Home of Your Own Act of 2024

HR 8714, the "Home of Your Own Act of 2024," establishes a federal grant program administered by the Department of Housing and Urban Development (HUD) to assist first-time homebuyers. It provides up to $30,000 per person for down payments, closing costs, or necessary home repairs to make a home accessible for people with household incomes up to 120% of local median income (150% in high-cost areas). States and tribes receiving funds must distribute at least 25% through community development financial institutions and require financial counseling for applicants. The assistance must be repaid if the home is not occupied as a primary residence for 60 months, with exceptions for hardship or selling at a loss, and the program is funded at $6.7 billion annually for 2025-2029.