Educator Down Payment Assistance Act of 2024

The Educator Down Payment Assistance Act of 2024 creates a federal grant program to help eligible educators purchase homes. It authorizes HUD to award grants to local governments, school districts, or housing agencies to provide up to $25,000 (higher in high-cost areas) for down payments, closing costs, or interest rate reductions on eligible mortgages. To qualify, educators must be first-time homebuyers with at least 3 years of service in public K-12 schools, meet income limits (up to 180% of area median income in high-cost areas), and agree to live in the home as their primary residence for 3 years while continuing to work in education for 3 years. The program requires returning funds if these conditions are violated, except in cases of emergencies like military deployment or death.