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Was a $25,000 first-time homebuyer credit bill passed by Congress?

By Christiana Dillard
NO

The proposed Downpayment Toward Equity Act of 2021 would allow qualifying homebuyers to receive up to $25,000 in homebuying assistance. But, contrary to a social media post, the act is still a draft bill and has not been passed by Congress at the time of this writing, on May 3, 2021.

According to a summary of the proposed act from the National Council of State Housing Agencies, the act would establish a grant program for states to give financial assistance to first-time, first-generation homebuyers toward the down payment on their home, or assistance for reducing the interest rate on a mortgage or for closing costs.

Qualified homebuyers could receive up to $20,000 through the act. For potential homebuyers to receive the maximum amount of $25,000, they would have to identify as a "socially and economically disadvantaged individual." 

This fact brief is responsive to conversations such as this one.
Sources
National Council of State Housing Agencies Downpayment Toward Equity Act of 2021
US House of Representatives Downpayment Toward Equity Act (Draft)
ABOUT THE CONTRIBUTOR
Lead Stories is a fact checking and debunking website at the intersection of big data and journalism that launched in 2015. It scouts for trending stories, images, videos and posts that contain false information in order to fact check them as quickly as possible. It actively monitors the fake-news ecosystem and doesn’t wait for reader tips or reports before getting started on a story.
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