Federal HB10053 authorizes HUD to issue loans to public employees for downpayments and closing costs on eligible properties.

Federal HB10053, the Public Service Homeownership Assistance Act, authorizes the Secretary of Housing and Urban Development to issue loans to public employees for downpayments and closing costs on eligible properties. These loans, which cannot be less than $10,000 or more than $20,000, are secured by the purchased property. The employee must occupy the property for at least 182 days each year. The loan must be repaid over 10 years, starting when the property is sold, transferred, or if the employee fails to occupy the property for 182 days in a year.

Federal HB10053 authorizes HUD to issue loans to public employees for downpayments and closing costs on eligible properties.

Federal HB10053, the Public Service Homeownership Assistance Act, authorizes the Secretary of Housing and Urban Development to issue loans to public employees for downpayments and closing costs on eligible properties. These loans, which cannot be less than $10,000 or more than $20,000, are secured by the purchased property. The employee must occupy the property for at least 182 days each year. The loan must be repaid over 10 years, starting when the property is sold, transferred, or if the employee fails to occupy the property for 182 days in a year.