CRL Applauds President Biden’s Call for Downpayment Assistance for First-Generation Homebuyers
WASHINGTON, D.C. – As part of the White House’s State of the Union push for policies to lower the cost of housing, President Biden today called for Congress to pass legislation to provide up to $25,000 in downpayment assistance to first-time homebuyers whose parents don’t own homes. The legislation would help an estimated 400,000 families become homeowners. The proposal mirrors a policy recommended by the Center for Responsible Lending and the Downpayment Toward Equity Act, legislation that in 2021 passed the U.S. House of Representatives as part of a broader legislative package. “Targeted