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119-s-5473119th CongressWALLET

Homeownership Promise Act

Sponsored By: Senator Merkley, Jeff [D-OR]

Introduced

Summary

Creates federal Homeownership Promise Accounts that provide large matching grants to help first-time buyers with downpayments. It would route the accounts through community development financial institutions and set clear caps on contributions and matching funds.

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  • Families: First-time buyers could deposit personal savings and get a 5-to-1 match from the Secretary of Housing and Urban Development, up to $50,000 in matching funds and a $60,000 cap on pre-closing balances.
  • Community lenders: HUD would establish and run the accounts through participating community development financial institutions, and funds in HPAs would earn interest comparable to standard savings.
  • Rules and use: Eligible purchases must be the buyer's principal residence, cost no more than the area's median single-family price, and buyers must complete HUD-approved housing counseling. Buyers may make emergency withdrawals of their personal contributions before closing and no more than two HPAs can fund a purchase at closing.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Big downpayment help for first-time buyers

If enacted, the bill would create Homeownership Promise Accounts you could open at participating community development financial institutions. Those institutions would pay interest comparable to their unrestricted savings accounts. For every $1 you put in, the Secretary would add $5, up to a $50,000 match (which requires $10,000 in your personal savings). An account's pre-closing balance (excluding interest) could not exceed $60,000. You would be able to withdraw your personal contributions for any reason before closing, but withdrawals would not include the HUD match and could reduce the match you get. To use an account you would need to be a first-time homebuyer age 18+ who completed HUD-approved counseling, and the home must be your principal residence with a purchase price at or below the area median single-family price as set by HUD. At closing, no more than two such accounts may contribute to the purchase.

Sponsors & CoSponsors

Sponsor

Merkley, Jeff [D-OR]

OR • D

Cosponsors

  • Sen. Wyden, Ron [D-OR]

    OR • D

    Sponsored 9/23/2026

Roll Call Votes

No roll call votes available for this bill.

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