,,ii  #aaith ,,congress  #b;d ,session  
,s4 #edgc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #bc1
 #bjbf,mr4 ,merkley 7for himself and    
,mr4 ,wyden7 introduced the following   
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
establish ,homeownership ,promise       
,accounts to provide matching           
downpayment grants1 and for other       
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,homeownership      
,promise ,act4  #b4 ,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 #aiid 7#ae        
,u4,s4,c4 #dgjb74  7#b7 ,eligible family
 ,the term eligible family means #a or  
#b first-time homebuyers who are not    
less than #ah years old4  7#c7 ,eligible

 home ,the term eligible home means a   
principal residence acquired by an      
eligible family at a purchase price1 not
 including closing costs1 that does not 
exceed the median single-family purchase
 price for the area as determined by the
 ,secretary with such adjustments for   
differences in structure1 and for new   
and old housing as the ,secretary       
determines to be appropriate4  7#d7     
,first-time homebuyer ,the term         
first-time homebuyer means an individual
 who-- 7,a7 has never owned a principal 
residence2 and  7,b7 has completed a    
housing counseling program approved by  
the ,department of ,housing and ,urban  
,development4  7#e7 ,principal residence
 ,the term principal residence means a  
dwelling that is-- 7,a7 physically      
occupied by an eligible family on a     
permanent basis2 and  7,b7 the address  
of record for the eligible family for   
,federal income tax reporting1 voter    
registration1 or occupational licensing1
 if applicable4  7#f7 ,secretary ,the   

term ,secretary means the ,secretary of 
,housing and ,urban ,development4  #c4  
,homeownership ,promise ,accounts  7a7  
,establishment ,the ,secretary shall    
establish a matching downpayment grant1 
to be known as a ,homeownership ,promise
 ,account1 that is accessible to        
eligible families for downpayment       
expenses at the closing settlement of an
 eligible home4  7b7 ,account           
requirements  7#a7 ,in general ,an      
eligible family may open a              
,homeownership ,promise ,account at any 
participating community development     
financial institution4  7#b7 ,interest  
accrued ,a community development        
financial institution that makes        
,homeownership ,promise ,accounts       
available to eligible families shall pay
 an interest rate comparable to the rate
 offered to unrestricted savings        
accounts at the institution4  7#c7      
,balance ,the balance of a              
,homeownership ,promise ,account-- 7,a7 
prior to the closing of an eligible     

home1 shall only contain the personal   
contributions made by an eligible       
family2 and  7,b7 may not exceed #fj1jjj
 7excluding interest71 of which-- 7i7   
not more than #aj1jjj 7excluding        
interest7 may consist of-- 7,i7 personal
 contributions made by an eligible      
family1 which are not required to be    
made on a consecutive1 yearly basis2    
7,,ii7 contributions made by the        
employer of a member of an eligible     
family on behalf of that member2 and    
7,,iii7 contributions made by a         
nonprofit organization on behalf of a   
member of an eligible family2 and  7ii7 
not more than #ej1jjj may consist of    
matching contributions made by the      
,secretary under paragraph 7#d74  7#d7  
,matching requirement ,for every #a made
 in personal contributions by an        
eligible family under paragraph         
7#c77;,b77i77,i71 the ,secretary shall  
make a matching grant of #e1 for a total
 contribution by the ,secretary of not  
more than #ej1jjj4  7#e7 ,emergency     

withdrawal ,an eligible family may make 
an emergency withdrawal of personal     
contributions made under paragraph      
7#c77;,b77i77,i7 for any reason1        
including expenses unrelated to the     
closing of an eligible home1 in any     
amount4  7#f7 ,settlement ,at the       
closing for the purchase of an eligible 
home1 not more than #b eligible families
 with ,homeownership ,promise ,accounts 
may contribute amounts to the closing   
from the accounts4  7c7 ,authorization  
of appropriations ,there are authorized 
to be appropriated to the ,secretary    
such sums as may be necessary to carry  
out this section4