American Dream for All Act

Assistance for Homebuyers: The bill provides down payment assistance loans to eligible borrowers, which can be between 3 percent and 20 percent of the purchase price of a home (Sec. 2(d)(1)(B)).

Targeted Support for Specific Groups: The program specifically defines and targets assistance toward first-time homebuyers and first-generation homebuyers (Sec. 2(h)(1)-(3)).

Support for Low-Income Individuals: Assistance is directed toward individuals with an income not more than 150 percent of the area median income (Sec. 2(h)(1)(F)).

Flexible Distribution Methods: Loans can be distributed to eligible borrowers on a first-come, first-serve basis or through a lottery option (Sec. 2(d)(1)(C)).

Support for Vulnersable Populations: The definition of a first-generation homebuyer includes individuals who have been placed in foster care or institutional care (Sec. 2(h)(3)(B)).

Repayment Obligations on Appreciation: For a home that increases in value, the borrower must repay the original loan amount plus an amount equal to a percentage of the home's appreciation (Sec. 2(e)(1)(A)(i)).

Loan Amount Limits Based on Location: Maximum loan amounts are capped at different levels depending on whether a State or Indian tribe is classified as high-cost ($150,000), medium-cost ($100,000), or low-cost ($50,000) (Sec. 2(e)(2)(A)).

Strict Eligibility Requirements: Borrowers must complete a homebuyer education course and obtain a certificate of completion from an approved agency (Sec. 2(h)(1)(C)-(D)).