H.R.7244

First-Time Home Buyers Match Act establishes a pilot program to match savings for first-time homebuyers.

The First-Time Home Buyers Match Act requires the Secretary of Housing and Urban Development to establish a pilot program. This program matches savings for eligible first-time homebuyers, defined as U.S. citizens aged 18 or older with no more than $75,000 in liquid assets and income not exceeding 120% of the area median income. The Secretary deposits into a qualifying savings account an amount equal to the lesser of 50% of the amount deposited by the eligible person or $5,000.