The record
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- Democratic Senators Jeff Merkley and Ron Wyden plan to introduce the Homeownership Promise Act to help first-time buyers with down payments.
- The bill proposes a 5-to-1 federal match for savings up to a maximum contribution of $50,000.
- Eligible buyers must use certified community development financial institutions to hold their savings and purchase homes priced at or below the local median.
- This legislation aims to address housing affordability challenges by providing direct financial assistance to prospective homeowners.
Who said what1
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Jeff Merkley
1 quote · 1 outlet
“the proposal would help restore the prospect of homeownership for working families by allowing Americans to save for a home.”
In the article
…not come with direct funding and was largely focused on encouraging more home construction. The Homeownership Promise Act would instead provide financial assistance directly to people trying to buy homes. Merkley said the proposal would help restore the prospect of homeownership for working families by allowing Americans to save for a home. The proposal also has a precedent in federal housing policy. After the 2008 financial crisis and housing-market meltdown, the US government offered an $8,000 first-time homebuyer tax credit, described as one of the…
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Named United States · Jeff Merkley · Ron Wyden · United States Congress · United States Department of the Treasury
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