Downpayment Toward Equity Act of 2024

The Downpayment Toward Equity Act of 2024 establishes a federal program providing downpayment assistance to first-generation homebuyers, primarily targeting socially and economically disadvantaged individuals and those from racial/ethnic groups that have faced historic barriers to homeownership. The program would allocate up to $100 billion in grants to states and eligible entities to cover downpayment costs, closing costs, and mortgage rate reductions for homebuyers with incomes up to 140% of median area income. Assistance is capped at $20,000 per homebuyer or 10% of the purchase price (whichever is greater), and recipients must occupy the home as their primary residence for at least five years. The program requires housing counseling before closing and mandates detailed demographic reporting to monitor equitable outcomes, with funds distributed based on population needs and housing market conditions.