The American Dream for All Act establishes a pilot program to provide down payment assistance loans to first-time and first-generation homebuyers.
The American Dream for All Act directs the Secretary of Housing and Urban Development to create a pilot program awarding grants to states, territories, and Indian tribes. These grants fund down payment assistance loans for eligible borrowers, defined as first-time homebuyers or first-generation homebuyers. The loans are capped at 20% of the home's purchase price and must be repaid upon the sale of the home. The maximum loan amount varies based on the cost category of the state or tribe, with annual adjustments based on the consumer price index.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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