I 

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. 

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 ‘‘Home of Your Own 

5 Act of 2024’’. 


ssavage on LAPJG3WLY3PROD with BILLS
2 

•HR 8714 IH

1 SEC. 2. ESTABLISHMENT OF HOMEOWNERSHIP ASSIST2 ANCE GRANT PROGRAM. 

3 (a) IN GENERAL.—The Secretary of Housing and 

4 Urban Development shall, not later than 1 year after the 

5 date of the enactment of this Act establish a homeowner6 ship assistance grant program through which amounts are 

7 provided to States and Indian tribes to assist the purchase 

8 of eligible homes by eligible persons. 

9 (b) ALLOCATION OF AMOUNTS.— 

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

11 3 percent of any amounts appropriated under this 

12 Act, for a fiscal year, for grants to Indian tribes in 

13 accordance with the formula established by the Sec14 retary pursuant to section 302 of the Native Amer15 ican Housing Assistance and Self-Determination Act 

16 of 1996. 

17 (2) REMAINING AMOUNTS.—After reserving 

18 such amounts for Indian tribes under paragraph (1), 

19 the Secretary shall equitably allocate remaining 

20 amounts to participating States in accordance with 

21 a formula established by the Secretary by rule. 

22 (c) USE OF AMOUNTS.— 

23 (1) IN GENERAL.—States and Indian tribes 

24 that receive amounts under this Act shall use such 

25 amounts to provide assistance on behalf of eligible 

26 persons for— 


ssavage on LAPJG3WLY3PROD with BILLS
3 

•HR 8714 IH

1 (A) costs incurred acquiring an ownership 

2 interest in an eligible home by means of an eli3 gible mortgage loan, including downpayment 

4 costs, closing costs, and costs to reduce interest 

5 rates on such loan; or 

6 (B) pre-occupancy repairs or modifications 

7 required for a member of the household of the 

8 homebuyer to occupy the home following such 

9 acquisition, including repairs to bring the home 

10 up to inspection standards and costs associated 

11 with accommodations for a household member 

12 with a disability. 

13 (2) AMOUNT OF ASSISTANCE.—States and In14 dian tribes that receive amounts under this Act may 

15 provide assistance only once on behalf of an eligible 

16 person and the amount of such assistance provided 

17 on behalf of such eligible person shall be $30,000. 

18 (d) LAYERING OF ASSISTANCE.—States and Indian 

19 tribes that receive amounts under this Act may provide 

20 assistance on behalf of an eligible person who is receiving 

21 assistance from other sources, including other State, Fed22 eral, Indian tribe, tribal organization, local private, public, 

23 and nonprofit sources, for acquisition of an ownership in24 terest in an eligible home. 


ssavage on LAPJG3WLY3PROD with BILLS
4 

•HR 8714 IH

1 (e) REPAYMENT OF ASSISTANCE IF OCCUPANCY NOT

2 CONTINUED.— 

3 (1) IN GENERAL.—If an eligible person does 

4 not continue to occupy, as a primary residence, the 

5 eligible home for which the covered person receives 

6 assistance under this Act for the 60-month period 

7 beginning when the covered person is able to law8 fully occupy the eligible home, the Secretary shall re9 quire the eligible person to repay the assistance re10 ceived in an amount that is proportional to the num11 ber of months the eligible person did not occupy the 

12 eligible home as a primary residence. 

13 (2) EXCEPTIONS.—The Secretary may not re14 quire a eligible person to repay assistance under 

15 paragraph (1) if the Secretary determines that— 

16 (A) a hardship prevents the eligible person 

17 from occupying the eligible home as the primary 

18 residence; or 

19 (B) any amount received by the eligible 

20 person from an arm’s length transaction selling 

21 the entirety of the ownership interest in the eli22 gible home of the homebuyer to a bona fide 

23 purchaser is less than the original cost of acqui24 sition of the home, including closing costs. 


ssavage on LAPJG3WLY3PROD with BILLS
5 

•HR 8714 IH

1 (3) USE OF LIEN.—The State or Indian tribe 

2 that provided the assistance to the eligible person 

3 may place a lien on the eligible home for the purpose 

4 of recapturing such assistance. 

5 (4) USE OF RECAPTURED AMOUNTS.—Any as6 sistance repayed pursuant to paragraph (1) shall be 

7 used to provide assistance to other covered persons. 

8 (f) ASSISTANCE AMOUNTS EXCLUDED FROM FED9 ERAL TAXATION.—For purposes of the Internal Revenue 

10 Code of 1986, gross income shall not include any assist11 ance provided under this Act. 

12 (g) RULE OF CONSTRUCTION.—Assistance provided 

13 to an eligible person under this section may not be consid14 ered funds from a prohibited source for the purposes of 

15 section 203(b)(9)(C) of the National Housing Act. 

16 SEC. 3. ADMINISTRATION OF GRANTS BY STATES AND IN17 DIAN TRIBES. 

18 (a) ADMINISTRATION BY STATES.— 

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

20 that each State receiving grant amounts under this 

21 Act— 

22 (A) submit an annual plan to the Secretary 

23 with respect to implementing and complying 

24 with the requirements of this Act; and 


ssavage on LAPJG3WLY3PROD with BILLS
6 

•HR 8714 IH

1 (B) distribute not less than 25 percent of 

2 the amounts allocated to the State through 

3 community development financial institutions. 

4 (2) ANNUAL PLAN.—The annual plan required 

5 under paragraph (1) may be included in the Annual 

6 Action Plan submitted to the Secretary by such 

7 State. 

8 (3) OUTSOURCING PERMITTED.—The Secretary 

9 may permit a State to contract with one or more of 

10 the following to provide amounts to eligible persons 

11 on behalf of the State: 

12 (A) A nonprofit entity approved by the 

13 Secretary. 

14 (B) A community development financial in15 stitution. 

16 (b) ADMINISTRATION BY INDIAN TRIBES.— 

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

18 that each Indian tribe receiving grant amounts 

19 under this Act— 

20 (A) submit an annual plan to the Secretary 

21 with respect to implementing and complying 

22 with the requirements of this Act; and 

23 (B) consider distributing some or all 

24 amounts allocated to the Indian tribe through 

25 community development financial institutions. 


ssavage on LAPJG3WLY3PROD with BILLS
7 

•HR 8714 IH

1 (2) ANNUAL PLAN.—The annual plan required 

2 under paragraph (1) may be included in the Indian 

3 Housing Plan submitted to the Secretary by such 

4 Indian tribe. 

5 (3) OUTSOURCING PERMITTED.—The Secretary 

6 may permit a Tribe to contract with one or more of 

7 the following to provide amounts to eligible persons 

8 on behalf of the Tribe: 

9 (A) A nonprofit entity approved by the 

10 Secretary. 

11 (B) A Tribally designated housing entity. 

12 (C) An intertribal consortium. 

13 (D) A community development financial in14 stitution. 

15 (4) PREFERENCE PERMITTED.—An Indian 

16 tribe that receives amounts under this Act may pro17 vide preference to eligible persons who are members 

18 of such Indian tribe as well as to members of other 

19 Indian tribes. 

20 SEC. 4. FINANCIAL COUNSELING REQUIREMENT. 

21 (a) IN GENERAL.—A State or Indian tribe may only 

22 provide assistance under this Act to a eligible person if 

23 such eligible person, before receiving such assistance, com24 pletes a financial counseling program with respect to the 


ssavage on LAPJG3WLY3PROD with BILLS
8 

•HR 8714 IH

1 responsibilities and financial management of homeowner2 ship. 

3 (b) APPROVAL AND MANNER OF PROGRAM.—The fi4 nancial counseling program shall be conducted by an enti5 ty that provides financial counseling approved by, and in 

6 a manner acceptable to— 

7 (1) the Secretary; or 

8 (2) the Indian tribe or State providing assist9 ance to the eligible person. 

10 SEC. 5. AUTHORIZATION OF APPROPRIATIONS; ADMINIS11 TRATIVE COSTS. 

12 (a) IN GENERAL.—There is authorized to be appro13 priated $6,700,000,000 for each of fiscal years 2025 

14 through 2029 to carry out this Act. 

15 (b) PROGRAM ADMINISTRATION.— 

16 (1) FOR STATES.—Not more than 7 percent of 

17 any amounts provided to a State under this Act may 

18 be used by such State to cover administrative costs. 

19 (2) FOR INDIAN TRIBES.—Not more than 10 

20 percent of any amounts provided to an Indian Tribe 

21 under this Act may be used by such Indian Tribe to 

22 cover administrative costs. 

23 (c) TRAINING AND TECHNICAL ASSISTANCE.—Not 

24 more than 3 percent of any amounts appropriated under 


ssavage on LAPJG3WLY3PROD with BILLS
9 

•HR 8714 IH

1 this Act may be used by the Secretary to provide training 

2 and technical assistance to States and Indian tribes. 

3 SEC. 6. DEFINITIONS. 

4 In this Act: 

5 (1) COMMUNITY DEVELOPMENT FINANCIAL IN6 STITUTION.—The term ‘‘community development fi7 nancial institution’’ has the meaning given the term 

8 in section 103 of the Community Development 

9 Banking and Financial Institutions Act of 1994. 

10 (2) ELIGIBLE HOME.—The term ‘‘eligible 

11 home’’ means a residential property, including a con12 dominium, a cooperative, or manufactured housing 

13 unit— 

14 (A) that consists of 1 to 4 dwelling units, 

15 including accessory dwelling units; 

16 (B) is subject to a mortgage, and— 

17 (i) meets the underwriting require18 ments and dollar amount limitations for 

19 acquisition by the Federal National Mort20 gage Association or the Federal Home 

21 Loan Mortgage Corporation; 

22 (ii) is made, insured, or guaranteed 

23 under any program administered by the 

24 Secretary; 


ssavage on LAPJG3WLY3PROD with BILLS
10 

•HR 8714 IH

1 (iii) is made, insured, or guaranteed 

2 by the Rural Housing Administrator of the 

3 Department of Agriculture; 

4 (iv) is a qualified mortgage, as defined 

5 in section 129C(b)(2) of the Truth in 

6 Lending Act (15 U.S.C. 1639c(b)(2)); 

7 (v) is made, insured, or guaranteed by 

8 the Secretary of Veterans Affairs pursuant 

9 to chapter 37 of title 38, United States 

10 Code; or 

11 (vi) in the case of a residential prop12 erty located on tribal trust or reservation 

13 land, meets such requirements as the Sec14 retary determines appropriate for con15 sumer protection; and 

16 (C) shall be occupied by an eligible person 

17 as a primary residence. 

18 (3) ELIGIBLE PERSON.— 

19 (A) IN GENERAL.—The term ‘‘eligible per20 son’’ means— 

21 (i) a person who, as self-attested by 

22 the person, is a ‘‘first-time homebuyer’’; 

23 and 

24 (ii) is a part of a household, the in25 come of which does not exceed— 


ssavage on LAPJG3WLY3PROD with BILLS
11 

•HR 8714 IH

1 (I) in the case of a person pur2 chasing an eligible home that is not 

3 located on Indian tribe land, 120 per4 cent of the median income for the 

5 local area, as determined by the Sec6 retary, within which— 

7 (aa) the eligible home, for 

8 which the ownership interest is to 

9 be acquired using such assist10 ance, is located; or 

11 (bb) the place of residence 

12 of the homebuyer is located; and 

13 (II) in the case of a person who 

14 is purchasing an eligible home that is 

15 located on Indian tribe land, the 

16 greater of 120 percent of the median 

17 income of the United States or 120 

18 percent of the median income for the 

19 local area, as determined by the Sec20 retary, within which— 

21 (aa) the eligible home, for 

22 which the ownership interest is to 

23 be acquired using such assist24 ance, is located; or 


ssavage on LAPJG3WLY3PROD with BILLS
12 

•HR 8714 IH

1 (bb) the place of residence 

2 of the homebuyer is located. 

3 (B) EXCEPTION.—If the Secretary deter4 mines that the area described in subparagraph 

5 (A)(ii) is a high cost-of-living area, then the eli6 gible person is required to be a part of a house7 hold, the income of which does not exceed 150 

8 percent of the median income for the area, as 

9 determined by the Secretary. 

10 (4) FIRST-TIME HOMEBUYER.—The term ‘‘first11 time homebuyer’’ has the meaning given the term is 

12 defined in section 104 of the Cranston Gonzalez Na13 tional Affordable Housing Act. 

14 (5) INDIAN TRIBE.—The term ‘‘Indian tribe’’ 

15 has the meaning given the term in section 4 of the 

16 Native American Housing Assistance and Self-De17 termination Act of 1996 (25 U.S.C. 4103). 

18 (6) OWNERSHIP INTEREST.—The term ‘‘owner19 ship interest’’ means any ownership, excluding any 

20 interest in heir property, in— 

21 (A) real estate in fee simple; 

22 (B) a leasehold on real estate, under a 

23 lease that is not less than 10 years longer than 

24 the term of the mortgage; 


ssavage on LAPJG3WLY3PROD with BILLS
13 

•HR 8714 IH

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

2 interest in, real estate consisting of a one-family 

3 unit in a multifamily project, including a 

4 project in which the dwelling units are attached, 

5 or are manufactured housing units, semi-de6 tached, or detached, and an undivided interest 

7 in the common areas and facilities which serve 

8 the project. 

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

10 the Secretary of Housing and Urban Development. 

11 (8) STATE.—The term ‘‘State’’ means the 50 

12 States of the United States, the District of Colum13 bia, the Commonwealth of Puerto Rico, Guam, the 

14 Commonwealth of the Northern Mariana Islands, 

15 the Virgin Islands, and American Samoa. 

Æ 


ssavage on LAPJG3WLY3PROD with BILLS