II 

117TH CONGRESS 

1ST SESSION S. 2920 

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 

SEPTEMBER 30, 2021 

Mr. WARNOCK (for himself, Mr. BROWN, Mr. KAINE, Mr. VAN HOLLEN, Ms. 

WARREN, and Mr. WARNER) 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 2021’’. 


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1 SEC. 2. FIRST-GENERATION DOWNPAYMENT ASSISTANCE 

2 DOWNPAYMENT PROGRAM. 

3 (a) ESTABLISHMENT.—The Secretary of Housing 

4 and Urban Development shall carry out a program under 

5 this Act to provide grants to States and eligible entities 

6 to provide financial assistance under this Act to first-gen7 eration homebuyers to assist them with acquiring owner8 occupied primary residences. 

9 (b) ALLOCATION.—After reserving amounts as re10 quired under sections 6(d) and 8(b), any remaining 

11 amounts made available to carry out this Act shall be allo12 cated as follows: 

13 (1) STATES.—Seventy-five percent of such 

14 amounts shall be allocated among States in accord15 ance with a formula established by the Secretary, 

16 which shall take into consideration— 

17 (A) adult population size (excluding exist18 ing homeowners); 

19 (B) median area home prices; and 

20 (C) racial disparities in homeownership 

21 rates. 

22 (2) ELIGIBLE ENTITIES.—Twenty-five percent 

23 of such amounts shall be made available only to eli24 gible entities on a competitive basis. 

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

26 Act shall be used only to provide assistance— 


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

2 (2) for— 

3 (A) costs in connection with the acquisi4 tion, involving an eligible mortgage loan, of an 

5 eligible home, including downpayment costs, 

6 closing costs, and costs to reduce the rates of 

7 interest on eligible mortgage loans; 

8 (B) subsidies to make shared equity homes 

9 affordable to eligible homebuyers by discounting 

10 the price for which the home will be sold and 

11 to preserve the home’s affordability for subse12 quent eligible buyers; and 

13 (C) pre-occupancy home modifications re14 quired to accommodate qualified homebuyers or 

15 members of their household with disabilities. 

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

17 Act— 

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

19 homebuyer only once; and 

20 (2) may not exceed $20,000, or $25,000 in the 

21 case of a qualified homebuyer who is a socially and 

22 economically disadvantaged individual, except that 

23 the Secretary may increase such maximum limita24 tion amounts in the case of qualified homebuyers ac25 quiring residences located in high-cost areas, as deVerDate Sep 11 2014 03:25 Oct 02, 2021 Jkt 029200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S2920.IS S2920

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1 termined based on median home prices or prices of 

2 residences under a shared equity homeownership 

3 program. 

4 (e) LAYERING OF ASSISTANCE.—Assistance from 

5 grant amounts under this Act may be provided on behalf 

6 of a qualified homebuyer who is receiving assistance from 

7 other sources, including other State, Federal, local, pri8 vate, public, and nonprofit sources, for acquisition of an 

9 eligible home. 

10 (f) STATE ADMINISTRATION.— 

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

12 that each State receiving grant amounts under this 

13 Act administer the program to provide assistance 

14 with such amounts through the State housing fi15 nance agency for the State or such other housing 

16 agency of the State as the Secretary finds appro17 priate, except that any such agency may, at the op18 tion of the agency, contract with a nonprofit entity, 

19 including a housing counseling agency approved by 

20 the Secretary, to administer such assistance. 

21 (2) AFFIRMATIVELY FURTHERING FAIR HOUS22 ING.—For a State to be eligible for a grant under 

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

24 Secretary’s regulations implementing the require25 ment under section 808(e)(5) of the Fair Housing 


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1 Act (42 U.S.C. 3608(e)(5)) to affirmatively further 

2 fair housing. 

3 (3) PROHIBITION OF PRIORITY.—In selecting 

4 qualified homebuyers for assistance with grant 

5 amounts under this Act, a State or eligible entity 

6 may not provide any priority or preference for home7 buyers who are acquiring eligible homes with a mort8 gage loan made, insured, guaranteed, or otherwise 

9 assisted by the State housing finance agency for the 

10 State, any other housing agency of the State, or an 

11 eligible entity when applicable. 

12 (g) REALLOCATION OF STATE AMOUNTS.—The Sec13 retary shall reallocate any grant funds under this Act allo14 cated for a fiscal year that remain unused at the end of 

15 such fiscal year among States and eligible entities that 

16 demonstrate to the Secretary the capacity to expend such 

17 amounts and that are satisfactorily meeting the goals of 

18 the program under this Act, as determined by the Sec19 retary. 

20 (h) UNIFORMITY AND PROGRAM STANDARDIZA21 TION.—The Secretary shall establish a uniform set of re22 quirements to which each State and eligible entity receiv23 ing grant amounts under this Act shall comply. 


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1 SEC. 3. QUALIFIED HOMEBUYERS. 

2 (a) REQUIREMENTS.—Assistance from grant 

3 amounts under this Act may be provided only on behalf 

4 of a homebuyer who meets all of the following require5 ments: 

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

7 has an income that does not exceed— 

8 (A) 120 percent of median income for the 

9 area (as determined by the Secretary) within 

10 which— 

11 (i) the eligible home to be acquired 

12 using such assistance is located; or 

13 (ii) the place of residence of the home14 buyer is located; or 

15 (B) in the case of a homebuyer acquiring 

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

17 area, as determined by the Secretary, 180 per18 cent of the median income for the area within 

19 which the eligible home to be acquired using 

20 such assistance is located. 

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

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

23 homebuyer, as such term is defined in section 92.2 

24 of the Secretary’s regulations (24 C.F.R. 92.2), ex25 cept that for purposes of this subsection the ref26 erence in such section 92.2 to the American Dream 


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1 Downpayment Initiative shall be considered to refer 

2 to the program under this Act. 

3 (3) FIRST-GENERATION HOMEBUYER.—The 

4 homebuyer is, as self-attested by the homebuyer— 

5 (A) an individual— 

6 (i) whose parents or legal guardians 

7 do not have any present residential owner8 ship interest in any State; and 

9 (ii) whose spouse, or domestic part10 ner, and each member of whose household 

11 has not, during the 3-year period ending 

12 upon acquisition of the eligible home to be 

13 acquired using such assistance, had any 

14 present ownership interest in a principal 

15 residence in any State; or 

16 (B) an individual who has at any time 

17 been placed in foster care. 

18 (b) RELIANCE ON BORROWER ATTESTATIONS.—No 

19 creditor shall be subject to liability, including monetary 

20 penalties or requirements to indemnify a Federal agency 

21 or repurchase a loan that has been sold or securitized, for 

22 the provision of downpayment assistance under this Act 

23 to a borrower who does not meet the eligibility require24 ments if the creditor does so in good faith reliance on borVerDate Sep 11 2014 03:25 Oct 02, 2021 Jkt 029200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\S2920.IS S2920

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1 rower attestations of eligibility required by this Act or reg2 ulation. 

3 SEC. 4. ELIGIBLE HOMES. 

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

5 under this Act may be provided only in connection with 

6 the acquisition by a qualified homebuyer of a residential 

7 property that— 

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

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

10 in accordance with such assurances and commit11 ments as the Secretary shall require, as the primary 

12 residence of the homebuyer, subject to section 3. 

13 (b) REPAYMENT OF ASSISTANCE.— 

14 (1) REQUIREMENT.—The Secretary shall re15 quire that, if a homebuyer on behalf of whom assist16 ance is provided from grant amounts under this Act 

17 fails or ceases to occupy the property acquired using 

18 such assistance as the primary residence of the 

19 homebuyer, except in the case of assistance provided 

20 in connection with the purchase of a primary resi21 dence through a shared equity homeownership pro22 gram, the homebuyer shall repay to the Secretary— 

23 (A) 100 percent of the amount of such as24 sistance, if such failure to occupy commences 


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1 before the expiration of the 12-month period be2 ginning on the date of acquisition; 

3 (B) 80 percent of the amount of such as4 sistance, if such failure to occupy commences 

5 after the expiration of the 12-month period be6 ginning on such date of acquisition but before 

7 the expiration of the 24-month period beginning 

8 on such date of acquisition; 

9 (C) 60 percent of the amount of such as10 sistance, if such failure to occupy commences 

11 after the expiration of the 24-month period be12 ginning on such date of acquisition but before 

13 the expiration of the 36-month period beginning 

14 on such date of acquisition; 

15 (D) 40 percent of the amount of such as16 sistance, if such failure to occupy commences 

17 after the expiration of the 36-month period be18 ginning on such date of acquisition but before 

19 the expiration of the 48-month period beginning 

20 on such date of acquisition; and 

21 (E) 20 percent of the amount of such as22 sistance, if such failure to occupy commences 

23 after the expiration of the 48-month period be24 ginning on such date of acquisition but before 


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1 the expiration of the 60-month period beginning 

2 on such date of acquisition. 

3 (2) LIMITATION.—Notwithstanding paragraph 

4 (1), if a homebuyer on behalf of whom assistance is 

5 provided from grant amounts under this Act experi6 ences an unforeseen hardship, such as death or mili7 tary deployment, or sells the property acquired with 

8 such assistance before the expiration of the 60- 

9 month period beginning on such date of acquisition 

10 and the capital gains from such sale are less than 

11 the amount the homebuyer is required to repay the 

12 Secretary under paragraph (1), the homebuyer shall 

13 not be liable to the Secretary for repayment of the 

14 amount of such shortage. 

15 (c) COMMUNITY LAND TRUSTS AND SHARED EQUITY

16 HOMEOWNERSHIP PROGRAMS.—If assistance from grant 

17 amounts under this Act are provided in connection with 

18 an eligible home made available through a community land 

19 trust or shared equity homeownership program, such as20 sistance shall remain in the community land trust or 

21 shared equity property upon transfer of the property to 

22 keep the home affordable to the next eligible community 

23 land trust or shared equity homebuyer. 


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1 SEC. 5. ELIGIBLE MORTGAGE LOANS. 

2 Assistance from grant amounts under this Act may 

3 be provided only in connection with the acquisition of an 

4 eligible home involving a residential mortgage loan that— 

5 (1) meets the underwriting requirements and 

6 dollar amount limitations for acquisition by the Fed7 eral National Mortgage Association or the Federal 

8 Home Loan Mortgage Corporation; 

9 (2) is made, insured, or guaranteed under title 

10 II of the National Housing Act (12 U.S.C. 1707 et 

11 seq.) or title V of the Housing Act of 1949 (42 

12 U.S.C. 1471 et seq.); 

13 (3) is a qualified mortgage, as such term is de14 fined in section 129C(b)(2) of the Truth in Lending 

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

16 (4) is made, insured, or guaranteed under chap17 ter 37 of title 38, United States Code; or 

18 (5) is guaranteed under section 184 of the 

19 Housing and Community Development Act of 1992 

20 (12 U.S.C. 1715z–13a). 

21 SEC. 6. HOUSING COUNSELING REQUIREMENT. 

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

23 section 3, assistance with grant amounts under this Act 

24 may not be provided on behalf of a qualified homebuyer 

25 unless such homebuyer has completed a program of coun26 seling with respect to the responsibilities and financial 


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1 management involved in homeownership before entering 

2 into a sales purchase agreement or loan application, except 

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

4 require, provided through a counseling agency approved 

5 by the Secretary. Such program may be delivered virtually, 

6 by telephone, or by any other method the Secretary deter7 mines acceptable and shall include providing information 

8 on fair housing rights and on the availability of post-pur9 chase housing counseling opportunities and instruction on 

10 how to file a fair housing complaint. 

11 (b) ALTERNATIVE REQUIREMENT.—The Secretary 

12 shall provide that if a qualified homebuyer is unable to 

13 complete the requirement under subsection (a) within 30 

14 days due to housing counseling agency capacity issues, a 

15 State or eligible entity may allow such qualified home16 buyer to complete alternative homebuyer education to ful17 fill the requirement under subsection (a), including home18 buyer education that is provided through an online plat19 form, and such qualified homebuyer shall be made aware 

20 of the availability of post-purchase housing counseling op21 portunities. 

22 (c) REFERRAL UPON MORTGAGE DENIAL.—The Sec23 retary shall require that any qualified homebuyer who has 

24 completed a counseling program referred to in subsection 

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


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1 who receives a commitment for assistance with grant 

2 amounts under this Act, and who applies for an eligible 

3 mortgage loan for acquisition of an eligible home and is 

4 denied such mortgage loan, shall be referred to a coun5 seling agency described in subsection (a) for counseling 

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

7 homebuyer may be re-qualified at least one additional time 

8 in a calendar year, or more as determined by the Sec9 retary. 

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

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

12 5 percent for costs of providing counseling referred to in 

13 subsection (a). 

14 SEC. 7. ADMINISTRATIVE COSTS. 

15 Of any grant amounts under this Act received by a 

16 State or eligible entity, the State or eligible entity may 

17 use not more than 5 percent for administrative costs of 

18 and training for carrying out the program of the State 

19 or eligible entity to provide assistance with such grant 

20 amounts. 

21 SEC. 8. REPORTS. 

22 (a) IN GENERAL.—For each fiscal year during which 

23 the Secretary makes grants under this Act, the Secretary 

24 shall submit to the Congress, and make publicly available 

25 online in an easily accessible location on the website of 


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1 the Department of Housing and Urban Development, a 

2 report that shall include— 

3 (1) demographic information regarding appli4 cants for and recipients of assistance provided pur5 suant to this Act, including race, ethnicity, and gen6 der; 

7 (2) information regarding the types and amount 

8 of assistance provided, including downpayment as9 sistance, assistance with closing costs, and assist10 ance to reduce mortgage loan interest rates; and 

11 (3) information regarding properties acquired 

12 using such assistance, including location, property 

13 value, property type, and first mortgage type and in14 vestor. 

15 All data shall be disaggregated by zip code or census tract 

16 level, whichever is most feasible, and demographic infor17 mation, including race, ethnicity, and gender, and any 

18 other data points the Secretary deems appropriate espe19 cially to observe equitable outcomes to ensure the program 

20 is affirmatively furthering fair housing. 

21 (b) CAPACITY BUILDING.—Of any amounts appro22 priated to carry out this Act, the Secretary shall use not 

23 more than 1 percent to assist States and eligible entities 

24 to develop capacity to meet the reporting requirements 

25 under subsection (a). The Secretary shall encourage 


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1 States and eligible entities to consult with community2 based and nonprofit organizations that have as their mis3 sion to advance fair housing and fair lending. 

4 (c) PRIVACY REQUIREMENTS.— 

5 (1) IN GENERAL.—Each State and eligible enti6 ty that receives a grant under this Act shall estab7 lish data privacy and security requirements for the 

8 information described in subsection (a) that— 

9 (A) include appropriate measures to ensure 

10 that the privacy of the individuals and house11 holds is protected; 

12 (B) provide that the information, including 

13 any personally identifiable information, is col14 lected and used only for the purpose of submit15 ting reports under subsection (a); and 

16 (C) provide confidentiality protections for 

17 data collected about any individuals who are 

18 survivors of intimate partner violence, sexual 

19 assault, or stalking. 

20 (2) STATISTICAL RESEARCH.— 

21 (A) IN GENERAL.—The Secretary— 

22 (i) may provide full and unredacted 

23 information provided under subsection (a), 

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1 tion, for statistical research purposes in ac2 cordance with existing law; and 

3 (ii) may collect and make available for 

4 statistical research, at the census tract 

5 level, information collected under para6 graph (1). 

7 (B) APPLICATION OF PRIVACY REQUIRE8 MENTS.—A recipient of information under sub9 paragraph (A) shall establish for such informa10 tion the data privacy and security requirements 

11 described in paragraph (1). 

12 SEC. 9. COMPELLING INTEREST STUDY. 

13 The Secretary and the Attorney General shall survey 

14 and compile evidence to determine whether or not there 

15 is a sufficient history of discrimination in housing and the 

16 appropriate remedy to redress such historic discrimina17 tion. The Secretary shall make conclusions and rec18 ommendations based on the evidence and provide States 

19 and eligible entities granted awards under this Act an op20 portunity to modify their programs for assistance under 

21 this Act according to such recommendations. 

22 SEC. 10. DEFINITIONS. 

23 For purposes of this Act, the following definitions 

24 shall apply: 


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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) COMMUNITY LAND TRUST.—The term 

7 ‘‘community land trust’’ means a nonprofit organiza8 tion or State or local governments or instrumental9 ities that— 

10 (A) use a ground lease or deed covenant 

11 with an affordability period of at least 30 years 

12 or more to— 

13 (i) make homeownership units afford14 able to households; and 

15 (ii) stipulate a preemptive option to 

16 purchase the affordable homeownership 

17 units so that the affordability of the units 

18 is preserved for successive income-eligible 

19 households; and 

20 (B) monitor properties to ensure afford21 ability is preserved. 

22 (3) ELIGIBLE ENTITY.—The term ‘‘eligible enti23 ty’’ means— 

24 (A) a minority depository institution, as 

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1 nancial Institutions Reform, Recovery, and En2 forcement Act of 1989 (12 U.S.C. 1463 note); 

3 (B) a community development financial in4 stitution, as such term is defined in section 103 

5 of the Riegle Community Development and 

6 Regulatory Improvement Act of 1994 (12 

7 U.S.C. 4702), that is certified by the Secretary 

8 of the Treasury and targets services to minority 

9 and low-income populations and provides serv10 ices in neighborhoods having high concentra11 tions of minority and low-income populations; 

12 and 

13 (C) any other nonprofit, mission-driven en14 tity that the Secretary finds targets services to 

15 minority and low-income populations and pro16 vides services in neighborhoods having high con17 centrations of minority and low-income popu18 lations. 

19 (4) ELIGIBLE HOME.—The term ‘‘eligible 

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

21 in a condominium or cooperative project or a manu22 factured housing unit, that meets the requirements 

23 of section 4. 


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1 (5) ELIGIBLE MORTGAGE LOAN.—The term ‘‘el2 igible mortgage loan’’ means a residential mortgage 

3 loan that meets the requirements of section 5. 

4 (6) QUALIFIED HOMEBUYER.—The term 

5 ‘‘qualified homebuyer’’ means a homebuyer who 

6 meets the requirements of section 3, and includes 

7 homebuyers consisting of multiple individuals, co8 purchasers, and multi-member households. 

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

10 the Secretary of Housing and Urban Development. 

11 (8) SHARED EQUITY HOMEOWNERSHIP PRO12 GRAM.— 

13 (A) IN GENERAL.—The term ‘‘shared eq14 uity homeownership program’’ means affordable 

15 homeownership preservation through a resale 

16 restriction program administered by a commu17 nity land trust, other nonprofit organization, or 

18 State or local government or instrumentalities. 

19 (B) AFFORDABILITY REQUIREMENTS.— 

20 Any such program under subparagraph (A) 

21 shall— 

22 (i) provide affordable homeownership 

23 opportunities to households; and 

24 (ii) utilize a ground lease, deed re25 striction, subordinate loan, or similar legal 


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1 mechanism that includes provisions ensur2 ing that the program shall— 

3 (I) maintain the homeownership 

4 unit as affordable for subsequent very 

5 low-, low-, or moderate-income fami6 lies for an affordability term of at 

7 least 30 years after recordation; 

8 (II) apply a resale formula that 

9 limits the homeowner’s proceeds upon 

10 resale; and 

11 (III) provide the program admin12 istrator or such administrator’s as13 signee a preemptive option to pur14 chase the homeownership unit from 

15 the homeowner at resale. 

16 (9) SOCIALLY AND ECONOMICALLY DISADVAN17 TAGED INDIVIDUAL.—The term ‘‘socially and eco18 nomically disadvantaged individual’’ means an indi19 vidual who meets the following requirements: 

20 (A) SOCIAL DISADVANTAGE.— 

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

22 member of a socially disadvantaged group, 

23 whose members have historically been sub24 jected to racial or ethnic discrimination 

25 within the United States because of their 


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1 identity as members of such group without 

2 regard to their individual qualities. 

3 (ii) PRESUMPTION; REBUTTAL.—An 

4 individual identifying as Black, Hispanic, 

5 Native American, or Asian American, or 

6 any combination thereof, shall be presumed 

7 to be socially disadvantaged for purposes 

8 of clause (i). Such presumption may be re9 butted by such individual with credible evi10 dence to the contrary. 

11 (iii) BURDEN OF PROOF.—An indi12 vidual who does not identify as described 

13 in clause (ii) shall be required to establish 

14 individual social disadvantage for purposes 

15 of clause (i) by a preponderance of the evi16 dence. 

17 (iv) RULES.—The Secretary may 

18 issue regulations as necessary to establish 

19 procedures for complying with this sub20 paragraph. 

21 (B) ECONOMIC DISADVANTAGE.—The indi22 vidual has an income that meets the require23 ments under section 3(a). 

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

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


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1 the Commonwealth of Puerto Rico, the United 

2 States Virgin Islands, Guam, the Commonwealth of 

3 the Northern Mariana Islands, American Samoa, 

4 and the tribal government of any Indian tribe, as 

5 such term is defined in section 4 of the Native 

6 American Housing Assistance and Self-Determina7 tion Act of 1996 (25 U.S.C. 4103). 

8 SEC. 11. REGULATIONS. 

9 The Secretary shall issue any regulations necessary 

10 to implement this Act. 

11 SEC. 12. AUTHORIZATION OF APPROPRIATIONS. 

12 There is authorized to be appropriated for grants 

13 under this Act $100,000,000,000, and any amounts ap14 propriated pursuant to this section shall remain available 

15 until expended. 

Æ 


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