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My plan to support first-time homebuyers

I know that the "American Dream" often feels like just words these days, or maybe an idea from old movies — not reality and certainly not in reach for people struggling day-to-day with the basics like high rents, stagnant wages, student loan debt, health care costs, and more.

In Oregon and across the country, there is a growing share of low- and middle-income Americans who can't afford to buy their first home.

And for generations, communities of color have been denied homeownership opportunities and the ability to accumulate wealth through homeownership, making these barriers even more impenetrable.

Breaking this systemic problem down, let's focus on what Congress can do right now.

I've introduced legislation to help people build a better future by offering up to a $15,000 tax credit for first-time homebuyers. The refundable tax credit proposed in my bill would increase homeownership among low- and moderate-income Americans, especially those from marginalized communities with historically low homeownership rates.

One of the greatest wealth generators we have right now is owning a home. But, for far too many Americans, that's a dream that feels permanently out-of-reach.

This doesn't have to be the case. Let's start removing the barriers to homeownership, here and now.

Courage.

Earl

Posted on May 3, 2021.