ALBUQUERQUE, N.M. (KRQE) – New Mexico’s housing prices outrank many other locales, but some of the state’s representatives in Congress are trying to help first-time homebuyers with a $30,000 grant.
The idea is laid out in the Home of Your Own Act, recently introduced by Representatives Melanie Stansbury (D-NM), Teresa Leger Fernández (D-NM), Jim Costa (D-CA), Robert Garcia (D-CA), Sylvia Garcia (D-TX), Raúl Grijalva (D-AZ), Barbara Lee (D-CA), Eleanor Holmes Norton (D-DC), Delia Ramirez (D-IL), and Andrea Salinas (D-OR). The bill aims to make home ownership a possibility for more americans.
“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,” Melia D. Heimbuck, president and CEO of the Credit Union Association of New Mexico, said in a press release.
If passed, the bill would offer a one-time grant of $30,000 for first-time homebuyers that earn below 120% to 150% of the median income where they live. The hope is to offer $6.7 billion in assistance across the nation each year for five years, but the bill has a long way to go before becoming reality. It must pass both chambers of Congress and get the president’s approval.
