H.R. 2038 · Where this bill is now
In committee
Introduced in the House, sent to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Veterans' Affairs, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned, Mar 11, 2025
What this bill does
In plain words · AI-written from the official summaryExpands housing aid and fair housing protections
This bill tackles housing affordability by sending federal grants to state and local governments to help build more affordable apartments and houses, and directly helping lower-income first-time homebuyers purchase their first homes. It also strengthens fair housing rules to protect people from discrimination based on sexual orientation, gender identity, marital status, source of income, and veteran status, and it requires banks and lenders to show they're meeting the credit needs of underserved communities. The bill also changes the estate tax by increasing tax rates on high-income estates.
How it affects you
If you're a lower-income first-time homebuyer, you could get grant money to help you purchase a home. If you're renting, the bill aims to increase affordable housing options in your community. If you're someone who has faced housing discrimination based on sexual orientation, gender identity, military service, source of income, or marital status, you'd have stronger legal protections. If you have a high-income estate or are planning to leave a large inheritance, the changes to estate taxes would increase the taxes owed.
Read the official summary (Introduced in House, Mar 11, 2025)
American Housing and Economic Mobility Act of 2025
This bill addresses housing affordability and availability through grants, housing programs, and oversight of financial institutions. The bill also makes certain changes to the estate tax, such as by generally increasing the rate.
The Department of Housing and Urban Development shall provide grants to (1) state, local, and tribal governments to remove barriers to building affordable units, (2) states to assist borrowers who have negative equity in their homes, (3) state housing finance agencies to support construction of affordable rental housing and prevent tenant displacement and harassment, and (4) eligible individuals (generally, lower income individuals who are first generation homebuyers) to help them purchase their first homes.
The bill establishes and provides funding for the first-time homeowner grant program and the affordable rental housing construction program, and it also funds existing rural housing programs.
The bill also requires financial regulators to generally assess the effectiveness of financial institutions in meeting the credit and lending needs of their communities, particularly of underserved populations.
The bill also expands fair housing protections to prohibit discrimination based on sexual orientation, gender identity, marital status, source of income, veteran status, or an individual's perceived membership in a protected class (e.g., an individual's perceived race or sex).
Additionally, the bill modifies the estate tax in various ways, including by reducing the number of brackets to three, increasing the tax rates, and reducing the basic exemption amount. The bill also places additional taxes on high-income estates and trusts.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 2038
A BILL
American Housing and Economic Mobility Act of 2025
Sponsor: Rep. Emanuel Cleaver (D-MO-5) · Introduced Mar 11, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 27, 2025: “Referred to the Subcommittee on Economic Opportunity.”
Sections
Sections · 1
Title I — Making housing more affordable · 3
Title II — Taking the first steps to reverse the legacy of housing discrimination and government negligence · 6
- Sec. 201Down payment assistance program for first-time, first-generation homebuyersNo change
- Sec. 202Formula grant program for communities with an appraisal gapNo change
- Sec. 203Strengthening the Community Reinvestment Act of 1977No change
- Sec. 204Amendments relating to credit union service to underserved areasNo change
- Sec. 205Raising public welfare capsNo change
- Sec. 206Temporary eligibility of certain direct descendants of certain veterans for housing loans guaranteed by the Secretary of Veterans AffairsNo change
Title III — Removing barriers that isolate communities · 2
Title IV — Estate tax reform · 11
- Sec. 401Amendment to Internal Revenue Code of 1986No change
- Sec. 402Rate adjustmentNo change
- Sec. 403Required minimum 10-year term, etc., for grantor retained annuity trustsNo change
- Sec. 404Certain transfer tax rules applicable to grantor trustsNo change
- Sec. 405Elimination of generation-skipping transfer tax exemption for transfers to certain personsNo change
- Sec. 406Simplifying gift tax exclusion for annual giftsNo change
- Sec. 407Clarification regarding disallowance of step-up in basis for property held in certain grantor trustsNo change
- Sec. 408Limitation on discounts; valuation rules for certain transfers of nonbusiness assetsNo change
- Sec. 409Surcharge on high income estates and trustsNo change
- Sec. 410Modification of rules for value of certain farm, etc., real propertyNo change
- Sec. 411Modification of estate tax rules with respect to land subject to conservation easementsNo change