The creation of a federal down payment assistance program for first-generation homebuyers would extend the American dream of homeownership to millions of families who have been excluded from it for too long. Families who lack the advantages of intergenerational homeownership have a harder time affording homes of their own, shutting them out of the opportunity to build wealth through homeownership and perpetuating a cycle of inequality. In concert with other proposals to expand housing opportunities, this bill will go a long way toward ensuring that American families are not locked out of wealth-building due to the circumstances of their birth. It should be funded at the highest possible level.
* * *
About NHC: The National Housing Conference has been defending the American Home since 1931. Everyone in America should have equal opportunity to live in a quality, affordable home in a thriving community. NHC convenes and collaborates with our diverse membership and the broader housing and community development sectors to advance our policy, research and communications initiatives to effect positive change at the federal, state and local levels. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization.