A pair of lawmakers are advocating legislation designed to assist first-generation home buyers be included in the Build Back Better package.
Sens. Mark R. Warner (D-VA) and Tim Kaine (D-VA) have co-sponsored the Downpayment Toward Equity Act of 2021 as a means of addressing concerns regarding rising home prices, lack of access to home-buying assistance and nationwide widening of wealth and homeownership gaps.
“The number one way Americans build wealth in this country is through homeownership and this bill will make it easier for more people to own a home — particularly those who have been held back from this opportunity by structural inequality and racism for far too long,” Warner said. “I am proud to join my colleagues in making the American dream more accessible to all Americans.”
Per the legislation, the initiative would provide local entities with federal grants to offer to first-generation homebuyers with qualifying expenses toward purchasing their first home. Authorities noted the grant allotments would include down payment costs, closing costs and interest rate reduction.
“As a former fair housing attorney, I have long worked to increase access to affordable housing for Virginia families,” Kaine said. “This bill will not only help first-time homebuyers achieve their dream of owning a home; it will also strengthen our communities by helping families build wealth and economic stability for generations to come. As I work with my colleagues to pass the Build Back Better bill, I will continue pushing to include this critical support to make homeownership more accessible for families across the Commonwealth.”