A bill introduced Wednesday would assist consumers facing barriers to homeownership with a U.S. Department of Housing and Urban Development national homeownership grant program. Both America’s Credit Unions and the Credit Union Association of New Mexico support The Home of Your Own Act —introduced by Rep. Teresa Leger Fernandez, D-N.M.  

The program would provide one-time, $30,000 homeownership assistance grants to eligible first-time homebuyers who earn at or below 120-150% of the area median income, with 25% of all grants going through Community Development Financial Institutions (CDFIs).

"Too many families across the country face barriers to achieve the American dream of homeownership due to housing affordability issues. We greatly appreciate Rep. Leger Fernandez for introducing The Home of Your Own Act, which aims to fix this growing problem,” said Carrie Hunt, chief advocacy officer at America’s Credit Unions. “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 live in distressed communities. America’s Credit Unions looks forward to working with Rep. Leger Fernandez to advance this important legislation.”  

“We are proud to have one of our own – Representative Teresa Leger Fernandez - introduce the Home of Your Own Act,” said Melia Heimbuck, president/CEO, Credit Union Association of New Mexico. “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."