H.R.4120 - First-Time Homeowners Assistance Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Lawson, Al, Jr. [D-FL-5] (Introduced 07/30/2019)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/30/2019 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4120 — 116th Congress (2019-2020)All Information (Except Text)
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.