Establishes a first-time homebuyer assistance program to support the purchase of qualifying residential units.
The bill creates a first-time homebuyer assistance program administered by a housing development agency. The program provides up to $20,000 in funds to first-time homebuyers for the purchase of qualifying residential units. Recipients can use these funds for down payments, closing costs, or interest rate reductions. The agency can adjust the maximum purchase price of qualifying units annually. If a recipient sells or refinances their home before the mortgage term ends, they must repay a portion of the program funds.
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