The American Dream for All Act establishes a federal pilot program through the Department of Housing and Urban Development to help first-time and first-generation homebuyers afford down payments on homes. States, territories, and Indian tribes would receive grants to create revolving loan funds that provide down payment assistance loans ranging from 3 to 20 percent of a home's purchase price, with maximum loan amounts of $50,000 to $150,000 depending on local housing costs. Eligible borrowers must have incomes at or below 150 percent of their area's median income, complete homebuyer education courses, and lack the ability to pay more than 5 percent down on their own. When homeowners sell their properties, they must repay the assistance loans, and any profits from home appreciation are shared with the loan fund to help future borrowers—creating a self-sustaining system. The program is authorized to receive funding through fiscal year 2030, with the Secretary required to report on the program's implementation to Congress within one year of establishment.
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