,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #gbdd  ,,in ,,the ,,house ,,of  
,,representatives  ,january #bg1        
#bjbf,ms4 ,bynum introduced the         
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to require the ,secretary of
 ,housing and ,urban ,development to    
establish a first-time home buyers match
 program1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,first-,time ,home ,buyers ,match   
,act4  #b4 ,first-time home buyers match
 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 section1 establish a pilot program 
through which the ,secretary shall each 
year during the duration of the pilot   
program1 deposit into a qualifying      
savings account of each of #bj1jjj      
eligible prospective borrowers an amount
 equal to the lesser of-- 7#a7 #ej      
percent of the amount an eligible person

 deposited into such account during such
 year2 or  7#b7 #e1jjj4  7b7            
,restriction ,the ,secretary may not    
deposit amounts into any qualifying     
savings account if such account holds an
 amount that is greater than or equal to
 the amount that is #aj percent of the  
area median value of a single-family    
home in the area where the eligible     
prospective borrower who owns such      
account resides4  7c7 ,requirement ,to  
be eligible to receive amounts under    
this section1 an eligible prospective   
borrower must have completed            
homeownership counseling provided by a  
,,hud-certified housing counseling      
agency4  7d7 ,use of amounts ,an        
eligible prospective borrower who       
receives amounts under this section may 
only use such amounts for-- 7#a7 a      
downpayment associated with the purchase
 of a single-family home2  7#b7 title   
insurance and other closing costs       
associated with the purchase of a       
single-family home2  7#c7 real estate   

agent commissions associated with the   
purchase of a single-family home2  7#d7 
appraisal and inspection fees associated
 with the purchase of a single-family   
home2  7#e7 loan origination fees       
associated with the purchase of a       
single-family home2 or  7#f7 qualified  
home repairs1 to be reported to the     
,secretary through a disclosure form4   
7e7 ,recapture of amounts  7#a7 ,second 
mortgage ,the amount provided to a      
participant under this section shall be 
considered a second mortgage on the     
home1 as described in this subsection4  
7#b7 ,term ,the term of the second      
mortgage shall be equal to #cf months4  
7#c7 ,reductions ,the amount of the     
second mortgage shall be reduced by     
#a_/cfth on the last day of each month  
of occupancy following the date of the  
disbursal of the amount4  7#d7          
,recapture ,if the participant sells or 
stops living in the home1 the           
participant shall owe to the ,secretary 
the amount due on the second mortgage as

 of the date that the home is sold or   
vacated4  7f7 ,termination ,the program 
established under this section shall    
terminate on the date that is #e years  
after the date of the enactment of this 
section4  7g7 ,report ,the ,secretary of
 ,housing and ,urban ,development shall1
 not later than #ahj days after the date
 described in subsection 7e71 submit a  
report to the ,committee on ,financial  
,services of the ,house of              
,representatives and the ,committee on  
,banking1 ,housing and ,urban ,affairs  
of the ,senate a report on the          
effectiveness of the pilot program      
established under this section that     
includes-- 7#a7 the total number of     
participants that enrolled in the       
program2  7#b7 the average amount saved 
by participants and the total amount of 
matching funds disbursed2  7#c7 the     
number of participants who successfully 
closed a transaction to purchase a      
single-family home using amounts        
provided through the program2  7#d7 data

 on income levels1 racial and ethnic    
backgrounds1 and zip codes of           
participants2  7#e7 a comparison of     
mortgage default rates between program  
participants and a control group of     
non-participant first-time buyers in the
 same areas2  7#f7 an evaluation of the 
effectiveness of the institutions       
managing qualifying savings account in  
managing such accounts2  7#g7 the       
percentage of participants that used    
amounts provided under this section for 
qualifying repairs and the average cost 
of such repairs2 and  7#h7 an assessment
 of whether the pilot program           
established under this section helped   
participants have the amounts required  
to purchase single-family home4  7h7    
,definitions ,in this section3 7#a7     
,eligible prospective borrower ,the term
 eligible prospective borrower means a  
person who-- 7,a7 is a citizen of the   
,united ,states2  7,b7 is #ah year of   
age1 or older2  7,c7 is a first-time    
homebuyer1 as such term is defined in   

section #ajd of the ,cranston ,gonzalez 
,national ,affordable ,housing ,act2    
7,d7 has not more than #ge1jjj in liquid
 assets1 as determined by the           
,secretary2 and  7,e7 earns not more    
than #abj percent of the area median    
income in the area in which the person  
resides4  7#b7 ,qualifying home repairs 
,the term qualifying home repairs means 
home repairs made after an inspect to   
address health1 safety1 or structural   
integrity issues identified in a        
certified home inspection report that   
are recommended by a third-party1       
licensed home inspector and completed   
not later than #bj days of the date on  
which the purchase transaction for the  
home closed4  7#c7 ,qualifying savings  
account ,the term qualifying savings    
account means a savings account opened  
by an eligible prospective borrower at  
an insured depository institution or an 
insured credit union4  7#d7 ,secretary  
,the term ,secretary means the          
,secretary of ,housing and ,urban       

,development4