Downpayment Toward Equity Act of 2024
Latest action · Mar 12, 2024 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 12, 2024
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Downpayment Toward Equity Act of 2024
This bill establishes a grant program through the Department of Housing and Urban Development for states and other entities to provide qualifying assistance to low-income, first-time, first-generation home buyers in purchasing their first homes. Qualifying assistance includes assistance for mortgage down payments, mortgage closing costs, reduction of mortgage interest rates, subsidies for shared equity homes, or for certain modifications to a home to accommodate persons with disabilities.
The bill also establishes grant requirements regarding home buyer income, types of housing, homeowner occupancy, types of mortgages, and home buyer counseling.
Cosponsors 6
Members who signed on, in the order they did. Signatures ran from Mar 12, 2024 to Mar 20, 2024; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Chris Van Hollen | Original | Mar 12, 2024 |
| D-CA | Laphonza R. Butler | Original | Mar 12, 2024 |
| D-OH | Sherrod Brown | Original | Mar 12, 2024 |
| D-CA | Alex Padilla | Mar 14, 2024 | |
| D-VA | Mark R. Warner | Mar 19, 2024 | |
| D-VA | Tim Kaine | Mar 20, 2024 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Mar 12, 2024 |
Actions 2
Everything that happened, newest first.
- Mar 12, 2024Introduced in Senate
- Mar 12, 2024Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 967 | Downpayment Toward Equity Act of 2025 | Cross-Congress related bill | Mar 11, 2025 |
| HR 4231 | Downpayment Toward Equity Act of 2023 | Related bill | Jun 21, 2023 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Title(s) as Introduced
- Downpayment Toward Equity Act of 2024
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Mar 12, 2024Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
