,i #aag? ,,congress #b;d ,session ,h4 ,r4 #hcdj ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #ab1 #bjbb,mr4 ,swalwell 7= himself & ,mrs4 ,hayes7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to direct ! ,secret>y ( ,education to aw>d grants to provide f9ancial assi/ance to c]ta9 educators to make d[n paym5ts on c]ta9 homes1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,educator ,d[n ,paym5t ,assi/ance ,act ( #bjbb4 #b4 ,fir/-"t homebuy] d[n paym5t assi/ance program 7a7 ,e/abli%m5t ,! ,secret>y ( ,education %all aw>d grants1 on a competitive basis1 to eligible entities to aw>d subgrants to eligible educators 9 accordance ) subsection 7d74 7b7 ,application ,an eligible entity seek+ a grant "u ?is section %all submit to ! ,secret>y an application 9 su* =m1 at su* "t1 & conta9+ su* in=mation z ! ,secret>y det]m9es appropriate1 includ+ an assurance t su* entity w utilize an exi/+1 or e/abli% a new1 d[n paym5t assi/ance program to aw>d subgrants to eligible educators4 7c7 ,geographic areas ,9 ! case ( a geographic area t is s]v$ by an eligible entity t is a unit ( local gov]nm5t & an eligible entity t is a local educational ag5cy1 ! ,secret>y may only aw>d a grant to #a su* entity 9 su* geographic area4 7d7 ,subgrants 7#a7 ,9 g5]al ,an eligible entity t receives a grant "u subsection 7a7 %all use su* grant funds to aw>d subgrants to eligible educators4 7#b7 ,application ,an eligible educator seek+ a subgrant "u ?is subsection %all submit to ! eligible entity an application 9 su* =m1 at su* "t1 & conta9+ su* in=mation z ! eligible entity det]m9es appropriate1 includ+ an assurance t su* educator w-- 7,a7 complete ! h\s+ c\nsel+ requir$ "u p>agraph 7#h72 & 7,b7 use an eligible resid5tial mortgage loan to pur*ase an eligible dwell+4 7#c7 ,subgrant uses ,an eligible educator t receives a subgrant "u ?is subsection %all use su* subgrant funds to pay1 ) respect to ! pur*ase ( an eligible dwell+ us+ an eligible resid5tial mortgage loan1 =-- 7,a7 direct d[n paym5t co/s associat$ ) su* pur*ase2 7,b7 clos+ co/s associat$ ) su* pur*ase2 & 7,c7 co/s relat$ to r$uc+ ! rates ( int]e/ on su* eligible resid5tial mortgage loan associat$ ) su* pur*ase4 7#d7 ,subgrant am\nt 7,a7 ,9 g5]al ,except z provid$ "u subp>agraph 7,b71 a subgrant aw>d$ "u ?is subsection may n exce$ #be1jjj4 7,b7 ,exception ,9 ! case ( an eligible educator pur*as+ an eligible dwell+ t is locat$ 9 a high-co/ area 7z det]m9$ by ! ,secret>y bas$ on area m$ian income71 a subgrant aw>d$ "u ?is subsection may exce$ #be1jjj4 7#e7 ,subgrant limit ,an eligible educator may only receive #a subgrant "u ?is subsection4 7#f7 ,additional funds ,an eligible entity may aw>d a subgrant "u ?is subsection to an eligible educator :o is receiv+ funds f o!r s\rces1 includ+ o!r ,/ate1 ,f$]al1 local1 private1 public1 & nonpr(it s\rces1 = ! purpose ( pur*as+ an eligible dwell+4 7#g7 ,occupancy requirem5t 7,a7 ,9 g5]al ,an eligible educator :o is aw>d$ a subgrant "u ?is subsection & makes a d[n paym5t on an eligible dwell+ ) su* subgrant funds %all use su* dwell+ z a prim>y resid5ce = a p]iod ( n less ?an #c ye>s4 7,b7 ,en=cem5t 7i7 ,return ( funds ,an eligible educator :o does n comply ) ! requirem5t "u subp>agraph 7,a7 %all return to ! eligible entity ! total am\nt ( ! subgrant funds aw>d$ to su* educator "u ?is subsection4 7ii7 ,tim+ ,su* funds %all be return$ 9 accordance ) clause 7i7 n lat] ?an #a ye> aft] su* educator ceases to use su* dwell+ z a prim>y resid5ce 9 violation ( ! requirem5t "u subp>agraph 7,a74 7iii7 ,exception ,an eligible educator :o does n comply ) ! requirem5t "u subp>agraph 7,a7 due to an em]g5cy ev5t %all n be requir$ to return subgrant funds "u clause 7i74 7#h7 ,h\s+ c\nsel+ requirem5t 7,a7 ,9 g5]al ,an eligible educator %all provide to ! eligible entity1 9 accordance ) clause 7iii71 pro( ( completion ( a program ( h\s+ c\nsel+ t-- 7i7 is (f]$-- 7,i7 by a h\s+ c\nsel+ ag5cy t is approv$ by ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t2 & 7,,ii7 9 p]son1 virtually1 by telephone1 or by any o!r me?od det]m9$ by ! ,secret>y to be acceptable2 7ii7 includes in=mation ) respect to-- 7,i7 ! responsibilities & f9ancial managem5t requir$ ) respect to own+ a home2 & 7,,ii7 fair h\s+ rights & h[ to file a fair h\s+ compla9t2 & 7iii7 is complet$ prior to fill+ out a loan application or ent]+ into a sales pur*ase agreem5t4 7,b7 ,fund+ ,! ,secret>y %all res]ve n less ?an #e p]c5t ( ! funds made available to c>ry out ?is section to pay = ! co/s ( ! h\s+ c\nsel+ requir$ "u subp>agraph 7,a7 = eligible educators4 7e7 ,def9itions ,9 ?is section3 7#a7 ,eligible dwell+ 7,a7 ,9 g5]al ,! t]m eligible dwell+ means a resid5tial prop]ty1 an ap>tm5t1 a condom9ium1 or a manufactur$ dwell+ unit4 7,b7 ,limitation ,an eligible dwell+ does n include a resid5tial prop]ty t conta9s m ?an #d dwell+ units4 7#b7 ,eligible educator ,! t]m eligible educator means a public elem5t>y or second>y s*ool tea*]1 pr9cipal1 p>apr(essional1 s*ool lead]1 or o!r /aff :o-- 7,a7 is a fir/-"t homebuy]2 7,b7 has s]v$ 9 _! position or ano!r position 9 ! educational sy/em = n less ?an a total ( #c ye>s 7)\t reg>d to :e!r su* ye>s 7 consecutive72 7,c7 has a qualify+ income2 & 7,d7 is 9 good /&+4 7#c7 ,eligible entity ,! t]m eligible entity means-- 7,a7 a unit ( local gov]nm5t2 7,b7 a ,/ate h\s+ f9ance ag5cy2 or 7,c7 a local educational ag5cy4 7#d7 ,eligible resid5tial mortgage loan ,! t]m eligible resid5tial mortgage loan means a resid5tial mortgage loan t-- 7,a7 meets ! und]writ+ requirem5ts & doll> am\nt limitations = acquisition by ! ,f$]al ,national ,mortgage ,association or ! ,f$]al ,home ,loan ,mortgage ,corporation2 7,b7 is made1 insur$1 or gu>ante$ "u title ,,ii ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et seq47 or title ,v ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4 #adga et seq472 7,c7 is a qualifi$ mortgage1 z su* t]m is def9$ 9 section #abi;,c7b77#b7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7b77#b772 7,d7 is made1 insur$1 or gu>ante$ "u *apt] #cg ( title #ch1 ,unit$ ,/ates ,code2 or 7,e7 is gu>ante$ "u section #ahd ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a74 7#e7 ,em]g5cy ev5t ,! t]m em]g5cy ev5t includes-- 7,a7 milit>y deploym5t2 7,b7 divorce2 7,c7 dea? ( an eligible educator or sp\se2 & 7,d7 o!r simil> un=ese5 ev5ts z det]m9$ by ! ,secret>y4 7#f7 ,,esea t]ms ,! t]ms elem5t>y s*ool1 local educational ag5cy1 o!r /aff1 second>y s*ool1 & ,secret>y h ! mean+s giv5 su* t]ms 9 section #haja ( ! ,elem5t>y & ,second>y ,education ,act ( #aife 7#bj ,u4,s4,c4 #ghja74 7#g7 ,fir/-"t homebuy] ,! t]m fir/-"t homebuy] has ! mean+ giv5 su* t]m 9 section #ib4b ( title #bd1 ,code ( ,f$]al ,regulations 7z 9 effect on ! date ( ! enactm5t ( ?is ,act71 except t any ref]5ce 9 su* section to ! ,am]ican ,dream ,d[npaym5t ,initiative %all be deem$ to be a ref]5ce to ! grant program e/abli%$ "u ?is section4 7#h7 ,good /&+ 7,a7 ,9 g5]al ,! t]m good /&+ means t1 ) respect to an eligible educator & = ! p]iod describ$ 9 subp>agraph 7,b71 su* educator has n receiv$ discipl9>y action f ! local educational ag5cy t s]ves ! s*ool at :i* su* educator works z an educator4 7,b7 ,p]iod ,! p]iod describ$ 9 subp>agraph 7,a7-- 7i7 beg9s on ! date t is #c ye>s be=e ! date describ$ 9 clause 7ii72 & 7ii7 ends on ! date on :i* su* educator submits an application "u subsection 7c74 7#i7 ,qualify+ income 7,a7 ,9 g5]al ,! t]m qualify+ income means1 except z provid$ 9 subp>agraph 7,b71 an income t does n exce$ #abj p]c5t ( ! area m$ian income 9 :i* ! eligible dwell+ to be pur*as$ is locat$4 7,b7 ,high-co/ area ,if ! ,secret>y makes a det]m9ation t an area describ$ 9 subp>agraph 7,a7 is a high-co/ area1 ! qualify+ income %all be an income t does n exce$ #ahj p]c5t ( ! m$ian income ( su* area4