SIGNING OF THE BILL

119TH CONGRESS
1
ST SESSION
H. R. 4023
To direct the Secretary of Housing and Urban Development to establish
a pilot program to award grants to States, territories, and Indian tribes
to provide down payment assistance loans to certain borrowers, and
for other purposes.

THE AMERICAN DREAM FOR ALL ACT

This Act may be cited as the ‘‘American Dream for4
All Act’’.5

SUBTITLE I—ESTABLISHMENT OF A PILOT PROGRAM TO PROVIDE DOWN PAYMENT ASSISTANCE LOANS

SEC. 2. APPRECIATION SHARING DOWN PAYMENT LOAN1
PILOT PROGRAM.2
(a) IN GENERAL.—Not later than 1 year after the3
date of the enactment of this section, the Secretary of4
Housing and Urban Development (hereafter referred to as5
the ‘‘Secretary’’) shall establish a pilot program to award6
capitalization grants to eligible entities.7

ELIGIBLE ENTITY

• (1) be an agency of a State or Indian tribe, or10
  instrumentality thereof, including a State or Indian11
  tribe housing finance agency;
• (2) have or establish a revolving loan fund13
  (hereafter referred to a ‘‘State loan fund’’) for the14
  purpose of providing down payment assistance loans.15

DETERMINATION OF AMOUNT

The Secretary16
shall award grants under this section in amounts that are17
proportional to the population of the State or Indian tribe18
in which the grant amounts are directed, as determined19
by the Secretary.20

USE OF FUNDS

• (1) IN GENERAL.—An eligible entity that is22
  awarded a grant under this section—23
  (A) shall deposit such grant amounts into24
  the State loan fund of such eligible entity;25
  (B) shall provide down payment assistance loans with such grant amounts from the State2
  loan fund to eligible borrowers in an amount3
  that is—4
  (i) not more than 20 percent of the5
  purchase price of the home; and6
  (ii) not less than 3 percent of the total value7

DEFINITIONS

• (1) ELIGIBLE BORROWER.—The term ‘‘eligible8
  borrower’’ means an individual that—9
  (A) is a citizen or permanent resident of10
  the United States;11
  (B) is a first-time homebuyer or a first-12
  generation homebuyer;13
  (C) has completed a homebuyer education14
  course, as determined appropriate by the Sec-15
  retary, including individual counseling;16
  (D) has a certificate of completion from a17
  Housing Counseling Agency approved by the18
  Secretary;19
  (E) has an income that is not more than20
  150 percent of the area median income; and21
  (F) by self-attestation, does not have the22
  ability to pay more than 5 percent of the total23
  value of the home for which a loan under this24
  section is used.25

AUTHORIZATION OF APPROPRIATIONS

There is3
authorized to be appropriated to the Secretary such sums4
as may be necessary for each of fiscal years 2026 through5
2030 to carry out this section.6