119th (2025–2027)
H.R. 2064
The Home of Your Own Act of 2025 would create a new federal grant program to help first-time homebuyers purchase homes by providing up to $30,000 per person in assistance with down payments, closing costs, interest rate reductions, and necessary home repairs. The Department of Housing and Urban Development would distribute the grants to states and Indian tribes, with 3 percent reserved for tribes and the remainder allocated to states based on a formula developed by HUD; states must pass at least 25 percent of their funds through community development financial institutions. Eligible recipients are first-time homebuyers from households earning no more than 120 percent of their area's median income (150 percent in high-cost areas), and recipients must complete a financial counseling program before receiving assistance and maintain the home as their primary residence for five years or repay the grant on a prorated basis. The bill authorizes $6.7 billion annually for fiscal years 2026 through 2030, with up to 7 percent of state funding and 10 percent of tribal funding available for administrative costs.