Published: July 2022

Pass the Downpayment Toward Equity Act to close the historical racial and ethnic homeownership gap in the U.S.

In a letter to U.S. Congresswoman Maxine Waters (D-CA) and Congressman Patrick McHenry (R-NC), dozens of advocacy organizations expressed strong support for HR 4495, the Downpayment Toward Equity Act, which would help close the historical racial and ethnic homeownership gaps in the U.S.

Consumer Action joined 70 national and local organizations in a letter to U.S. Congresswoman Maxine Waters (D-CA) and Congressman Patrick McHenry (R-NC) expressing strong support for the Downpayment Toward Equity Act (HR 4495). The bill provides substantial downpayment assistance to first-time, first-generation homebuyers and helps close the historical racial and ethnic homeownership gaps in the United States by giving first-generation households and households of color an opportunity to develop generational wealth. Increasing first-generation homeownership is critical for the economy, for the financial security of millions of American households, for sustainable job creation, and for addressing the racial and ethnic wealth gap. 

Lead Organization

National Housing Resource Center

More Information

Read the letter here.

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