WASHINGTON, D.C. – As part of the White House’s State of the Union push for policies to lower the cost of housing, President Biden today called for Congress to pass legislation to provide up to $25,000 in downpayment assistance to first-time homebuyers whose parents don’t own homes. The legislation would help an estimated 400,000 families become homeowners. The proposal mirrors a policy recommended by the Center for Responsible Lending and the Downpayment Toward Equity Act, legislation that in 2021 passed the U.S. House of Representatives as part of a broader legislative package.
“Targeted first-generation downpayment assistance would open doors of opportunity for families who have not benefited from intergenerational transfer of wealth. This policy would expand the economic security that homeownership brings, and it would help narrow the racial homeownership and wealth gaps” said Mike Calhoun, president of the Center for Responsible Lending. “Congress should pass the Downpayment Toward Equity Act.”
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Press Contact: Matthew Kravitz matthew.kravitz@responsiblelending.org