The Educator Down Payment Assistance Act of 2024 directs the Department of Housing and Urban Development to provide grants to local governments, state housing agencies, and school districts to help public school teachers, principals, paraprofessionals, and other school staff buy their first homes. Eligible educators can receive up to $25,000 in assistance for down payments, closing costs, and mortgage interest rate reductions, with higher amounts available in high-cost housing areas. To qualify, educators must have worked in their role for at least three years, have income at or below 120 percent of their area's median income, and must agree to live in the purchased home as their primary residence for at least three years and continue working in education for at least three years. The bill authorizes $30 million in funding annually for fiscal years 2025 through 2030 and requires the HUD Secretary to submit yearly reports to Congress detailing how the assistance was distributed by demographics, income, and home purchase prices.
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