This bill establishes a new loan program through the Department of Housing and Urban Development to help public employees afford homeownership. The program, effective January 1, 2027, provides loans between $10,000 and $20,000 to federal, state, tribal, and local government workers to cover down payments and closing costs on residential properties. Eligible borrowers must move into their purchased home within 60 days and live there at least 182 days per year, and they must repay the loan over 10 years if they sell the property, fail to occupy it for the required time, or do a cash-out refinance. The program requires appropriations from Congress to fund the loans, which will be secured by a second mortgage on the property. This assistance is available to public employees in addition to other federal or state homebuying programs they may qualify for.
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