Public Service Homeownership Assistance Act
Sponsored By: Representative Lawler, Michael [R-NY-17]
Introduced
Summary
This bill would create a HUD program for targeted downpayment assistance for public employees by authorizing small, repayable loans to cover downpayment and closing costs on a primary residence. Loans would be $10,000 to $20,000, secured by the property but subordinate to the first mortgage, and amortized over 10 years with occupancy and repayment triggers.
Show full summary
- Public employees: Eligible federal, state, tribal, and local workers could get a $10,000–$20,000 loan to cover the downpayment or closing costs. Repayment would begin on sale, a cash-out refinance, or after a year when the borrower did not live in the home at least 182 days.
- Homebuyers and households: Loans would apply to 1–4 unit residential properties that the borrower must occupy within 60 days and live in most of the year. Loan proceeds could not pay the purchase price and must be used only for downpayment or closing costs.
- Program design and funding: HUD would be able to issue loans starting January 1, 2027, subject to available appropriations. The loans would amortize over 10 years and may be paired with other federal or state housing assistance.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
HUD downpayment loans for public employees
If enacted, beginning January 1, 2027, and only if Congress funds it, HUD would be able to offer downpayment loans to covered public employees. You would be able to get $10,000 to $20,000 to pay a downpayment or closing costs on a home. Loans would be secured by the property, be subordinate to the first mortgage, and be amortized over 10 years. You would have to move into the home within 60 days and live there at least 182 days each year. Repayment would start if you sell or transfer the home, if you do a cash-out refinance, or on January 1 after any year you lived there fewer than 182 days. Eligible homes would be 1–4 unit residences in the United States or a territory, and you could still use other Federal or State housing help with this loan.
Sponsors & CoSponsors
Sponsor
Lawler, Michael [R-NY-17]
NY • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov