A new bill to assist consumers facing barriers to home ownership was introduced Wednesday by Rep. Teresa Leger Fernandez, D-N.M. 

The Home of Your Own Act would create a new national homeownership grant program at the U.S. Department of Housing and Urban Development, providing one-time, $30,000 homeownership assistance grants to eligible first-time homebuyers who earn at or below 120-150 percent of the area median income, with 25 percent of all grants going through Community Development Financial Institutions (CDFIs).  

"America’s Credit Unions is proud to endorse this legislation in partnership with the Credit Union Association of New Mexico. Too many families across the country are facing barriers to achieve the American dream of homeownership due to high mortgage interest rates and rising closing costs,” said America’s Credit Unions President/CEO Jim Nussle. “We greatly appreciate Rep. Leger Fernandez for introducing the Home of Your Own Act which aims to fix this growing problem. CDFI certified credit unions stand ready to support the mission of affordable home ownership in addition to providing much-needed community assistance to consumers who are underserved, have a modest income, or are living in distressed communities. We look forward to working with Rep. Leger Fernandez to advance this legislation.” 

“We are proud to have one of our own – Rep. Teresa Leger Fernandez - introduce the Home of Your Own Act,” said CUANM President/CEO Melia Heimbuck. “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.”