Press Releases

WASHINGTON, D.C. —Representative Jimmy Gomez (CA-34) today introduced the American Homeownership Opportunity Act, a landmark piece of legislation aimed at addressing America’s growing housing crisis. This bill provides up to $50,000 in downpayment assistance for first-time homebuyers to help them enter the housing and creates the first-ever tax incentive specifically designed to increase the construction of new starter homes. This bill comes after Vice President Kamala Harris put out the call for a comprehensive plan to make housing more affordable for Americans. 

“My American Homeownership Opportunity Act will give Americans the opportunity to enter a housing market that’s more fair and affordable, giving them the chance to thrive and get closer to the American dream as generations before them have. Through tens of thousands in downpayment assistance for new homebuyers to incentives for builders to create more starter homes, this legislation tackles the housing crisis head-on,” said Rep. Gomez. “I founded the Renters Caucus because I saw that the price of rent and housing had far outpaced the average American worker’s wages, this bill begins to tackle those challenges and, with Vice President Harris on our side, we will keep fighting to make life better and more affordable for people across the country.” 

Historically high rents across the nation have contributed to record levels of rent-burdened individuals, disproportionately affecting lower income households. An estimated 50% of all renters spend more than 30% of their income on housing—with nearly one quarter allocating over half of their earnings toward rent. These unsustainable conditions are further exacerbated by a nationwide housing shortage, with projections estimating a deficit of 4 million to 7 million housing units. The American Homeownership Opportunity Act would provide a clear path forward in making the American dream a reality for families.  

Gomez’s American Homeownership Opportunity Act of 2024 would: 

• Establish a First-Time Homebuyer Down Payment Credit with an additional credit for First-Generation Homebuyers up to $50,000 

• Incentivize the construction of starter homes through new business credit initiatives with additional credit if home is sold to a first-time homebuyer 

Find the full bill text here. 

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