The First-Time Home Buyers Match Act helps new home buyers by matching their savings to make purchasing a home more affordable. This program aims to support those who might struggle to save enough for a down payment and related costs.
If you are a first-time home buyer, you could get up to $5,000 to help with your home purchase.
Who this affects
First-time home buyers
What changes is this bill making?
1This bill creates a program to help first-time home buyers save for a home.
2Eligible buyers can receive matching funds for their savings, up to $5,000 each year.
3Participants must complete homeownership counseling to qualify for the program.
4Funds can only be used for specific home buying costs, like down payments and closing fees.
5The program will run for five years and will be evaluated for its effectiveness.
