What does Preamble of American Dream for All Act do?

This bill directs the Secretary of Housing and Urban Development to establish a pilot program. The pilot program will award grants to States, territories, and Indian tribes. The grants are intended to provide down payment assistance loans to certain borrowers.

What does SHORT TITLE. of American Dream for All Act do?

This bill is formally titled the American Dream for All Act.

What does APPRECIATION SHARING DOWN PAYMENT LOAN PILOT PROGRAM. of American Dream for All Act do?

This section establishes the Appreciation Sharing Down Payment Loan Pilot Program. The Secretary of Housing and Urban Development will award capitalization grants to eligible entities, starting no later than one year after enactment. Eligible entities must be a State or Indian tribe agency, or instrumentality thereof, with a revolving loan fund. Grant amounts will be proportional to the population of the State or Indian tribe. Grants are deposited into a State loan fund and used to provide down payment assistance loans, ranging from 3% to 20% of the home's purchase price. Loans are distributed on a first-come, first-served basis or by lottery. Eligible borrowers must be U.S. citizens or permanent residents, first-time or first-generation homebuyers, complete a homebuyer education course, and have an income not exceeding 150% of the area median income. Borrowers repay the loan upon the sale of the home, with repayment amounts including appreciation (if any). Maximum loan amounts vary by state, ranging from $50,000 to $150,000, and are adjusted based on the consumer price index. Eligible entities must submit annual reports to the Secretary detailing loan distribution and home sales.

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American Dream for All Act

Last updated: 6/17/2025 · Introduced: 6/17/2025

Author: Salud Carbajal (D-CA)

TL;DR (AI)

This bill establishes a pilot program to provide down payment assistance loans to first-time or first-generation homebuyers who meet income requirements.
The program awards capitalization grants to States and Indian tribes to fund these loans, with amounts based on population.
Borrowers repay loans upon home sale, including any appreciation, and must complete a homebuyer education course.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 1 more.

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