First-time Homebuyer Down Payment Assistance Act

First-time Homebuyer Down Payment Assistance Act - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to exempt from prohibited transaction rules any home equity participation arrangement under which the trustee of a qualified plan, at the direction of the eligible participant, shall acquire an ownership interest (not to exceed $10,000, and repayable in full upon resale or other transfer) in any dwelling unit which within a reasonable period of time is to be used as the principal residence for a first-time homebuyer.