Merkley Proposes Housing Downpayment Savings Initiative
The bill would give eligible buyers a 5-to-1 federal match and cap support at $50,000 as mortgage rates keep buyers out of the market.
- On Wednesday, Senator Jeff Merkley and Senator Ron Wyden introduced the Homeownership Promise Act, creating Homeownership Promise Accounts that offer a 5-to-1 federal match for down payments up to $50,000.
- Rising borrowing costs, now above 7 percent following the war in Iran, combined with record-high median buyer ages of 40 years, have fueled an affordability crisis among first-time homebuyers.
- National Association of Realtors data shows first-time homebuyer share dropped to a record low of 21 percent last year. Realtor.com analysis found purchasing a home by age 30 yields roughly $119,000 more net worth by age 50 versus age 40.
- Ken Johnson, Walker Chair of Real Estate at the University of Mississippi, cautioned that widespread assistance would be like "throwing gasoline on an already on-fire housing market," arguing instead for increased housing supply.
- The bill faces significant hurdles in the Republican-controlled Senate and House, though Democrats hope to improve its prospects by regaining control of Congress after upcoming midterm elections.
16 Articles
16 Articles
Tillamook Headlight-Herald
Merkley proposes Housing Downpayment Savings Initiative
Oregon’s U.S. Senator Jeff Merkley today introduced new legislation to help support the dream of homeownership for Americans by ensuring working families have a credible path to save up for a down payment sufficient to purchase a modest home by…
New bill would give first-time homebuyers up to $50,000 in federal funds: Here’s how it would work
A newly proposed bill would provide up to $50,000 in federal funds for first-time homebuyers, regardless of their income levels. The Homeownership Promise Act was introduced Wednesday by Sen. Jeff Merkley (D-Ore.) and co-sponsored by Sen. Ron Wyden (D-Ore.).
Down Payment Proposal Fuels Debate on Path to Homeownership
For many prospective homebuyers, the dream of homeownership remains just out of reach as rising rents and unexpected expenses make it difficult to save for a down payment. A proposed federal plan, the Home Ownership Promise Act, would help first-time homebuyers build savings by providing matching government funds that could significantly increase the money available for a home purchase. The proposal has sparked debate among housing experts and c…
SENATOR MERKLEY PROPOSES HOUSING DOWNPAYMENT SAVINGS INITIATIVE
September 24, 2026 2:50 a.m. On Wednesday, Oregon’s U.S. Senator Jeff Merkley introduced new legislation to help support the dream of homeownership for Americans by ensuring working families have a credible path to save up for a downpayment sufficient to purchase a modest home by age 30. A re
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