Sec. 3. Qualified homebuyers
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/bill/117/hr/4495/ih/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Assistance from grant amounts under this Act may be provided only on behalf of a homebuyer who meets all of the following requirements: The household of the homebuyer has an income that does not exceed— 120 percent of median income for the area (as determined by the Secretary) within which— the eligible home to be acquired using such assistance is located; or the place of residence of the homebuyer is located; or in the case of a homebuyer acquiring an eligible home that is located in a high-cost area. as determined by the Secretary, 180 percent of the median income for the area within which the eligible home to be acquired using such assistance is located; and The homebuyer, as self-attested by the homebuyer, is a first-time homebuyer, as such term is defined in section 92.2 of the Secretary’s regulations (24 C.F.R. 92.2), except that for purposes of this subsection the reference in such section 92.2 to the American Dream Downpayment Initiative shall be considered to refer to the program under this Act.
The homebuyer is, as self-attested by the homebuyer— an individual— whose parents or legal guardians do not have any present residential ownership interest in any State; and whose spouse, or domestic partner, and each member of whose household has not, during the 3-year period ending upon acquisition of the eligible home to be acquired using such assistance, had any present ownership interest in a principal residence in any State; or an individual who has at any time been placed in foster care.
No creditor shall be subject to liability, including monetary penalties or requirements to indemnify a Federal agency or repurchase a loan that has been sold or securitized, for the provision of downpayment assistance under this Act to a borrower who does not meet the eligibility requirements if the creditor does so in good faith reliance on borrower attestations of eligibility required by this Act or regulation.
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Sec. 3
Qualified homebuyers
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