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

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."