HR 4023
American Dream for All Act
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The American Dream for All Act aims to help more people become homeowners by establishing a pilot program. The Housing and Urban Development (HUD) Secretary will provide grants to states, territories, and Native American tribes to create revolving loan funds that offer down payment assistance to eligible borrowers. These loans can cover up to 20% of a home’s purchase price, with a minimum of 3%, and repayment is tied to the home’s value appreciation or depreciation. The program prioritizes first-time and first-generation homebuyers with income limits and requires homebuyer education.
Key provisions
- Establishes a HUD pilot program to provide capitalization grants to states, territories, and tribes.
- Grants will be proportional to the population of the recipient area.
- Eligible entities must have or create a revolving loan fund for down payment assistance.
- Down payment assistance loans can cover up to 20% of a home's purchase price (minimum 3%).
- Repayment is linked to the home's value – appreciation or depreciation.
- Loan amounts are tiered based on cost-category (low, medium, high-cost states/tribes).
- Eligible borrowers must complete a homebuyer education course and meet income requirements.
- The program will run through fiscal years 2026-2030.
Who is affected
- First-time homebuyers
- Low-to-moderate income individuals
- State and Tribal governments
- Housing finance agencies
- Homebuyers in low-cost states and tribes
Notable changes
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Eleanor Holmes [D-DC-At Large] Norton
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.
119th CONGRESS — 1st Session
H. R. 4023
IN THE HOUSE OF REPRESENTATIVES
A BILL
To direct the Secretary of Housing and Urban Development to establish a pilot program to award grants to States, territories, and Indian tribes to provide down payment assistance loans to certain borrowers, and for other purposes.
This Act may be cited as the American Dream for All Act
.
Secretary) shall establish a pilot program to award capitalization grants to eligible entities.
be an agency of a State or Indian tribe, or instrumentality thereof, including a State or Indian tribe housing finance agency; and
have or establish a revolving loan fund (hereafter referred to a State loan fund
) for the purpose of providing down payment assistance loans.
The Secretary shall award grants under this section in amounts that are proportional to the population of the State or Indian tribe in which the grant amounts are directed, as determined by the Secretary.
An eligible entity that is awarded a grant under this section—
shall provide down payment assistance loans with such grant amounts from the State loan fund to eligible borrowers in an amount that is—
not more than 20 percent of the purchase price of the home; and
not less than 3 percent of the purchase price of the home;
shall distribute such assistance loans to eligible borrowers—
on a first-come, first-serve basis; or
by lottery option;
may not use more than 15 percent of such grant amounts for administrative costs; and
may determine any additional requirements for eligible borrowers with respect to the first mortgage of the home.
provide the eligible borrower with—
a certain time period to locate a home and enter a purchase sale contract, as determined by the eligible entity based on market conditions; and
An eligible borrower that receives a down payment assistance loan with amounts provided under this section shall, upon the sale of the home purchased with the assistance of such loan, repay such assistance loan to the eligible entity that distributed such assistance loan in an amount that is equal to—
with respect to a home that appreciates in value—
the amount of such loan; and
the amount that is equal to the percentage of such loan of the purchase price of the home multiplied by the amount of appreciation of the home; or
with respect to a home that depreciates in value, the amount of such loan.
The maximum loan amount provided to an eligible borrower shall be—
$150,000 in a high-cost State or Indian tribe;
$100,000 in a medium-cost State or Indian tribe; and
$50,000 in a low-cost State or Indian tribe.
shall determine the cost-category described in subparagraph (A) of such State or Indian tribe; and
shall increase or decrease the maximum loan amounts described in subparagraph (A) based on the consumer price index.
An eligible entity that is awarded a grant under this section shall submit to the Secretary a report, on an annual basis or as determined appropriate by the Secretary, that includes—
the number of down payment assistance loans distributed using such grant amounts;
the number of home sales processed using down payment assistance loans;
any other data as determined appropriate by the Secretary.
Not later than 1 year after the pilot program has been established, the Secretary shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report with respect to the implementation of the pilot program.
There is authorized to be appropriated to the Secretary such sums as may be necessary for each of fiscal years 2026 through 2030 to carry out this section.
In this section:
The term eligible borrower
means an individual that—
is a citizen or permanent resident of the United States;
is a first-time homebuyer or a first-generation homebuyer;
has completed a homebuyer education course, as determined appropriate by the Secretary, including individual counseling;
has a certificate of completion from a Housing Counseling Agency approved by the Secretary;
has an income that is not more than 150 percent of the area median income; and
by self-attestation, does not have the ability to pay more than 5 percent of the total value of the home for which a loan under this section is used.
first-time homebuyerhas the meaning given the term in section 104 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12704), except that for the purposes of this section the reference in such section 104 to title II shall be considered to refer to this section, and except that ownership of heir property shall not be treated as owning a home for purposes of determining whether a borrower qualifies as a first-time homebuyer.
The term first-generation homebuyer
means a homebuyer who is, as self-attested by the homebuyer—
an individual—
Indian tribehas the meaning given the term in section 248(i) of the National Housing Act (12 U.S.C. 1715z–13(i)).
Statehas the meaning given the term in section 201(d) of the National Housing Act (12 U.S.C. 1707).