Archive · 23 Sep 2026
Proposed $50,000 Federal Match Could Aid First-Time Homebuyers
A proposed bill could help some people buy their first home.
It would give the federal government five dollars for every dollar an eligible buyer saves.
The most the government could add would be $50,000.
For example, saving $10,000 could produce the maximum match.
Employers and nonprofit groups could also add money, but their contributions would not be matched.
Buyers would not face an income limit under the proposal.
They would have to buy a home priced at or below the median price in their area.
The plan is being considered because expensive homes and high mortgage rates have made buying a home harder.
Senators Jeff Merkley and Ron Wyden plan to introduce the Homeownership Promise Act.
The proposal would provide a five-to-one federal match on eligible first-time buyers’ savings.
A buyer saving $10,000 could receive the maximum $50,000 federal contribution.
There would be no income limit, but purchased homes could not exceed the local median price.
Savings would need to be held at Treasury-certified Community Development Financial Institutions.
- Who
- Democratic Senators Jeff Merkley and Ron Wyden are set to introduce the proposal for eligible first-time homebuyers.
- What
- The Homeownership Promise Act would create a five-to-one federal match for qualifying down-payment savings, capped at $50,000.
- When
- No specific introduction date is provided; the senators are set to introduce the draft bill.
- Where
- The proposal concerns homebuyers and properties in the United States, with savings held at participating Community Development Financial Institutions.
- Why
- It is intended to address housing affordability challenges caused by elevated home prices and high mortgage rates.
- Maximum federal contribution
- $50,000
- Federal matching rate
- $5 for every $1 saved by an eligible buyer
- Savings needed for maximum match
- $10,000
- Income requirement
- The proposal includes no income limit for receiving the federal match
- Property restriction
- The home must be priced at or below the median home price in the buyer’s local area
- Eligible savings institutions
- Participating financial institutions certified by the U.S. Treasury Department as Community Development Financial Institutions
- Additional contributions
- Employers and nonprofits could contribute, but their money would not qualify for the federal match