Bill · S. 5473· Senate(119-S-5473)
A bill to establish Homeownership Promise Accounts to provide matching downpayment grants, and for other purposes.
- Introduced
- 9/23/2026
- Last activity
- 9/23/2026 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Jeff Merkley
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
This bill is known as the Homeownership Promise Act. It requires the Secretary of Housing and Urban Development to establish Homeownership Promise Accounts to provide matching downpayment grants. Eligible families can open these accounts at participating community development financial institutions. The bill outlines specific rules for account balances, interest, and contributions. It also allows eligible families to make emergency withdrawals of their personal contributions for any reason.
Yes· 3 of 9
Would households on low incomes be better off under this?+8
The matching grant structure provides substantial financial assistance to eligible families trying to overcome the barrier of a home downpayment.
Does this make housing cost less?+8
Section 3 establishes Homeownership Promise Accounts to provide matching downpayment grants, significantly assisting first-time homebuyers with purchasing a home.
Would people in their twenties and thirties be better off under this?+7
First-time homebuyers, who are frequently younger adults, benefit directly from matching downpayment grants to purchase principal residences.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Matching Downpayment Grants: Under Section 3(b)(4), the Secretary will make a matching grant of $5 for every $1 made in personal contributions by an eligible family, up to a total contribution of $50,000 by the Secretary. This is positive because it provides substantial financial help for eligible families to buy a home.
-
Emergency Withdrawals: Under Section 3(b)(5), an eligible family may make an emergency withdrawal of personal contributions for any reason, including expenses unrelated to the closing of an eligible home, in any amount. This is positive because it ensures people can access their own money during an emergency without being locked in.
-
Earning Interest: Under Section 3(b)(2), participating community development financial institutions must pay an interest rate comparable to the rate offered to unrestricted savings accounts. This is positive because families can earn interest on the money they save in their accounts.
Potential Negative Impacts for People
- Contribution Limits: Under Section 3(b)(3)(B), the balance of an account may not exceed $60,000, and not more than $10,000 of that may consist of personal contributions, employer contributions, and nonprofit contributions. This might be considered a negative burden because it caps how much money can be saved and contributed into the account.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Low Income Households+8Good For Young Adults+7Good For Middle Class Households+6Good For Immigrants+4
- Social Issues And Justice
- Improves Affordable Housing+8Improves Poverty Reduction+6
- Economy And Finance
- Improves Economic Growth+5Improves Small Business Support+3
- Governance And Ideology
- Improves Government Transparency+3
- 9/23/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
Ron WydenDemocrat · Oregon