Press Releases

Click HERE to watch a launch video for the Home of Your Own Act

Today, Congresswoman Leger Fernández and 9 of her House colleagues introduced the Home of Your Own Act to create national one-time, $30,000 homeownership grants to help New Mexicans and Americans across the country become first-time homeowners.

The bill comes in the wake of the first successful home purchase for a constituent of NM-03 made possible by $750,000 in Community Project Funds Congresswoman Leger Fernández secured for a pilot program administered by Homewise. The home purchase, which closed in Santa Fe, NM on June 5th is testament to the fact that this program is already working for New Mexicans. The same pilot project funds are projected to help 25 families in NM-03 purchase their first home.

Congresswoman Leger Fernández and Representatives Jim Costa (D-CA), Robert Garcia (D-CA), Sylvia Garcia (D-TX), Raúl Grijalva (D-AZ), Barbara Lee (D-CA), Eleanor Holmes Norton (D-DC), Delia Ramirez (D-IL), Andrea Salinas (D-OR), and Melanie Stansbury (D-NM) introduced the Home of Your Own Act because homeownership has become out of reach for too many Americans. The bill is also endorsed by the Congressional Hispanic Caucus (CHC).

Young adults whose parents bought a starter home now don’t see the same future for themselves. Even workers with good jobs face hurdles affording a down payment and closing costs. The Home of Your Own Act would create a national homeownership grant program to help address this housing crisis. This program would provide one-time, $30,000 homeownership assistance grants to eligible first-time homebuyers who earn at or below 120-150 percent of the area median income.

“We need a new homeownership assistance program so our teachers, nurses, and artists can afford to live and stay in their hometowns. This program is going to help people when they need it most. Tax credits  help on April 15th but people need money for when they’re closing on their home — that’s what my bill will accomplish,” said Congresswoman Leger Fernández.

“This program is modeled after a community funded project I secured for Homewise in 2023. That program is already working for New Mexicans. Homeownership means hope for the future. We need to revitalize Americans’ hope in a shared prosperous future. We need to pass the Home of Your Own Act,” she concluded.

"Skyrocketing homeownership prices are a major concern for those living in the Greater Houston area. This home affordability crisis is actively impacting low-income families and communities of color, making it harder for them to own homes in the communities where they work and go to school. I’m proud to stand with Representative Leger Fernandez in support of the Home of Your Own Act. Everyone should have access to capital to buy a home they can call their own," said Congresswoman Sylvia R. Garcia (TX-29).

The bill has been endorsed by America's Credit Unions, Credit Union Association of New Mexico, Homewise, Local Initiatives Support Corporation, National American Indian Housing Council, National NeighborWorks Association, and UnidosUS. The bill is also endorsed by the Congressional Hispanic Caucus (CHC).

The Home of Your Own Act: 

• Creates a new national homeownership assistance grant program at the U.S. Department of Housing and Urban Development.
• Provides one-time, $30,000 homeownership assistance grants to eligible first-time homebuyers who earn at or below 120-150 percent of the area median income.
• Provides flexible financial assistance to homebuyers that can be used for down payment costs, closing costs, mortgage interest rate reduction, and/or necessary repairs prior to move-in.
• Streamlines assistance to underserved communities by empowering community development financial institutions to partner with states to administer at least 25% of the funds to homebuyers.
• Prepares participants for homeownership by requiring participants to complete a homeownership financial counseling program prior to receiving financial assistance.
• Dedicates homeownership grant funds to all 50 States, U.S. Territories (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, & United States Virgin Islands), and the District of Columbia.
• Sets aside three percent of the authorized funding as homeownership grant funds for Tribal entities.
• Authorizes $33.5 billion for the grant program over 5 years with $6.7 billion authorized per year.

Read the full bill text HERE. 

“The Home of Your Own Act is a needed step towards addressing the systemic barriers that have long prevented Latino families from achieving their dreams of homeownership. By providing targeted financial assistance to first-time homebuyers, this legislation will help level the playing field and create a more equitable housing market. UnidosUS supports the Home of Your Own Act because we believe that every hardworking family deserves the opportunity to build wealth, establish roots in their community, and secure a brighter future for their children. This bill is not just about housing; it's about investing in the economic mobility and prosperity of Latino families, which ultimately strengthens our entire nation,” said Laura Arce, Senior Vice President for Economic Initiatives, UnidosUS.

“Congresswoman Leger Fernandez’  Home of Your Own Act will create a much-needed program to assist first-time homebuyers in a time when housing costs are high and too many Americans have been priced out of homeownership.  And because the program has been tested via a pilot program the Congresswoman funded with a CPF grant, we know the program works and the nation can hit the ground running and help thousands of households become the owners of their own housing,” said Mike Loftin, Chief Executive Officer, Homewise.

"America’s Credit Unions is proud to endorse this legislation in partnership with the Credit Union Association of New Mexico. Too many families across the country are facing barriers to achieve the American dream of homeownership due to high mortgage interest rates and rising closing costs. We greatly appreciate Rep. Leger Fernandez for introducing The Home of Your Own Act which aims to fix this growing problem. CDFI certified credit unions stand ready to support the mission of affordable home ownership in addition to providing much-needed community assistance to consumers who are underserved, have a modest income, or are living in distressed communities. We look forward to working with Rep. Fernandez to advance this legislation,” Jim Nussle, President & CEO, America’s Credit Unions.

“The ‘Home of Your Own Act of 2024’ is a meaningful step towards empowering individuals and families across the country to achieve their dream of homeownership. The inclusion of a 3% set-aside for Tribes and Tribally Designated Housing Entities (TDHEs) is a promising commitment, securing dedicated resources that Tribes may use to support their members in purchasing homes.  This bill represents a significant investment in tribal sovereignty and economic resilience, ensuring that the benefits of homeownership are accessible to all, including those who have been underserved for far too long,” said Douglas Marconi Sr., Executive Director, National American Indian Housing Council (NAIHC).

“We are proud to have one of our own – Representative Teresa Leger Fernandez - introduce the Home of Your Own Act.  Prioritizing legislation that aims to address the housing affordability crisis will certainly benefit those in the Land of Enchantment. We endorse this legislation and look forward to its advancement to help families achieve home ownership,” said Melia D. Heimbuck, Esq., President & CEO, Credit Union Association of New Mexico.

“The National NeighborWorks Association applauds and supports Representative Teresa Leger Fernández’s commitment to bring the American dream of homeownership within reach of citizens across the country through her Home of Your Own Act. NNA represents NeighborWorks organizations nationwide providing more than $10 billion a year in affordable housing and community & economic development.  Representative Leger Fernández continues to work to provide solutions to make owning a home a reality in New Mexico and throughout the United States, ” said Lou Tisler, Executive Director, National NeighborWorks Association.