A trio of Capitol Hill lawmakers has resurrected a tax-exemption bill aimed at helping more Americans achieve the dream of homeownership.
Democratic Reps. Gregory Meeks of New York, Al Green of Texas and Joyce Beatty of Ohio reintroduced the American Dream Down Payment Act this week to allow potential homeowners to create tax-exempt savings accounts towards a home down payment.
“Homeownership is the route to the middle class for tens of millions of Americans and it is the largest financial asset most Americans own,” Meeks said in a joint press release. “This bill will provide the push, the means, and the opportunity for Americans to save for a down payment at a time when mortgage interest rates are at a historic low. By boosting the path for Black and Brown homeownership, this bill will also help close the stubborn and pernicious racial wealth gap.”
Green said systemic racism and other forms of invidious discrimination have for too long been barriers to homeownership.
“Marginalized communities often struggle to attain the house with a yard and picket fence in a good neighborhood that many associate with this dream because of the inherently biased systems that lock them out of the homebuying process,” Green said. “I am proud to serve as an original co-sponsor on this legislation, which will provide tax-exempt savings accounts that will help people save for a down payment on a home.”