Press Releases

WASHINGTON, D.C. – Today, Congresswoman Leger Fernández and 10 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 builds on a successful pilot program in NM-03 administered by Homewise and made possible by $750,000 in Community Project Funds Congresswoman Leger Fernández secured. The 17 homes purchased in the district so far are a  testament to the fact that this program is already working for New Mexicans.

Congresswoman Leger Fernández and Representatives Jim Costa (D-CA), Chuy García (D-IL), Robert Garcia (D-CA), Lois Frankel (D-FL), Hank Johnson (D-GA), Betty McCollum (D-MN), Eleanor Holmes Norton (D-DC), Delia Ramirez (D-IL), Mary Gay Scanlon (D-PA), and Melanie Stansbury (D-NM) introduced the Home of Your Own Act because homeownership has become out of reach for too many Americans. 

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 up to 120 or 150 percent of the area median income.

“The Trump administration is making the housing crisis worse but we won’t stop working to lower the cost of housing. 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.

The bill has been endorsed by America's Credit Unions, Credit Union Association of New Mexico, Homewise, Local Initiatives Support Corporation, National Association of REALTORS®, National NeighborWorks Association, and UnidosUS. 

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. 

“For many Latino families, the rising cost of housing is one of the biggest obstacles to achieving the American Dream. The Home of Your Own Act is a critical step toward making homeownership more accessible by lowering upfront costs and expanding financial assistance for first-time homebuyers. At a time when housing affordability is a top concern for Latino voters, this legislation provides real solutions to help level the playing field and create a more equitable housing market. UnidosUS proudly supports this bill,” said Laura Arce, Senior Vice President for Economic Initiatives, UnidosUS.

“Congresswoman Leger Fernandez’s 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.

"Too many families across the country face barriers to achieve the American dream of homeownership due to housing affordability issues. 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 live in distressed communities. America’s Credit Unions looks forward to working with Rep. Leger Fernandez to advance this important legislation,” said Carrie Hunt, Chief Advocacy Officer, America’s Credit Unions.

“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.

“The National Association of REALTORS® supports the Home of Your Own Act and thanks Congresswoman Leger Fernandez for reintroducing this bill, as it represents a step toward addressing the growing housing affordability crisis that has made homeownership out of reach for too many Americans. This bill’s directives to provide grants to first-time homebuyers to cover downpayment costs, closing costs, and other home purchase expenses could help bridge the affordability gap faced by many aspiring homeowners. This legislation has the potential to not only increase access to homeownership but also strengthen our economy and communities, helping to ensure that the dream of owning a home remains attainable for future generations,” said the National Association of REALTORS®.

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