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ALBUQUERQUE NM – Today, Congresswoman Leger Fernández (D-NM) and Democratic Leader Hakeem Jeffries (D-NY) held a press conference to discuss the growing homeownership and housing affordability crisis. They were joined by Congresswoman Melanie Stansbury (D-NM) and Homewise CEO Mike Loftin. Congresswoman Leger Fernández discussed her recently introduced bill, the Home of Your Own Act, which would create national one-time, $30,000 homeownership grants for down payment assistance, closing costs, and repairs at move-in to help New Mexicans and families across the country become first-time homeowners. A pilot program funded by $750,000 in Community Project Funds secured by the Congresswoman has already helped multiple New Mexico families achieve the dream of purchasing their first home.

The typical home in New Mexico now costs $350,000. Young adults whose parents bought a starter home don’t see the same future for themselves today. Even workers with good jobs face hurdles affording a down payment and closing costs. In fact, 40% of renters who want to buy a home but can’t afford it say the biggest barrier is saving for a down payment.

“Homeownership means hope for the future. We need to revitalize Americans’ hope in a shared prosperous future. That’s why I am grateful Leader Jeffries visited New Mexico to hear from the first-time homeowners who have already benefited from down payment assistance in our state as we work to fix the housing crisis. We need a new homeownership assistance program so our teachers, nurses, and artists can afford to live and stay in their hometowns. My bill would 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. That program is already working for New Mexicans. We need to pass the Home of Your Own Act.”

"Affordable homeownership is at the center of the great American dream. When you work hard and play by the rules of the United States of America, you should be able to provide a comfortable living for yourself and for your family. And at the center of that is homeownership. But for far too many people in New Mexico and across the country, homeownership has increasingly been out of reach," said Leader Jeffries. "And so, I'm thankful to Representative Leger Fernandez for introducing the Home of Your Own Act. We're committed to working on this legislation, working to increase the supply of affordable homeownership opportunities so that the American dream of home ownership is alive and well for everyone here in the land of enchantment and all across the United States of America."

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 Association of Realtors, National NeighborWorks Association, and UnidosUS. The bill is also endorsed by the Congressional Hispanic Caucus (CHC) and the Congressional Progressive Caucus (CPC).

Leader Jeffries and Congresswoman Leger Fernández also toured the Homewise office alongside homeowners who have benefitted from down payment assistance. 

CLICK here to access tour photos

About 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 up to 120 or 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.