Jeff Merkley (D-OR)
A bill to establish Homeownership Promise Accounts to provide matching downpayment grants, and for other purposes.
A Democratic bill with 1 Democratic cosponsor · See the cosponsor
Last activity — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- 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
- Scored +8
Would households on low incomes be better off under this?
The matching grant structure provides substantial financial assistance to eligible families trying to overcome the barrier of a home downpayment.
- Scored +8
Does this make housing cost less?
Section 3 establishes Homeownership Promise Accounts to provide matching downpayment grants, significantly assisting first-time homebuyers with purchasing a home.
- Scored +7
Would people in their twenties and thirties be better off under this?
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
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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.
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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.
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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. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — The matching grant structure provides substantial financial assistance to eligible families trying to overcome the barrier of a home downpayment. Would people in their twenties and thirties be better off under this? — First-time homebuyers, who are frequently younger adults, benefit directly from matching downpayment grants to purchase principal residences. Would middle-income households be better off under this? — Middle-income families seeking to purchase their first home can utilize these accounts and receive matching funds. Would immigrants be better off under this? — Eligible families who meet first-time homebuyer criteria can access these accounts regardless of background, helping immigrant families achieve homeownership.
- Social Issues And Justice
- Does this make housing cost less? — Section 3 establishes Homeownership Promise Accounts to provide matching downpayment grants, significantly assisting first-time homebuyers with purchasing a home. Is this likely to lift people out of poverty? — By offering a $5-to-$1 match up to $50,000 for personal contributions, the bill helps lower-wealth families build assets and achieve homeownership.
- Economy And Finance
- Is this likely to grow the economy? — The bill provides matching downpayment grants that help eligible families achieve homeownership, stimulating housing market activity. Does this make it easier to run a small business? — The bill utilizes participating community development financial institutions to host accounts, supporting their local financial engagement.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The bill sets clear statutory rules and balance limits for federally-backed Homeownership Promise Accounts administered by HUD.
- 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