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42 U.S. Code § 12852

Assistance for first-time homebuyers

42 U.S. Code § 12852. Assistance for first-time homebuyers

(a) In generalThe Trust shall provide assistance payments for first-time homebuyers (including homebuyers buying shares in limited equity cooperatives) in the following manners:
(1) Interest rate buydowns
Assistance payments so that the rate of interest payable on the mortgages by the homebuyers does not exceed 6 percent.
(2) Downpayment assistance
Assistance payments to provide amounts for downpayments (including closing costs and other costs payable at the time of closing) on mortgages for such homebuyers.
(3) Assistance in connection with mortgage revenue bonds financing
Interest rate buydowns and downpayment assistance in the manner provided in subsection (e).
(4) Second mortgage assistance
Assistance payments to provide loans (secured by second mortgages) with deferred payment of interest and principal; and [1]
(5) Capitalization of revolving loan funds
Grants to public organizations or agencies to establish revolving loan funds to provide homeownership assistance to eligible first-time homebuyers consistent with the requirements of this subchapter. Such grants shall be matched by an equal amount of local investment in such revolving loan funds. Any proceeds or repayments from loans made under this paragraph shall be returned to the revolving loan fund established under this paragraph to be used for purposes related to this section.
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