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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.
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