Federal Legislation for First-Time Buyers Introduced

Representative Maxine Waters (D-Calif.), along with Reps. Al Green (D-Texas), Ayanna Pressley (D-Mass.), and Sylvia Garcia (D-Texas), reintroduced the Downpayment Toward Equity Act (H.R. 4069) this week. The legislation would provide $100 billion in direct assistance to help first-time, first-generation homebuyers purchase homes.

The bill provides up to $20,000 for first-generation homebuyers and up to $25,000 for socially and economically disadvantaged homebuyers. The assistance can be used for down payments, closing costs and mortgage interest rate buydowns. Eligibility extends to those with incomes up to 120% of the area median income (or 180% in high-cost areas) and includes homebuyer education and counseling.

The National Association of Realtors (NAR) supports this legislation, with Shannon McGahn, NAR’s senior vice president of government affairs, stating, “We applaud Ranking Member Waters’ reintroduction of the Downpayment Toward Equity Act. This bill has the potential to be a meaningful step toward addressing longstanding disparities in wealth and homeownership, while expanding access for first-generation buyers. By directing assistance to those who need it most, the bill acknowledges that the greatest barrier to homeownership today isn’t credit — it’s cash.”

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Source: Housing Wire

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