The Educator Down Payment Assistance Act of 2024 directs the Department of Housing and Urban Development to award grants to local governments, state housing agencies, and school districts to help teachers and other school staff afford down payments and closing costs on their first homes. Eligible educators must be first-time homebuyers who have worked in public schools for at least three years and have incomes not exceeding 120 percent of their area's median income, or 180 percent in high-cost areas. The bill authorizes $30 million per year for fiscal years 2025 through 2030 to fund the program, with individual educators receiving up to $25,000 in assistance, though amounts may be higher in certain high-cost areas. Recipients must use the purchased home as their primary residence for at least three years and continue working in education for three years, though exceptions apply for military spouses and unexpected hardships like death or military deployment.
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