Summary: H.R.4120 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.4120. Bill summaries are authored by CRS.

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Introduced in House (07/30/2019)

First-Time Homeowners Assistance Act of 2019

This bill establishes a tax-exempt qualified first-time homeowner assistance program. Under such a program, a person may make cash contributions to a first-time homeowner assistance account.

The bill defines "first-time homeowner assistance account" as an account for providing down payment assistance to an account beneficiary who is a first-time homeowner of a principal residence in the United States. The amount of such downpayment assistance cannot exceed 10% of the cost of acquiring, constructing, or substantially improving the residence.