The main part of this proposed bill affecting first time home buyers is a $7,500 tax credit, but it’s not a grant or a gift. Ultimately, it gets paid back over a 15 year term. The bill defines a first time home buyer as someone who hasn’t owned a home in the previous 3 years.

To see the actual language, at the index to the bill (see main post above), scroll way down to Title I, Housing Tax Incentives, then down to Subtitle B, Single Family Housing.