,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #djbc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #ag1 #bjbe,mr4  
,c>bajal introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to direct !       
,secret>y ( ,h\s+ & ,urban ,developm5t  
to e/abli% a pilot program to aw>d      
grants to ,/ates1 t]ritories1 & ,indian 
tribes to provide d[n paym5t assi/ance  
loans to c]ta9 borr[]s1 & = o!r         
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,am]ican ,dream = ,all     
,act4  #b4 ,appreciation %>+ d[n paym5t 
loan pilot program  7a7 ,9 g5]al ,n lat]
 ?an #a ye> aft] ! date ( ! enactm5t (  
?is section1 ! ,secret>y ( ,h\s+ &      
,urban ,developm5t 7h]eaft] ref]r$ to z 
! ,secret>y7 %all e/abli% a pilot       
program to aw>d capitalization grants to
 eligible entities4  7b7 ,eligible      
entity ,to be eligible to receive a     
grant "u ?is section1 an entity %all--  
7#a7 be an ag5cy ( a ,/ate or ,indian   
tribe1 or in/rum5tality !re(1 includ+ a 

,/ate or ,indian tribe h\s+ f9ance      
ag5cy2 &  7#b7 h or e/abli% a revolv+   
loan fund 7h]eaft] ref]r$ to a ,/ate    
loan fund7 = ! purpose ( provid+ d[n    
paym5t assi/ance loans4  7c7            
,det]m9ation ( am\nt ,! ,secret>y %all  
aw>d grants "u ?is section 9 am\nts t   
are proportional to ! population ( !    
,/ate or ,indian tribe 9 :i* ! grant    
am\nts are direct$1 z det]m9$ by !      
,secret>y4  7d7 ,use ( funds  7#a7 ,9   
g5]al ,an eligible entity t is aw>d$ a  
grant "u ?is section-- 7,a7 %all deposit
 su* grant am\nts into ! ,/ate loan fund
 ( su* eligible entity2  7,b7 %all      
provide d[n paym5t assi/ance loans ) su*
 grant am\nts f ! ,/ate loan fund to    
eligible borr[]s 9 an am\nt t is-- 7i7 n
 m ?an #bj p]c5t ( ! pur*ase price ( !  
home2 &  7ii7 n less ?an #c p]c5t ( !   
pur*ase price ( ! home2  7,c7 %all      
di/ribute su* assi/ance loans to        
eligible borr[]s-- 7i7 on a fir/-come1  
fir/-s]ve basis2 or  7ii7 by lott]y     
option2  7,d7 may n use m ?an #ae p]c5t 

( su* grant am\nts = adm9i/rative co/s2 
&  7,e7 may det]m9e any additional      
requirem5ts = eligible borr[]s ) respect
 to ! fir/ mortgage ( ! home4  7#b7     
,di/ribution ( loans ,an eligible entity
 t di/ributes d[n paym5t assi/ance loans
 ) am\nts provid$ "u ?is section may--  
7,a7 di/ribute su* assi/ance loan to an 
eligible borr[] prior to ! pur*ase ( a  
home2 &  7,b7 provide ! eligible borr[] 
)-- 7i7 a c]ta9 "t p]iod to locate a    
home & ent] a pur*ase sale contract1 z  
det]m9$ by ! eligible entity bas$ on    
m>ket conditions2 &  7ii7 ! option to   
r5ew ! loan (f]1 "o "t1 z det]m9$ by !  
eligible entity4  7e7 ,t]ms &           
limitations  7#a7 ,repaym5t  7,a7       
,repaym5t f borr[] ,an eligible borr[] t
 receives a d[n paym5t assi/ance loan ) 
am\nts provid$ "u ?is section %all1 ^u !
 sale ( ! home pur*as$ ) ! assi/ance (  
su* loan1 repay su* assi/ance loan to ! 
eligible entity t di/ribut$ su*         
assi/ance loan 9 an am\nt t is equal    
to-- 7i7 ) respect to a home t          

appreciates 9 value-- 7,i7 ! am\nt ( su*
 loan2 &  7,,ii7 ! am\nt t is equal to !
 p]c5tage ( su* loan ( ! pur*ase price (
 ! home multipli$ by ! am\nt (          
appreciation ( ! home2 or  7ii7 )       
respect to a home t depreciates 9 value1
 ! am\nt ( su* loan4  7,b ,return to    
,/ate loan fund ,an eligible entity t   
receives repaym5t "u subp>agraph 7,a7   
%all return ! am\nts f ! repaym5t back  
into ! ,/ate loan fund1 to be r$i/ribut$
 z a d[n paym5t assi/ance loan z        
describ$ 9 ?is section4  7#b7 ,maximum  
loan am\nt  7,a7 ,9 g5]al ,! maximum    
loan am\nt provid$ to an eligible borr[]
 %all be-- 7i7 #aej1jjj 9 a high-co/    
,/ate or ,indian tribe2  7ii7 #ajj1jjj 9
 a m$ium-co/ ,/ate or ,indian tribe2 &  
7iii7 #ej1jjj 9 a l[-co/ ,/ate or       
,indian tribe4  7,b7 ,classification    
,annually1 ! ,secret>y1 9 consultation )
 ! eligible entity 9 ea* ,/ate or       
,indian tribe t is aw>d$ a grant "u ?is 
section-- 7i7 %all det]m9e !            
co/-category describ$ 9 subp>agraph 7,a7

 ( su* ,/ate or ,indian tribe2 &  7ii7  
%all increase or decrease ! maximum loan
 am\nts describ$ 9 subp>agraph 7,a7 bas$
 on ! consum] price index4  7f7 ,reports
  7#a7 ,reports to ! ,secret>y ,an      
eligible entity t is aw>d$ a grant "u   
?is section %all submit to ! ,secret>y a
 report1 on an annual basis or z det]m9$
 appropriate by ! ,secret>y1 t          
includes-- 7,a7 ! numb] ( d[n paym5t    
assi/ance loans di/ribut$ us+ su* grant 
am\nts2  7,b7 ! numb] ( home sales      
process$ us+ d[n paym5t assi/ance loans2
  7,c7 ! am\nt ( ea* d[n paym5t         
assi/ance loan di/ribut$2 &  7,d7 any   
o!r data z det]m9$ appropriate by !     
,secret>y4  7#b7 ,report to ! ,congress 
,n lat] ?an #a ye> aft] ! pilot program 
has be5 e/abli%$1 ! ,secret>y %all      
submit to ! ,committee on ,f9ancial     
,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate a report ) respect  
to ! implem5tation ( ! pilot program4   
7g7 ,au?orization ( appropriations ,!re 

is au?oriz$ to be appropriat$ to !      
,secret>y su* sums z may be necess>y =  
ea* ( fiscal ye>s #bjbf ?r\gh #bjcj to  
c>ry out ?is section4  7h7 ,def9itions  
,9 ?is section3 7#a7 ,eligible borr[] ,!
 t]m eligible borr[] means an individual
 t-- 7,a7 is a citiz5 or p]man5t resid5t
 ( ! ,unit$ ,/ates2  7,b7 is a fir/-"t  
homebuy] or a fir/-g5]ation homebuy]2   
7,c7 has complet$ a homebuy] education  
c\rse1 z det]m9$ appropriate by !       
,secret>y1 includ+ individual c\nsel+2  
7,d7 has a c]tificate ( completion f a  
,h\s+ ,c\nsel+ ,ag5cy approv$ by !      
,secret>y2  7,e7 has an income t is n m 
?an #aej p]c5t ( ! area m$ian income2 & 
7,f7 by self-atte/ation1 does n h !     
ability to pay m ?an #e p]c5t ( ! total 
value ( ! home = :i* a loan "u ?is      
section is us$4  7#b7 ,fir/-"t homebuy] 
,! t]m fir/-"t homebuy] has ! mean+ giv5
 ! t]m 9 section #ajd ( !               
,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abgjd71      
except t = ! purposes ( ?is section !   

ref]5ce 9 su* section #ajd to title ,,ii
 %all be consid]$ to ref] to ?is        
section1 & except t own]%ip ( heir      
prop]ty %all n be treat$ z own+ a home =
 purposes ( det]m9+ :e!r a borr[]       
qualifies z a fir/-"t homebuy]4  7#c7   
,fir/-g5]ation homebuy] ,! t]m          
fir/-g5]ation homebuy] means a homebuy] 
:o is1 z self-atte/$ by ! homebuy]--    
7,a7 an individual-- 7i7 ^: p>5ts or    
legal gu>dians d n1 or did n at ! "t (  
_! dea?1 to ! be/ ( ! individual's k1 h 
any pres5t own]%ip int]e/ 9 a resid5ce 9
 any ,/ate1 exclud+ own]%ip ( heir      
prop]ty or own]%ip ( *attel2 &  7ii7 ^: 
sp\se or dome/ic p>tn] has n1 dur+ !    
#c-ye> p]iod end+ ^u acquisition ( !    
eligible home to be acquir$ us+ su*     
assi/ance1 _h any pres5t own]%ip int]e/ 
9 a resid5ce 9 any ,/ate1 exclud+       
own]%ip ( heir prop]ty or own]%ip (     
*attel1 :e!r ! individual is a co-borr[]
 on ! loan or n2 or  7,b7 an individual 
:o has at any "t be5 plac$ 9 fo/] c>e or
 in/itutional c>e ^: sp\se or dome/ic   

p>tn] has n1 dur+ ! #c-ye> p]iod end+ ^u
 acquisition ( ! eligible home to be    
acquir$ us+ su* assi/ance1 _h any       
own]%ip int]e/ 9 a resid5ce 9 any ,/ate1
 exclud+ own]%ip ( heir prop]ty or      
own]%ip ( *attel1 :e!r su* individual is
 a co-borr[] on ! loan or n4  7#d7      
,indian tribe ,! t]m ,indian tribe has !
 mean+ giv5 ! t]m 9 section #bdh7;i7 ( !
 ,national ,h\s+ ,act 7#ab ,u4,s4,c4    
#agaez-#ac7;i774  7#e7 ,/ate ,! t]m     
,/ate has ! mean+ giv5 ! t]m 9 section  
#bja7;d7 ( ! ,national ,h\s+ ,act 7#ab  
,u4,s4,c4 #agjg74