WASHINGTON—A new bill its proponents say will assist consumers facing barriers to home ownership has been introduced in the House by Rep. Teresa Leger Fernandez (D-NM).
The Home of Your Own Act would create a new national homeownership grant program at the U.S. Department of Housing and Urban Development, providing one-time, $30,000 homeownership assistance grants to eligible first-time homebuyers who earn at or below 120-150% of the area median income, with 25% of all grants going through Community Development Financial Institutions (CDFIs).
‘Fixing the Problem’
“America’s Credit Unions is proud to endorse this legislation in partnership with the Credit Union Association of New Mexico,” ACU President and CEO Jim Nussle said in a statement. “Too many families across the country are facing barriers to achieve the American dream of homeownership due to high mortgage interest rates and rising closing costs. We greatly appreciate Rep. Leger Fernandez for introducing the Home of Your Own Act which aims to fix this growing problem. CDFI certified credit unions stand ready to support the mission of affordable home ownership in addition to providing much-needed community assistance to consumers who are underserved, have a modest income, or are living in distressed communities. We look forward to working with Rep. Leger Fernandez to advance this legislation.”
‘Proud of One of Our Own’
Added CU Association of New Mexico President and CEO Melia Heimbuck in a statement, “We are proud to have one of our own – Rep. Teresa Leger Fernandez – introduce the Home of Your Own Act. “Prioritizing legislation that aims to address the housing affordability crisis will certainly benefit those in the Land of Enchantment. We endorse this legislation and look forward to its advancement to help families achieve home ownership.”
DCUC Expresses Support for CFPB Accountability Act
Separately, the Defense Credit Union Council (DCUC) said it supports the Consumer Financial Protection Bureau (CFPB) Accountability Act, which is being championed in Congress of Ranking Member Sen. Tim Scott (R-SC), Sen. Bill Hagerty (R-TN.) and others.
Supporters of the legislation say it would enhance the CFPB’s accountability by mandating that its funding be subject to annual appropriation by Congress.
“DCUC supports this legislation,” DCUC President and CEO Anthony Hernandez said in a statement. “Implementing a standard congressional appropriations process for the CFPB will guarantee that the interests of consumers are consistently represented and safeguarded within the financial marketplace."
How to Sign Up For the Best Daily News Email in Credit Unions? (It’s Free!)
Every workday CUToday.info delivers the most comprehensive, freshest daily newsletter with the day’s news headlines, including links to the related articles. The Fresh Today newsletter is the most timely, relevant and widely-read source of news and information in the CU community. And it’s free!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties,
And did we mention it’s free?