Representative Teresa Leger-Fernandez introduced The Home of Your Own Act creates a new national homeownership grant program at HUD which would provide one-time, $30,000 grants to eligible first-time homebuyers who earn up to 120 or 150 percent of the area median income. Grants could cover down payments, closing costs, and pre-occupancy repairs. The bill grants 3% of authorized funds to tribes using the formula established by the Native American Housing Assistance and Self-Determination Act and the remaining funds to states via a formula to be established by HUD. States are required to distribute at minimum 25% of their grant funding through community development financial institutions.
