Homeownership Made Easier Act

Summary

Homeownership Made Easier Act - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to make matching contributions (income-based multiples of buyer contributions) to eligible buyers who have established a home savings certificate amount for the purchase of a principal residence. Bases buyer eligibility on: (1) length of time from previous residential ownership, if any; and (2) qualifying income in relation to State median income. Requires matching contributions to be used for downpayments and related closing costs. Limits: (1) maximum buyer contributions matched by the Government; (2) aggregate matching contributions; and (3) income eligibility. Reserves 20 percent of program appropriations for low-income buyers. Requires: (1) matching contributions to be used within seven years of issuance; and (2) contribution reductions if redeemed before three years of issuance. Requires depository institutions holding home accounts to provide the Secretary with specified account information. Requires monthly repayment of matching contributions and authorizes the Secretary to charge interest) over the period of the residence's mortgage. Requires the Secretary to include a program report in the annual housing report. Authorizes appropriations. Terminates the Secretary's authority to provide matching contributions four years after enactment of this Act.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 4 October 1989

  Open at official source

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