,,ii #aahth ,,congress #b;d ,session ,s4 #dbfa ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #b1 #bjbd,mr4 ,heinrich introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to direct the ,secretary of ,housing and ,urban ,development to award grants to provide financial assistance to certain educators to make down payments on certain homes1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,educator ,down ,payment ,assistance ,act of #bjbd4 #b4 ,definitions ,in this ,act3 7#a7 ,eligible dwelling ,the term eligible dwelling means a residential property with-- 7,a7 not more than #d dwelling units2 7,b7 an apartment2 7,c7 a condominium2 or 7,d7 a manufactured dwelling unit4 7#b7 ,eligible educator ,the term eligible educator means a public elementary or secondary school teacher1 principal1 paraprofessional1 school leader1 or other staff who-- 7,a7 is a first-time homebuyer2 7,b7 has served in their position or another position in the educational system for not fewer than a total of #c years 7without regard to whether such years were consecutive72 7,c7 has a qualifying income2 and 7,d7 is in good standing4 7#c7 ,eligible entity ,the term eligible entity means-- 7,a7 a unit of local government2 7,b7 a ,state housing finance agency2 or 7,c7 a local educational agency4 7#d7 ,eligible residential mortgage loan ,the term eligible residential mortgage loan means a residential mortgage loan that-- 7,a7 meets the underwriting requirements and dollar amount limitations for acquisition by the ,federal ,national ,mortgage ,association or the ,federal ,home ,loan ,mortgage ,corporation2 7,b7 is made1 insured1 or guaranteed under title ,,ii of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjg et seq47 or title ,v of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adga et seq472 7,c7 is made1 insured1 or guaranteed under title ,,viii of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dbba et seq472 7,d7 is a qualified mortgage1 as defined in section #abi;,c7b77#b7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;c7b77#b772 or 7,e7 is guaranteed under section #ahd of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a74 7#e7 ,emergency event ,the term emergency event includes-- 7,a7 military deployment2 7,b7 divorce2 7,c7 death of an eligible educator or spouse2 and 7,d7 other similar unforeseen events as determined by the ,secretary4 7#f7 ,,esea terms ,the terms elementary school1 local educational agency1 other staff1 secondary school1 and ,secretary have the meanings given such terms in section #haja of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #ghja74 7#g7 ,first-time homebuyer ,the term first-time homebuyer has the meaning given the term in section #ib4b of title #bd1 ,code of ,federal ,regulations 7as in effect on the date of the enactment of this ,act71 except that any reference in such section to the ,american ,dream ,downpayment ,initiative shall be deemed to be a reference to the grant program established under this section4 7#h7 ,good standing ,the term good standing means that1 with respect to an eligible educator and during the #c-year period beginning on the date on which the educator submits an application under section #c7;b71 such educator has not received disciplinary action from the local educational agency that serves the school at which such educator works as an educator4 7#i7 ,qualifying income ,the term qualifying income means-- 7,a7 an income that is not greater than #abj percent of the area median income in which the eligible dwelling to be purchased is located2 and 7,b7 if the ,secretary determines that the area described in subparagraph 7,a7 is a high-cost area1 an income that is not greater than #ahj percent of the median income of such area4 7#aj7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 #c4 ,first-time homebuyer down payment assistance program 7a7 ,establishment ,the ,secretary of ,housing and ,urban ,development shall award grants1 on a competitive basis1 to eligible entities to provide financial assistance to eligible educators in accordance with subsection 7d74 7b7 ,application ,an eligible entity seeking a grant under this section shall submit to the ,secretary an application in such form1 at such time1 and containing such information as the ,secretary determines appropriate1 including an assurance that such entity will use an existing1 or establish a new1 down payment assistance program to provide financial assistance to eligible educators4 7c7 ,geographic areas ,in the case of a geographic area that is served by an eligible entity that is a unit of local government and an eligible entity that is a local educational agency1 the ,secretary may only award a grant to #a such entity in such geographic area4 7d7 ,use of amounts ,to provide financial assistance 7#a7 ,in general ,an eligible entity that receives a grant under subsection 7a7 shall use such grant funds to provide financial assistance to eligible educators4 7#b7 ,application ,an eligible educator seeking a financial assistance under this subsection shall submit to the eligible entity an application in such form1 at such time1 and containing such information as the eligible entity determines appropriate1 including an assurance that such educator will-- 7,a7 complete the housing counseling required under paragraph 7#h72 and 7,b7 use an eligible residential mortgage loan to purchase an eligible dwelling4 7#c7 ,use of financial assistance ,an eligible educator who receives financial assistance under this subsection shall use such financial assistance to pay1 with respect to the purchase of an eligible dwelling using an eligible residential mortgage loan1 for-- 7,a7 direct down payment costs associated with such purchase2 7,b7 closing costs associated with such purchase2 and 7,c7 costs related to reducing the rates of interest on such eligible residential mortgage loan associated with such purchase4 7#d7 ,amount of financial assistance 7,a7 ,in general ,except as provided under subparagraph 7,b71 the amount of financial assistance awarded to an eligible educator under this subsection may not be greater than #be1jjj4 7,b7 ,exception ,in the case of an eligible educator purchasing an eligible dwelling that is located in an area described in section #cje7;a77#b7 of the ,federal ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7;a77#b771 the amount of financial assistance awarded to an eligible educator under this subsection may be greater than #be1jjj4 7#e7 ,limitation ,an eligible educator may only receive financial assistance under this subsection #a time4 7#f7 ,additional funds ,an eligible entity may award financial assistance under this subsection to an eligible educator who is receiving funds from other sources1 including other ,state1 ,federal1 local1 private1 public1 and nonprofit sources1 for the purpose of purchasing an eligible dwelling4 7#g7 ,occupancy requirement 7,a7 ,in general ,an eligible educator who is awarded financial assistance under this subsection shall use the eligible dwelling purchased using such financial assistance as a primary residence for a period of not fewer than #c years beginning on the date on which the eligible educator receives financial assistance under this subsection4 7,b7 ,enforcement 7i7 ,return of funds ,an eligible educator who does not comply with the requirement under subparagraph 7,a7 shall return to the eligible entity the total amount of the financial assistance awarded to such educator under this subsection4 7ii7 ,timing ,such funds shall be returned in accordance with clause 7i7 not later than #a year after such educator ceases to use such dwelling as a primary residence in violation of the requirement under subparagraph 7,a74 7iii7 ,exception ,an eligible educator who does not comply with the requirement under subparagraph 7,a7 due to an emergency event shall not be required to return financial assistance under clause 7i74 7#h7 ,service requirement 7,a7 ,in general ,an eligible educator who is awarded financial assistance under this subsection shall be required by the ,secretary to continue in their role as a public elementary or secondary school teacher1 principal1 paraprofessional1 school leader1 or other staff for not less than #c years after the date on which the eligible educator is awarded financial assistance4 7,b7 ,exception ,subparagraph 7,a7 shall not apply if an eligible educator is a military spouse1 as defined in section #de;,,aa7d77#a7 of the ,internal ,revenue ,code of #aihf4 7e7 ,reporting requirements ,the ,secretary shall submit to ,congress an annual report that includes include a breakdown of financial assistance provided under this section1 by demographic breakdown1 mean income1 and mean purchase price4 7f7 ,authorization of appropriations ,there are authorized to be appropriated to carry out this section #cj1jjj1jjj for each of fiscal years #bjbe through #bjcj4