,i #aaith ,,congress #ast ,session ,h4 ,r4 #bjfd ,,in ,,the ,,house ,,of ,,representatives ,march #aa1 #bjbe,ms4 ,leger ,fernandez 7for herself1 ,mr4 ,costa1 ,mr4 ,garca of ,illinois1 ,mr4 ,garcia of ,california1 ,ms4 ,lois ,frankel of ,florida1 ,mr4 ,johnson of ,georgia1 ,ms4 ,mc,collum1 ,ms4 ,norton1 ,mrs4 ,ramirez1 ,ms4 ,scanlon1 and ,ms4 ,stansbury7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to require the ,secretary of ,housing and ,urban ,development to establish a program to provide homeownership assistance grants1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,home of ,your ,own ,act of #bjbe4 #b4 ,establishment of homeownership assistance grant program 7a7 ,in general ,the ,secretary of ,housing and ,urban ,development shall1 not later than #a year after the date of the enactment of this ,act1 establish a homeownership assistance grant program through which amounts are provided to ,states and ,indian tribes to assist the purchase of eligible homes by eligible persons4 7b7 ,allocation of amounts 7#a7 ,in general ,the ,secretary shall reserve #c percent of any amounts appropriated under this ,act1 for a fiscal year1 for grants to ,indian tribes in accordance with the formula established by the ,secretary pursuant to section #cjb of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #daeb74 7#b7 ,remaining amounts ,after reserving such amounts for ,indian tribes under paragraph 7#a71 the ,secretary shall equitably allocate remaining amounts to participating ,states in accordance with a formula established by the ,secretary by rule4 7c7 ,use of amounts 7#a7 ,in general ,states and ,indian tribes that receive amounts under this ,act shall use such amounts to provide assistance on behalf of eligible persons for-- 7,a7 costs incurred acquiring an ownership interest in an eligible home by means of an eligible mortgage loan1 including downpayment costs1 closing costs1 and costs to reduce interest rates on such loan2 or 7,b7 pre-occupancy repairs or modifications required for a member of the household of the homebuyer to occupy the home following such acquisition1 including repairs to bring the home up to inspection standards and costs associated with reasonable accommodations or reasonable modifications for a household member with a disability1 when applicable4 7#b7 ,amount of assistance ,states and ,indian tribes that receive amounts under this ,act may provide assistance only once on behalf of an eligible person and the amount of such assistance provided on behalf of such eligible person shall be #cj1jjj4 7d7 ,layering of assistance ,states and ,indian tribes that receive amounts under this ,act may provide assistance on behalf of an eligible person who is receiving assistance from other sources1 including other ,state1 ,federal1 ,indian tribe1 tribal organization1 private and public tax-exempt nonprofit organizations1 for acquisition of an ownership interest in an eligible home4 7e7 ,repayment of assistance if occupancy not continued 7#a7 ,in general ,if an eligible person does not continue to occupy1 as a primary residence1 the eligible home for which the covered person receives assistance under this ,act for the #fj-month period beginning when the covered person is able to lawfully occupy the eligible home1 the ,secretary shall require the eligible person to repay the assistance received in an amount that is proportional to the number of months the eligible person did not occupy the eligible home as a primary residence4 7#b7 ,exceptions ,the ,secretary may not require an eligible person to repay assistance under paragraph 7#a7 if the ,secretary determines that-- 7,a7 a hardship as described by the ,secretary prevents the eligible person from occupying the eligible home as the primary residence2 or 7,b7 any amount received by the eligible person from an arm's length transaction selling the entirety of the ownership interest in the eligible home of the homebuyer to a bona fide purchaser is less than the original cost of acquisition of the home1 including closing costs4 7#c7 ,use of lien ,the ,state or ,indian tribe that provided the assistance to the eligible person may place a lien on the eligible home for the purpose of recapturing such assistance4 7#d7 ,use of recaptured amounts ,any assistance repaid pursuant to paragraph 7#a7 shall be used to provide assistance to other covered persons4 7f7 ,assistance amounts excluded from federal taxation ,for purposes of the ,internal ,revenue ,code of #aihf1 gross income shall not include any assistance provided under this ,act4 7g7 ,rule of construction ,assistance provided to an eligible person by a ,state or ,indian tribe under this section may not be considered funds from a prohibited source for the purposes of section #bjc7;b77#i77;,c7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agji7;b77#i77;,c774 #c4 ,administration of grants by states and indian tribes 7a7 ,administration by states 7#a7 ,in general ,the ,secretary shall require that each ,state receiving grant amounts under this ,act-- 7,a7 submit an annual plan to the ,secretary with respect to implementing and complying with the requirements of this ,act2 and 7,b7 distribute not less than #be percent of the amounts allocated to the ,state through community development financial institutions4 7#b7 ,annual plan ,the annual plan required under paragraph 7#a7 may be included in the ,annual ,action ,plan submitted to the ,secretary by such ,state4 7#c7 ,outsourcing permitted ,the ,secretary may permit a ,state to contract with one or more of the following to provide amounts to eligible persons on behalf of the ,state3 7,a7 ,a tax-exempt private or public nonprofit organization approved by the ,secretary4 7,b7 ,a community development financial institution4 7b7 ,administration by indian tribes 7#a7 ,in general ,the ,secretary shall require that each ,indian tribe receiving grant amounts under this ,act-- 7,a7 submit an annual plan to the ,secretary with respect to implementing and complying with the requirements of this ,act2 and 7,b7 consider distributing some or all amounts allocated to the ,indian tribe through community development financial institutions4 7#b7 ,annual plan ,the annual plan required under paragraph 7#a7 may be included in the ,indian ,housing ,plan submitted to the ,secretary by such ,indian tribe4 7#c7 ,outsourcing permitted ,the ,secretary may permit a ,tribe to contract with one or more of the following to provide amounts to eligible persons on behalf of the ,tribe3 7,a7 ,a tax-exempt private or public nonprofit organization approved by the ,secretary4 7,b7 ,a ,tribally designated housing entity4 7,c7 ,an intertribal consortium4 7,d7 ,a community development financial institution4 7#d7 ,preference permitted ,an ,indian tribe that receives amounts under this ,act may provide preference to eligible persons who are members of such ,indian tribe as well as to members of other ,indian tribes4 #d4 ,financial counseling requirement 7a7 ,in general ,a ,state or ,indian tribe may only provide assistance under this ,act to an eligible person if such eligible person1 before receiving such assistance1 completes a financial counseling program with respect to the responsibilities and financial management of homeownership4 7b7 ,approval and manner of program ,the financial counseling program shall be conducted by an entity that provides financial counseling approved by1 and in a manner acceptable to-- 7#a7 the ,secretary2 or 7#b7 the ,indian tribe or ,state providing assistance to the eligible person4 #e4 ,authorization of appropriations2 administrative costs 7a7 ,in general ,there is authorized to be appropriated #f1gjj1jjj1jjj for each of fiscal years #bjbf through #bjcj to carry out this ,act4 7b7 ,program administration 7#a7 ,for states ,not more than #g percent of any amounts provided to a ,state under this ,act may be used by such ,state to cover administrative costs4 7#b7 ,for indian tribes ,not more than #aj percent of any amounts provided to an ,indian ,tribe under this ,act may be used by such ,indian ,tribe to cover administrative costs4 7c7 ,training and technical assistance ,not more than #c percent of any amounts appropriated under this ,act may be used by the ,secretary to provide training and technical assistance to ,states and ,indian tribes4 #f4 ,definitions ,in this ,act3 7#a7 ,community development financial institution ,the term community development financial institution has the meaning given the term in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid4 7#b7 ,eligible home ,the term eligible home means a residential property1 including a condominium1 cooperative1 or manufactured housing unit1 that-- 7,a7 consists of #a to #d dwelling units1 including accessory dwelling units2 7,b7 is subject to a mortgage1 and-- 7i7 meets the underwriting requirements and dollar amount limitations for acquisition by the ,federal ,national ,mortgage ,association or the ,federal ,home ,loan ,mortgage ,corporation2 7ii7 is made1 insured1 or guaranteed under any program administered by the ,secretary2 7iii7 is made1 insured1 or guaranteed by the ,rural ,housing ,administrator of the ,department of ,agriculture2 7iv7 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 7v7 is made1 insured1 or guaranteed by the ,secretary of ,veterans ,affairs pursuant to chapter #cg of title #ch1 ,united ,states ,code2 or 7vi7 in the case of a residential property located on tribal trust or reservation land1 meets such requirements as the ,secretary determines appropriate for consumer protection2 and 7,c7 shall be occupied by an eligible person as a primary residence4 7#c7 ,eligible person 7,a7 ,in general ,the term eligible person means-- 7i7 a person who1 as self-attested by the person1 is a first-time homebuyer2 and 7ii7 is a part of a household1 the income of which does not exceed-- 7,i7 in the case of a person purchasing an eligible home that is not located on ,indian tribe land1 #abj percent of the median income for the local area1 as determined by the ,secretary1 within which-- 7aa7 the eligible home1 for which the ownership interest is to be acquired using such assistance1 is located2 or 7bb7 the place of residence of the homebuyer is located2 and 7,,ii7 in the case of a person who is purchasing an eligible home that is located on ,indian tribe land1 the greater of #abj percent of the median income of the ,united ,states or #abj percent of the median income for the local area1 as determined by the ,secretary1 within which-- 7aa7 the eligible home1 for which the ownership interest is to be acquired using such assistance1 is located2 or 7bb7 the place of residence of the homebuyer is located4 7,b7 ,exception ,if the ,secretary determines that the area described in subparagraph 7,a77ii7 is a high cost-of-living area1 then the eligible person is required to be a part of a household1 the income of which does not exceed #aej percent of the median income for the area1 as determined by the ,secretary4 7#d7 ,first-time homebuyer ,the term first-time homebuyer has the meaning given the term is defined in section #ajd of the ,cranston ,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgjd74 7#e7 ,indian tribe ,the term ,indian tribe has the meaning given the term in section #d of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc74 7#f7 ,ownership interest ,the term ownership interest means any ownership1 excluding any interest in heir property1 in-- 7,a7 real estate in fee simple2 7,b7 a leasehold on real estate1 under a lease that is not less than #aj years longer than the term of the mortgage2 7,c7 a fee interest in1 or long-term leasehold interest in1 real estate consisting of a one-family unit in a multifamily project1 including a project in which the dwelling units are attached1 or are manufactured housing units1 semi-detached1 or detached1 and an undivided interest in the common areas and facilities which serve the project4 7#g7 ,secretary ,the term ,secretary means the ,secretary of ,housing and ,urban ,development4 7#h7 ,state ,the term ,state means the #ej ,states of the ,united ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 ,guam1 the ,commonwealth of the ,northern ,mariana ,islands1 the ,virgin ,islands1 and ,american ,samoa4