Homeownership Promise Act

In this Act:

(1) Community development financial institution. The term community development financial institution has the meaning given the term in section 103 of the Community Development Banking and Financial Institutions Act of 1994 (15 U.S.C. 4702).

(2) Eligible family. The term eligible family means 1 or 2 first-time homebuyers who are not less than 18 years old.

(3) Eligible home. The term eligible home means a principal residence acquired by an eligible family at a purchase price, not including closing costs, that does not exceed the median single-family purchase price for the area as determined by the Secretary with such adjustments for differences in structure, and for new and old housing as the Secretary determines to be appropriate.

(4) First-time homebuyer. The term first-time homebuyer means an individual who—

(A) has never owned a principal residence; and

(B) has completed a housing counseling program approved by the Department of Housing and Urban Development.

(5) Principal residence. The term principal residence means a dwelling that is—

(A) physically occupied by an eligible family on a permanent basis; and

(B) the address of record for the eligible family for Federal income tax reporting, voter registration, or occupational licensing, if applicable.

(6) Secretary. The term Secretary means the Secretary of Housing and Urban Development.