Washington, D.C. – National Housing Conference President and CEO David M. Dworkin issued the following statement on the introduction of the Low-Income First-Time Homebuyers (LIFT) Act:
“One of the most important benefits of homeownership is the ability to build wealth. In fact, it is the primary way millions of middle-income Americans have achieved economic stability for 75 years. While legally sanctioned racial discrimination seems like a thing of the past, outlawed in the 1968 Fair Housing Act, the reality is that the housing wealth affect continues to disadvantage people of color whose parents and grandparents never benefitted from a wide range of government programs that made homeownership possible to most Americans.
Some may suggest this is a special benefit, only available to a few. But the truth is we are simply extending help to those who did not get benefits already provided to the rest of us.
By subsidizing the interest rate on 20-year fixed rate mortgages, first-generation homebuyers will be able to build equity at twice the rate of a 30-year mortgage. Many multi-generational homebuyers with equity in their current home use this option on their own, but it’s impossible for low- and moderate-income first-generation home buyers to take advantage of it. The LIFT bill evens that playing field and will not only help close the wealth gap, but it will strengthen the economy for all Americans.
Senator Warner has a long history of thinking outside the box and writing legislation that makes a difference in new and innovative ways. The LIFT Act is another example of his leadership.”
About David Dworkin: David Dworkin is a former Treasury Department official in the Obama and Trump Administrations and has led the National Housing Conference since 2018.
About NHC: The National Housing Conference is a diverse continuum of affordable housing stakeholders who convene and collaborate through dialogue, advocacy, research, and education, to develop equitable solutions that serve our common interest. Our vision is an America where everyone is able to live in a quality, affordable home in a thriving community. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization.