First-time Homebuyer Down Payment Assistance Act

referredUnited States· United States Congress· EN

Introduced

25 June 2001

Last action

25 June 2001 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Watkins, Wes [R-OK-3], Rep. Thurman, Karen L. [D-FL-5], Rep. LaFalce, John J. [D-NY-29], Rep. Frost, Martin [D-TX-24], Rep. Cantor, Eric [R-VA-7], Rep. Hutchinson, Asa [R-AR-3], Rep. McHugh, John M. [R-NY-23], Rep. Hart, Melissa A. [R-PA-4], Rep. Matheson, Jim [D-UT-2], Rep. LaHood, Ray [R-IL-18], Rep. Clement, Bob [D-TN-5], Rep. Green, Gene [D-TX-29], Rep. Davis, Jo Ann [R-VA-1], Rep. Meeks, Gregory W. [D-NY-5], Rep. Diaz-Balart, Lincoln [R-FL-21], Rep. Gordon, Bart [D-TN-6], Rep. Brown, Corrine [D-FL-5], Rep. Woolsey, Lynn C. [D-CA-6], Rep. Mascara, Frank [D-PA-20], Rep. Meek, Carrie P. [D-FL-17], Rep. Owens, Major R. [D-NY-11], Rep. Nethercutt, George R., Jr. [R-WA-5], Rep. Pastor, Ed [D-AZ-4], Rep. Schrock, Edward L. [R-VA-2], Rep. Schaffer, Bob [R-CO-4], Rep. Lucas, Ken [D-KY-4], Sen. Toomey, Patrick [R-PA], Rep. Eshoo, Anna G. [D-CA-18], Rep. Cummings, Elijah E. [D-MD-7], Rep. McCollum, Betty [D-MN-4], Rep. Carson, Brad [D-OK-2], Rep. Payne, Donald M. [D-NJ-10], Rep. Cramer, Robert E. (Bud), Jr. [D-AL-5]

Subjects

Taxation

Source updated

19 August 2025

Taxation

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Summary

First-time Homebuyer Down Payment Assistance Act - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to exempt from prohibited transaction rules any home equity participation arrangement under which the trustee of a qualified plan, at the direction of the eligible participant, shall acquire an ownership interest (not to exceed $10,000, and repayable in full upon resale or other transfer) in any dwelling unit which within a reasonable period of time is to be used as the principal residence for a first-time homebuyer.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

25 June 2001
Introduced
Referred to the House Committee on Ways and Means.
Source: IntroReferral
25 June 2001
Introduced
Introduced in House
Source: IntroReferral
25 June 2001
Introduced
Introduced in House
Source: IntroReferral

Votes

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Versions

Introduced in House · 25 June 2001 · Download file

Documents

3 official files

Introduced in House (text)

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Introduced in House (text)
Introduced in House · EN · 25 June 2001
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Introduced in House (PDF)
Introduced in House · EN · 25 June 2001
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Introduced in House
summary · EN · 25 June 2001
Open at official source
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Related records

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Sources

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Official source: https://www.congress.gov/bill/107th-congress/house-bill/2308
Open data entity: https://api.congress.gov/v3/bill/107/hr/2308
us · 107-hr-2308 · source updated 19 August 2025