The First-Time Home Buyers Match Act directs the Department of Housing and Urban Development to establish a five-year pilot program that matches savings for first-time homebuyers. Under the program, HUD will deposit up to $5,000 annually into qualifying savings accounts for 20,000 eligible borrowers, matching 50 percent of what they save themselves, provided the account doesn't exceed 10 percent of the area median home value. To qualify, participants must be U.S. citizens earning no more than 120 percent of area median income with less than $75,000 in liquid assets, and they must complete HUD-certified homeownership counseling. The matched funds can be used for down payments, closing costs, real estate commissions, appraisals, inspections, loan origination fees, and qualified home repairs. The matched amounts are treated as a second mortgage with a 36-month term that reduces by one-thirty-sixth each month of occupancy, and any remaining balance is due if the participant sells or leaves the home. HUD must submit a comprehensive report within 180 days of the program's conclusion evaluating participation rates, savings amounts, home purchase success, default rates, and demographic data.
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