Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
With a committee
A small team of lawmakers (a committee) is reading it closely and deciding if it's a good idea.
Next: the committee votes on whether it moves to the full chamber.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Fiscal Summary STATE GOVERNMENTEXPENDITURESGeneral FundFY26-27$25,430,000FY27-28 & Subsequent Years$50,860,000 Bill Summary Effective January 1, 2027, this bill establishes the first-time homebuyer assistance program to be administered by the housing development agency ("agency"). Subject to appropriations by the general assembly and gifts, grants, and other donations received by the agency for the program, the agency must distribute program funds to first-time homebuyers to provide support for the purchase of qualifying residential units. "QUALIFIED RESIDENTIAL UNIT" DEFINED As used in this bill, a "qualifying residential unit" means a house, condominium, townhouse, similar residential structure that serves as a one-unit dwelling or forms part of a two-unit dwelling, or manufactured home or modular home that is attached to a permanent foundation (together, "residential unit") that meets all of the following criteria: Is located in this state. Is new construction or newly constructed but not yet inhabited. Is financed by a qualifying mortgage loan. Is owner-occupied within 60 days of purchase, or in the case of a two-unit dwelling, at least one unit is owner-occupied within 60 days of purchase. Purchased for an amount that does not exceed (i) $450,000 or (ii) if applicable, the maximum purchase price established by the agency under this bill. AMOUNT AND USE OF PROGRAM FUNDS This bill sets the maximum amount of program funds that a first-time homebuyer may receive under the program at $20,000. A recipient may use program funds to pay for (i) the down payment on a qualifying residential unit, (ii) closing costs associated with the purchase of a qualifying residential unit, or (iii) a permanent reduction in the advertised par interest rate on a qualifying mortgage loan that is used to finance a q
