Meeks, Green and Beatty Reintroduce the American Dream Down Payment Act
Washington, D.C. - Today, Representative Gregory W. Meeks (D-NY), Senior Member of the Financial Services Committee, Representative Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, and Representative Joyce Beatty (D-OH), Chairwoman of the Subcommittee on Diversity and Inclusion, reintroduced the American Dream Down Payment Act to help Americans across the country achieve the dream of home ownership. The bill will assist potential homeowners by allowing them to create tax-exempt savings accounts to go towards a home down payment. This legislation would also help close the racial gap in home ownership rates by providing a new tool for Black and Brown families to save up for a home of their own.
“Home ownership is the route to the middle class for tens of millions of Americans and it is the largest financial asset most Americans own,” said Congressman Gregory Meeks. “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 home ownership, this bill will also help close the stubborn and pernicious racial wealth gap.”
“Systemic racism and other forms of invidious discrimination have for too long been barriers to the American dream. 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,” stated Congressman Al Green. “This is why I am eager to join my colleague and friend Congressman Meeks in introducing the American Dream Down Payment Act. I am proud to serve as an original cosponsor on this legislation, which will provide tax-exempt savings accounts that will help people save for a down payment on a home thus making not only home loans and homeownership but the American dream as a whole more accessible to those frequently left behind.”
“For far too many hardworking families, the American Dream of homeownership is out of reach, especially for first-time and minority homebuyers who often lack the financial resources necessary for a down payment. The American Dream Down Payment Act would empower countless prospective homeowners to save for a down payment, helping to make their dreams a reality and laying the foundation for an even brighter financial future,” said Congresswoman Joyce Beatty.
"The introduction of the American Dream Down Payment Act offers Black American families and individuals the opportunity to build legacy wealth through homeownership. The ability to accumulate tax-free savings funds breaks down/eliminates one of the most prominent barriers to achieving homeownership, the down payment. This Act serves as a tangible springboard to increase Black homeownership and real wealth building prospects which the National Association of Real Estate Brokers (NAREB) includes in the meaning of its time-honored slogan, Democracy in Housing," stated Lydia Pope, President-Elect of National Association of Real Estate Brokers (NAREB).
"This legislation is a bold and critical step forward to helping families achieve the American Dream of homeownership. For too many Black families, the saving for the down payment a home is an insurmountable mountain, now help is on the way," stated Antoine M. Thompson, National Executive Director of National Association of Real Estate Brokers (NAREB).