im15 provement Act of 1994 (12 U.S.C. 4702), that 

16 is certified by the Secretary of the Treasury 

17 and targets services to minority and low-income 

18 populations or provides services in neighbor19 hoods having high concentrations of minority 

20 and low-income populations; 

21 (C) any other nonprofit, mission-driven en22 tity that the Secretary finds has a track record 

23 of providing assistance to homeowners, targets 

24 services to minority and low-income popu25 lations, or provides services in neighborhoods 


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1 having high concentrations of minority and low2 income populations; and 

3 (D) a unit of general local government, as 

4 defined in section 102 of the Housing and Com5 munity Development Act of 1974 (42 U.S.C. 

6 5302). 

7 (3) ELIGIBLE HOME.—The term ‘‘eligible 

8 home’’ means a residential dwelling, including a unit 

9 in a condominium or cooperative project or a manu10 factured housing unit, that meets the requirements 

11 of section 5. 

12 (4) ELIGIBLE MORTGAGE LOAN.—The term ‘‘el13 igible mortgage loan’’ means a residential mortgage 

14 loan that meets the requirements of section 6. 

15 (5) FIRST-GENERATION HOMEBUYER.—The 

16 term ‘‘first-generation homebuyer’’ means a home17 buyer that is— 

18 (A) an individual— 

19 (i) whose parents or legal guardians 

20 do not, or did not at the time of their 

21 death, to the best of the individual’s knowl22 edge, have any present ownership interest 

23 in a residence in any State, excluding own24 ership of heir property or ownership of 

25 chattel; and 


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1 (ii) whose spouse or domestic partner 

2 has not, during the 3-year period ending 

3 upon acquisition of the eligible home to be 

4 acquired using such assistance, had any 

5 present ownership interest in a residence 

6 in any State, excluding ownership of heir 

7 property or ownership of chattel, whether 

8 the individual is a co-borrower on the loan 

9 or not; or 

10 (B) an individual who has at any time 

11 been placed in foster care or institutional care 

12 whose spouse or domestic partner has not, dur13 ing the 3-year period ending upon acquisition of 

14 the eligible home to be acquired using such as15 sistance, had any ownership interest in a resi16 dence in any State, excluding ownership of heir 

17 property or ownership of chattel, whether such 

18 individuals are co-borrowers on the loan or not. 

19 (6) HEIR PROPERTY.—The term ‘‘heir prop20 erty’’ means residential property for which title 

21 passed by operation of law through intestacy and is 

22 held by 2 or more heirs as tenants in common. 

23 (7) OWNERSHIP INTEREST.—The term ‘‘owner24 ship interest’’ means any ownership, excluding any 

25 interest in heir property, in— 


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1 (A) real estate in fee simple; 

2 (B) a leasehold on real estate under a lease 

3 for not less than 99 years which is renewable; 

4 or 

5 (C) a fee interest in, or long-term leasehold 

6 interest in, real estate consisting of a 1-family 

7 unit in a multifamily project, including a 

8 project in which the dwelling units are attached, 

9 or are manufactured housing units, semi-de10 tached, or detached, and an undivided interest 

11 in the common areas and facilities which serve 

12 the project. 

13 (8) QUALIFIED HOMEBUYER.—The term 

14 ‘‘qualified homebuyer’’— 

15 (A) means a homebuyer who meets the re16 quirements of section 4; and 

17 (B) includes homebuyers consisting of mul18 tiple individuals, co-purchasers, and multi-mem19 ber households. 

20 (9) SECRETARY.—The term ‘‘Secretary’’ means 

21 the Secretary of Housing and Urban Development. 

22 (10) SHARED EQUITY HOMEOWNERSHIP PRO23 GRAM.—The term ‘‘shared equity homeownership 

24 program’’ means affordable homeownership preser25 vation through a resale restriction program adminisVerDate Sep 11 2014 04:06 Mar 19, 2024 Jkt 049200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S3930.IS S3930

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1 tered by a community land trust, other nonprofit or2 ganization, or State or local government or instru3 mentalities. 

4 (11) SOCIALLY AND ECONOMICALLY DISADVAN5 TAGED INDIVIDUAL.—The term ‘‘socially and eco6 nomically disadvantaged individual’’ means an indi7 vidual who meets the following requirements: 

8 (A) SOCIAL DISADVANTAGE.— 

9 (i) IN GENERAL.—The individual is a 

10 member of a socially disadvantaged group, 

11 whose members have historically been sub12 jected to racial or ethnic discrimination 

13 within the United States because of their 

14 identity as members of such group without 

15 regard to their individual qualities. 

16 (ii) PRESUMPTION; REBUTTAL.—An 

17 individual identifying as Black, Hispanic, 

18 Native American, or Asian American, or 

19 any combination thereof, shall be presumed 

20 to be socially disadvantaged for purposes 

21 of clause (i). Such presumption may be re22 butted with credible evidence to the con23 trary. 

24 (iii) BURDEN OF PROOF.—An indi25 vidual who does not identify as described 


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1 in clause (ii) shall be required to establish 

2 individual social disadvantage for purposes 

3 of clause (i) by a preponderance of the evi4 dence. 

5 (iv) RULES.—The Secretary may 

6 issue regulations as necessary to establish 

7 procedures for complying with this sub8 paragraph. 

9 (B) ECONOMIC DISADVANTAGE.—The indi10 vidual has an income that meets the require11 ments under section 4(a). 

12 (12) STATE.—The term ‘‘State’’ means any 

13 State of the United States, the District of Columbia, 

14 the Commonwealth of Puerto Rico, the United 

15 States Virgin Islands, Guam, the Commonwealth of 

16 the Northern Mariana Islands, American Samoa, 

17 and the tribal government of any Indian tribe, as de18 fined in section 4 of the Native American Housing 

19 Assistance and Self-Determination Act of 1996 (25 

20 U.S.C. 4103). 

21 SEC. 3. FIRST-GENERATION DOWNPAYMENT ASSISTANCE 

22 PROGRAM. 

23 (a) ESTABLISHMENT.—The Secretary shall carry out 

24 a program under this Act to provide grants to States and 

25 eligible entities to provide financial assistance under this 


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1 section to first-generation homebuyers to assist them with 

2 acquiring owner-occupied primary residences. 

3 (b) ALLOCATION.—After reserving amounts as re4 quired under sections 7(d) and 9(b), any remaining 

5 amounts made available to carry out this Act shall be allo6 cated as follows: 

7 (1) STATES.—75 percent of such amounts shall 

8 be allocated among States in accordance with a for9 mula established by the Secretary, which shall— 

10 (A) take into consideration the best avail11 able data to provide more funding to States 

12 with a higher approximate number of potential 

13 qualified homebuyers; and 

14 (B) be adjusted to reflect median area 

15 home prices. 

16 (2) ELIGIBLE ENTITIES.—25 percent of such 

17 amounts shall be made available only to eligible enti18 ties on a competitive basis. 

19 (c) ASSISTANCE.—Amounts from a grant under this 

20 Act shall be used only to provide assistance— 

21 (1) on behalf of a qualified homebuyer; and 

22 (2) for— 

23 (A) costs in connection with the acquisi24 tion, involving an eligible mortgage loan, of an 

25 eligible home, including downpayment costs, 


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1 closing costs, and costs to reduce the rates of 

2 interest on eligible mortgage loans; 

3 (B) subsidies to make shared equity homes 

4 affordable to homebuyers by discounting the 

5 price for which the home will be sold and to 

6 preserve the affordability of the home for subse7 quent homebuyers; and 

8 (C) pre-occupancy home modifications re9 quired to accommodate qualified homebuyers or 

10 members of their household with disabilities. 

11 (d) AMOUNT.—A grant of assistance under this 

12 Act— 

13 (1) may be provided on behalf of any qualified 

14 homebuyer only once; and 

15 (2) may not exceed the greater of $20,000 or 

16 10 percent of the purchase price in the case of a 

17 qualified homebuyer, not to include assistance re18 ceived under subsection (c)(2)(C) for disability re19 lated home modifications, except that the Secretary 

20 may increase such maximum limitation amounts— 

21 (A) for qualified homebuyers who are so22 cially and economically disadvantaged; or 

23 (B) in the case of qualified homebuyers ac24 quiring residences located in high-cost areas, as 

25 determined based on median home prices or 


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1 prices of residences under a shared equity 

2 homeownership program. 

3 (e) LAYERING OF ASSISTANCE.—Assistance from 

4 grant amounts under this Act may be provided on behalf 

5 of a qualified homebuyer who is receiving assistance from 

6 other sources, including other State, Federal, local, pri7 vate, public, and nonprofit sources, for acquisition of an 

8 eligible home. 

9 (f) STATE ADMINISTRATION.— 

10 (1) IN GENERAL.—The Secretary shall require 

11 that each State receiving grant amounts under this 

12 Act administer the program to provide assistance 

13 with such amounts through the State housing fi14 nance agency for the State or such other housing 

15 agency of the State as the Secretary finds appro16 priate, except that any such agency may, at the op17 tion of the agency, contract with a nonprofit entity, 

18 including a housing counseling agency approved by 

19 the Secretary, to administer such assistance. 

20 (2) AFFIRMATIVELY FURTHERING FAIR HOUS21 ING.—For a State to be eligible for a grant under 

22 this Act, the State shall be in compliance with the 

23 Secretary’s regulations implementing the require24 ment to affirmatively further fair housing. 


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1 (3) PROHIBITION OF PRIORITY OR

2 RECOUPMENT OF FUNDS.—In selecting qualified 

3 homebuyers for assistance with grant amounts under 

4 this Act, a State or eligible entity may not— 

5 (A) provide any priority or preference for 

6 homebuyers who are acquiring eligible homes 

7 with a mortgage loan made, insured, guaran8 teed, or otherwise assisted by the State housing 

9 finance agency for the State, any other housing 

10 agency of the State, or an eligible entity when 

11 applicable; or 

12 (B) seek to recoup any funds associated 

13 with the provision of downpayment assistance 

14 to the qualified homebuyer, whether through 

15 premium pricing or otherwise, except as pro16 vided in subsection (g) or otherwise authorized 

17 by the Secretary. 

18 (g) RECAPTURE AND REALLOCATION.—The Sec19 retary shall require changes in a grantee’s policy or dis20 tribution of funds or recapture any amounts remaining 

21 available to a grantee, and reallocate such funds among 

22 other States and eligible entities, if the Secretary deter23 mines in his or her sole discretion that— 

24 (1) a State or eligible entity— 


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1 (A) has not demonstrated the capacity to 

2 expend grant funds in a timely manner that 

3 furthers the purposes under this Act; or 

4 (B) is distributing or plans to distribute 

5 grant funds in a manner that results or will 

6 predictably result in qualified homebuyers from 

7 racial or ethnic groups that have faced historic 

8 obstacles to homeownership failing to receive 

9 the benefits of such funds in proportion to their 

10 population among qualified homebuyers in the 

11 relevant area; or 

12 (2) there is insufficient demand among qualified 

13 eligible entities to distribute funds. 

14 (h) UNIFORMITY AND PROGRAM STANDARDIZA15 TION.—The Secretary shall establish a uniform set of re16 quirements to which each State and eligible entity receiv17 ing grant amounts under this Act shall comply. 

18 SEC. 4. QUALIFIED HOMEBUYERS. 

19 (a) REQUIREMENTS.—Assistance from grant 

20 amounts under this Act may be provided only on behalf 

21 of a homebuyer who meets all of the following require22 ments: 

23 (1) INCOME.—The household of the homebuyer 

24 has an income that does not exceed— 


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1 (A) 120 percent of median income for the 

2 area (as determined by the Secretary) within 

3 which— 

4 (i) the eligible home to be acquired 

5 using such assistance is located; or 

6 (ii) the place of residence of the home7 buyer is located; or 

8 (B) in the case of a homebuyer acquiring 

9 an eligible home that is located in a high-cost 

10 area, as determined by the Secretary, 140 per11 cent of the median income for the area within 

12 which the eligible home to be acquired using 

13 such assistance is located. 

14 (2) FIRST-TIME HOMEBUYER.—The homebuyer, 

15 as self-attested by the homebuyer, is a first-time 

16 homebuyer, as defined in section 104 of the Cran17 ston Gonzalez National Affordable Housing Act (42 

18 U.S.C. 12704), except that— 

19 (A) for the purposes of this Act the ref20 erence in such section 104 to title II shall be 

21 considered to refer to this Act; and 

22 (B) ownership of heir property shall not be 

23 treated as owning a home for purposes of deter24 mining whether a borrower qualifies as a first25 time homebuyer. 


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1 (3) FIRST-GENERATION HOMEBUYER.—The 

2 homebuyer, as self-attested by the homebuyer, is a 

3 first-generation homebuyer. 

4 (b) RELIANCE ON BORROWER ATTESTATIONS.—No 

5 additional documentation beyond the borrower’s attesta6 tion shall be required to demonstrate eligibility under 

7 paragraphs (2) and (3) of subsection (a), and no creditor 

8 shall be subject to liability, including monetary penalties 

9 or requirements to indemnify a Federal agency or repur10 chase a loan that has been sold or securitized, for the pro11 vision of downpayment assistance under this Act to a bor12 rower who does not meet the eligibility requirements if the 

13 creditor does so in good faith reliance on borrower attesta14 tions of eligibility required by this Act or regulation. 

15 SEC. 5. ELIGIBLE HOMES. 

16 (a) IN GENERAL.—Assistance from grant amounts 

17 under this Act may be provided only in connection with 

18 the acquisition by a qualified homebuyer of a residential 

19 property that— 

20 (1) consists of 1 to 4 dwelling units; and 

21 (2) will be occupied by the qualified homebuyer, 

22 in accordance with such assurances and commit23 ments as the Secretary shall require, as the primary 

24 residence of the homebuyer, subject to section 4. 

25 (b) REPAYMENT OF ASSISTANCE.— 


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1 (1) REQUIREMENT.—The Secretary shall re2 quire that, if a homebuyer to or on behalf of whom 

3 assistance is provided from grant amounts under 

4 this Act fails or ceases to occupy the property ac5 quired using such assistance as the primary resi6 dence of the homebuyer, except in the case of assist7 ance provided in connection with the purchase of a 

8 principal residence through a shared equity home9 ownership program, the homebuyer shall repay to 

10 the State or eligible entity, as applicable, in a pro11 portional amount of the assistance the homebuyer 

12 receives based on the number of years they have oc13 cupied the eligible home up to 5 years, except that 

14 no assistance shall be repaid if the qualified home15 buyer occupies the eligible home as a primary resi16 dence for 5 years or more. 

17 (2) LIMITATION.—Notwithstanding subpara18 graph (A), a homebuyer to or on behalf of whom as19 sistance is provided from grant amounts under this 

20 Act shall not be liable to the State or eligible entity 

21 for the repayment of the amount of such shortage 

22 if the homebuyer fails or ceases to occupy the prop23 erty acquired using such assistance as the principal 

24 residence of the homebuyer at least in part because 

25 of a hardship, or sells the property acquired with 


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1 such assistance before the expiration of the 60- 

2 month period beginning on such date of acquisition 

3 and the capital gains from such sale to a bona fide 

4 purchaser in an arm’s length transaction are less 

5 than the amount the homebuyer is required to repay 

6 the State or eligible entity under subparagraph (A). 

7 SEC. 6. ELIGIBLE MORTGAGE LOANS. 

8 Assistance from grant amounts under this Act may 

9 be provided only in connection with the acquisition of an 

10 eligible home involving a residential mortgage loan that— 

11 (1) meets the underwriting requirements and 

12 dollar amount limitations for acquisition by the Fed13 eral National Mortgage Association or the Federal 

14 Home Loan Mortgage Corporation; 

15 (2) is made, insured, or guaranteed under any 

16 program administered by the Secretary; 

17 (3) is made, insured, or guaranteed by the De18 partment of Agriculture; 

19 (4) is a qualified mortgage, as defined in sec20 tion 129C(b)(2) of the Truth in Lending Act (15 

21 U.S.C. 1639c(b)(2)); or 

22 (5) is guaranteed for the benefit of a veteran. 

23 SEC. 7. HOUSING COUNSELING REQUIREMENT. 

24 (a) IN GENERAL.—Except as provided pursuant to 

25 section 4, assistance with grant amounts under this Act 


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1 may not be provided on behalf of qualified homebuyer un2 less such homebuyer has completed a program of coun3 seling with respect to the responsibilities and financial 

4 management involved in homeownership before entering 

5 into a sales purchase agreement or loan application, except 

6 as provided under subsection (c), as the Secretary shall 

7 require, provided through a counseling agency approved 

8 by the Secretary. Such program may be delivered in-per9 son, virtually, by telephone, or any other method the Sec10 retary determines acceptable and shall include providing 

11 information on fair housing rights and on the availability 

12 of post-purchase housing counseling opportunities and in13 struction on how to file a fair housing complaint. 

14 (b) ALTERNATIVE REQUIREMENT.—The Secretary 

15 shall provide that if a qualified homebuyer is unable to 

16 complete the requirement under subsection (a) within 30 

17 days due to housing counseling agency capacity issues, a 

18 State or eligible entity may allow such qualified home19 buyer to complete alternative homebuyer education to ful20 fill the requirement under subsection (a), including home21 buyer education that is provided through an online plat22 form, and such qualified homebuyer shall be made aware 

23 of the availability of post-purchase housing counseling op24 portunities. 


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1 (c) REFERRAL UPON MORTGAGE DENIAL.—The Sec2 retary shall require that any qualified homebuyer who has 

3 completed a counseling program referred to in subsection 

4 (a) or alternative requirement pursuant to subsection (b), 

5 who receives a commitment for assistance with grant 

6 amounts under this Act and who applies for an eligible 

7 mortgage loan for acquisition of an eligible home and is 

8 denied such mortgage loan, shall be referred to a coun9 seling agency described in subsection (a) for counseling 

10 relating to such denial and for re-qualification. An eligible 

11 homebuyer may be re-qualified at least 1 additional time 

12 in a calendar year, or more as determined by the Sec13 retary. 

14 (d) FUNDING.—Of any amounts appropriated to 

15 carry out this Act, the Secretary shall use not less than 

16 5 percent for costs of providing counseling referred to in 

17 subsection (a). 

18 SEC. 8. ADMINISTRATIVE COSTS. 

19 States and eligible entities receiving grant amounts 

20 under this Act may use a portion of such amounts for 

21 administrative costs up to the limit specified by the Sec22 retary. 

23 SEC. 9. REPORTS. 

24 (a) ANNUAL REPORT.— 


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1 (1) IN GENERAL.—For each fiscal year during 

2 which the Secretary makes grants under this Act, 

3 the Secretary shall submit to Congress, and make 

4 publicly available online in an easily accessible loca5 tion on the website of the Department of Housing 

6 and Urban Development, a report that shall in7 clude— 

8 (A) demographic information regarding ap9 plicants for and recipients of assistance pro10 vided pursuant to this Act, including race, eth11 nicity, and gender; 

12 (B) information regarding the types and 

13 amount of assistance provided, including down14 payment assistance, assistance with closing 

15 costs, and assistance to reduce mortgage loan 

16 interest rates; and 

17 (C) information regarding properties ac18 quired using such assistance, including location, 

19 property value, property type, and first mort20 gage type and investor. 

21 (2) DISAGGREGATION.—All data included in an 

22 report required under paragraph (1) shall be 

23 disaggregated by ZIP Code or census tract level, 

24 whichever is most feasible, and demographic infor25 mation, including race, ethnicity, and gender, and 


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1 any other data points the Secretary deems appro2 priate especially to observe equitable outcomes to en3 sure the grant program is affirmatively furthering 

4 fair housing. 

5 (b) CAPACITY BUILDING.— 

6 (1) IN GENERAL.—Of any amounts appro7 priated to carry out this Act, the Secretary shall use 

8 not more than 1 percent to assist States and eligible 

9 entities to develop capacity to meet the reporting re10 quirements under subsection (a). 

11 (2) CONSULTATION.—The Secretary shall en12 courage States and eligible entities to consult with 

13 community-based and nonprofit organizations that 

14 have as their mission to advance fair housing and 

15 fair lending. 

16 (c) PRIVACY REQUIREMENTS.— 

17 (1) IN GENERAL.—Each State and eligible enti18 ty that receives a grant under this Act shall estab19 lish data privacy and security requirements for the 

20 information described in subsection (a) that— 

21 (A) include appropriate measures to ensure 

22 that the privacy of the individuals and house23 holds is protected; 

24 (B) provide that the information, including 

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1 lected and used only for the purpose of submit2 ting reports under subsection (a); and 

3 (C) provide confidentiality protections for 

4 data collected about any individuals who are 

5 survivors of intimate partner violence, sexual 

6 assault, or stalking. 

7 (2) STATISTICAL RESEARCH.— 

8 (A) IN GENERAL.—The Secretary— 

9 (i) may provide full and unredacted 

10 information provided under subsection (a), 

11 including personally identifiable informa12 tion, for statistical research purposes in ac13 cordance with existing law; and 

14 (ii) may collect and make available for 

15 statistical research, at the census tract 

16 level, information collected under para17 graph (1). 

18 (B) APPLICATION OF PRIVACY REQUIRE19 MENTS.—A recipient of information under sub20 paragraph (A) shall establish for such informa21 tion the data privacy and security requirements 

22 described in paragraph (1). 

23 SEC. 10. COMPELLING INTEREST STUDY. 

24 (a) IN GENERAL.—The Secretary, in consultation 

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1 dence to determine whether or not there is a sufficient 

2 history of discrimination in housing and, if so, the appro3 priate remedy to redress such historic discrimination. 

4 (b) RECOMMENDATIONS.—The Secretary shall make 

5 conclusions and recommendations based on the evidence 

6 compiled under subsection (a) and provide States and eli7 gible entities granted awards under this Act an oppor8 tunity to modify their programs for assistance under this 

9 Act according to such recommendations. 

10 SEC. 11. IMPLEMENTATION. 

11 The Secretary shall have the authority to establish 

12 by notice or mortgagee letter any requirements that the 

13 Secretary determines are necessary for timely and effec14 tive implementation of the grant program under this Act 

15 and the expenditure of funds appropriated, which require16 ments shall take effect upon issuance. 

17 SEC. 12. AUTHORIZATION OF APPROPRIATIONS. 

18 There is authorized to be appropriated for grants 

19 under this Act $100,000,000,000, and any amounts ap20 propriated pursuant to this section shall remain available 

21 until expended. 

Æ 


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