,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #gbdd  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,janu>y #bg1 #bjbf,ms4
 ,bynum introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require !      
,secret>y ( ,h\s+ & ,urban ,developm5t  
to e/abli% a fir/-"t home buy]s mat*    
program1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z !         
,fir/-,"t ,home ,buy]s ,mat* ,act4  #b4 
,fir/-"t home buy]s mat* program  7a7 ,9
 g5]al ,! ,secret>y ( ,h\s+ & ,urban    
,developm5t %all1 n lat] ?an #a ye> aft]
 ! date ( ! enactm5t ( ?is section1     
e/abli% a pilot program ?r\gh :i* !     
,secret>y %all ea* ye> dur+ ! duration (
 ! pilot program1 deposit into a        
qualify+ sav+s acc\nt ( ea* ( #bj1jjj   
eligible prospective borr[]s an am\nt   
equal to ! less] (-- 7#a7 #ej p]c5t ( ! 
am\nt an eligible p]son deposit$ into   
su* acc\nt dur+ su* ye>2 or  7#b7       
#e1jjj4  7b7 ,re/riction ,! ,secret>y   
may n deposit am\nts into any qualify+  

sav+s acc\nt if su* acc\nt holds an     
am\nt t is great] ?an or equal to !     
am\nt t is #aj p]c5t ( ! area m$ian     
value ( a s+le-family home 9 ! area :]e 
! eligible prospective borr[] :o owns   
su* acc\nt resides4  7c7 ,requirem5t ,to
 be eligible to receive am\nts "u ?is   
section1 an eligible prospective borr[] 
mu/ h complet$ home[n]%ip c\nsel+       
provid$ by a ,,hud-c]tifi$ h\s+ c\nsel+ 
ag5cy4  7d7 ,use ( am\nts ,an eligible  
prospective borr[] :o receives am\nts "u
 ?is section may only use su* am\nts =--
 7#a7 a d[npaym5t associat$ ) ! pur*ase 
( a s+le-family home2  7#b7 title       
insurance & o!r clos+ co/s associat$ ) !
 pur*ase ( a s+le-family home2  7#c7    
real e/ate ag5t commissions associat$ ) 
! pur*ase ( a s+le-family home2  7#d7   
appraisal & inspection fees associat$ ) 
! pur*ase ( a s+le-family home2  7#e7   
loan orig9ation fees associat$ ) !      
pur*ase ( a s+le-family home2 or  7#f7  
qualifi$ home repairs1 to be report$ to 
! ,secret>y ?r\gh a disclosure =m4  7e7 

,recapture ( am\nts  7#a7 ,second       
mortgage ,! am\nt provid$ to a          
p>ticipant "u ?is section %all be       
consid]$ a second mortgage on ! home1 z 
describ$ 9 ?is subsection4  7#b7 ,t]m ,!
 t]m ( ! second mortgage %all be equal  
to #cf mon?s4  7#c7 ,r$uctions ,! am\nt 
( ! second mortgage %all be r$uc$ by    
#a_/cf? on ! la/ day ( ea* mon? (       
occupancy foll[+ ! date ( ! disbursal ( 
! am\nt4  7#d7 ,recapture ,if !         
p>ticipant sells or /ops liv+ 9 ! home1 
! p>ticipant %all owe to ! ,secret>y !  
am\nt due on ! second mortgage z ( !    
date t ! home is sold or vacat$4  7f7   
,t]m9ation ,! program e/abli%$ "u ?is   
section %all t]m9ate on ! date t is #e  
ye>s aft] ! date ( ! enactm5t ( ?is     
section4  7g7 ,report ,! ,secret>y (    
,h\s+ & ,urban ,developm5t %all1 n lat] 
?an #ahj days aft] ! date describ$ 9    
subsection 7e71 submit a report to !    
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+ & ,urban ,affairs ( !  

,s5ate a report on ! effectiv5ess ( !   
pilot program e/abli%$ "u ?is section t 
includes-- 7#a7 ! total numb] (         
p>ticipants t enroll$ 9 ! program2  7#b7
 ! av]age am\nt sav$ by p>ticipants & ! 
total am\nt ( mat*+ funds disburs$2     
7#c7 ! numb] ( p>ticipants :o           
successfully clos$ a transaction to     
pur*ase a s+le-family home us+ am\nts   
provid$ ?r\gh ! program2  7#d7 data on  
income levels1 racial & e?nic           
backgr\nds1 & zip codes ( p>ticipants2  
7#e7 a comp>ison ( mortgage default     
rates betwe5 program p>ticipants & a    
control gr\p ( non-p>ticipant fir/-"t   
buy]s 9 ! same areas2  7#f7 an          
evaluation ( ! effectiv5ess ( !         
in/itutions manag+ qualify+ sav+s acc\nt
 9 manag+ su* acc\nts2  7#g7 ! p]c5tage 
( p>ticipants t us$ am\nts provid$ "u   
?is section = qualify+ repairs & !      
av]age co/ ( su* repairs2 &  7#h7 an    
assessm5t ( :e!r ! pilot program        
e/abli%$ "u ?is section help$           
p>ticipants h ! am\nts requir$ to       

pur*ase s+le-family home4  7h7          
,def9itions ,9 ?is section3 7#a7        
,eligible prospective borr[] ,! t]m     
eligible prospective borr[] means a     
p]son :o-- 7,a7 is a citiz5 ( ! ,unit$  
,/ates2  7,b7 is #ah ye> ( age1 or old]2
  7,c7 is a fir/-"t homebuy]1 z su* t]m 
is def9$ 9 section #ajd ( ! ,cran/on    
,gonzalez ,national ,af=dable ,h\s+     
,act2  7,d7 has n m ?an #ge1jjj 9 liquid
 assets1 z det]m9$ by ! ,secret>y2 &    
7,e7 e>ns n m ?an #abj p]c5t ( ! area   
m$ian income 9 ! area 9 :i* ! p]son     
resides4  7#b7 ,qualify+ home repairs ,!
 t]m qualify+ home repairs means home   
repairs made aft] an inspect to address 
heal?1 safety1 or /ructural integrity   
issues id5tifi$ 9 a c]tifi$ home        
inspection report t are recomm5d$ by a  
?ird-p>ty1 lic5s$ home inspector &      
complet$ n lat] ?an #bj days ( ! date on
 :i* ! pur*ase transaction = ! home     
clos$4  7#c7 ,qualify+ sav+s acc\nt ,!  
t]m qualify+ sav+s acc\nt means a sav+s 
acc\nt op5$ by an eligible prospective  

borr[] at an insur$ depository          
in/itution or an insur$ cr$it union4    
7#d7 ,secret>y ,! t]m ,secret>y means ! 
,secret>y ( ,h\s+ & ,urban ,developm5t4