The Downpayment Toward Equity Act will provide downpayment assistance to first-generation homebuyers, help make it possible for every American to achieve the dream of homeownership
Following the lead of Senator Reverend Warnock’s legislation, the Biden Administration has announced a new tax credit that would provide $10,000 to first-time home buyers
Since joining the Senate, Senator Reverend Warnock has been working tirelessly to address Georgia’s affordable housing crisis
According to Construction Coverage, Georgia is the 13th worst state to buy a starter home
Senator Reverend Warnock: “This legislation will help address the widening homeownership gap and provide all Georgians the opportunity to build generational wealth”
Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), a member of the Senate Banking committee, and Senator Laphonza Butler (D-CA) reintroduced the Downpayment Toward Equity Act to provide downpayment assistance to first-generation homebuyers and help make it possible for every Georgian and American to achieve the dream of homeownership. The legislation would provide federal grants, administered through local entities, to aid first-generation homebuyers with qualifying expenses toward purchasing their first home—including downpayment costs, closing costs, and costs to reduce the rates of interest. The legislation addresses growing concerns regarding rising home prices, lack of access to home-buying assistance, and the widening wealth and homeownership gaps in Georgia and throughout the country. According to Construction Coverage, Georgia is the 13th worst state in the nation for homebuyers to purchase a starter home.
“I’ve seen firsthand how difficult it can be for hardworking people to afford a home—in fact, I’ve lived it. My parents were no strangers to hard work: My dad would fix broken cars throughout the week and fix broken people on Sunday as a preacher. Despite the fact that my parents worked hard every day since they were teenagers, they weren’t able to buy a home and build generational wealth until much later in their lives,” said Senator Reverend Warnock. “That’s why I’m reintroducing the Downpayment Toward Equity Act, which provides federal grants to aid first-generation homebuyers with down payment and closing costs. This legislation will help address the widening homeownership gap and provide all Georgians the opportunity to build generational wealth. Let’s get this done.”
“The rise in housing costs has shut out many of California’s prospective first-time homebuyers,” said Senator Butler.“The Downpayment Toward Equity Act would make homeownership attainable for more families, creating a tangible pathway to social mobility and building wealth.”
Since joining the Senate, Senator Warnock has been working tirelessly to address Georgia’s affordable housing crisis. Last week, the Senator voted for the Fiscal Year 2024 government funding bill which increases America’s housing supply and affordability and addresses the homelessness crisis, including by increasing the supply of affordable housing nationwide with funding to build 10,000 new rental and homebuyer units, extending funding for the Yes In My Back Yard (“YIMBY”) grant program to support efforts to increase our nation’s housing supply and lower housing costs through state and local zoning changes and delivering $275 million in new funding for Homeless Assistance Grants to help address homelessness in communities across the country and providing new resources to better connect people experiencing homelessness with health care services. In the past year, the Senator has secured nearly $80 million in housing investments to provide affordable housing options for Georgians at all income levels and repair hazardous housing conditions in low-income housing units.
The bill is co-sponsored by Senate Banking Committee Chairman Sherrod Brown (D-OH) and Senator Chris Van Hollen (D-MD) and is endorsed by the National Coalition for the Homeless and the National Consumer Law Center (on behalf of its low-income clients).
Read the full bill text here.
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