Homeownership Promise Act

This bill would direct the Department of Housing and Urban Development (HUD) to create Homeownership Promise Accounts, which are savings accounts that help first-time homebuyers pay a down payment. Eligible buyers are adults age 18 or older who have never owned a home and have completed a HUD-approved housing counseling program. Buyers could open an account at a participating community development financial institution and save up to $10,000, and HUD would add $5 for every $1 the buyer personally contributes, up to $50,000. The money could be used for a down payment on a primary home priced at or below the area's median home price. Buyers could withdraw their own contributions at any time for any reason.

Full text and official record on Congress.gov

Sponsors

• Jeff Merkley Democrat sponsor
• 1 cosponsors