Press Releases

Watch Rep. Jimmy Gomez’s speech HERE.

WASHINGTON, DC – During today’s House Ways and Means Committee markup, Representative Jimmy Gomez (CA-34) — Chair of the first-ever Congressional Renters Caucus — introduced an amendment that would have delivered direct down payment assistance to first-time homebuyers and incentivized the construction of affordable starter homes. Despite the growing housing affordability crisis, House Republicans blocked the amendment from even receiving a vote.

“This markup should be focused on the needs of the working and middle class–not giving tax breaks to billionaires and fortune 500s paid for by slashing essential programs for workers and families like Medicaid and SNAP,” said Rep. Gomez. “If we can find the money to give tax breaks for massive corporations and billionaires, we should find the money to help average Americans own their home.”

Rep. Gomez sharply criticized the Republican provision to create a so-called “MAGA” savings account for kids: “Republicans have done almost nothing in this massive tax giveaway to actually help Americans buy a home. Creating $1,000 tax-free investment accounts for kids is too little, far too late—especially for Millennials and Gen Z Americans trying to buy a house for their families right now. That’s why I proposed an amendment that would use our tax code to boost homeownership.”

Gomez’s amendment, named the Affordable Homeownership for All (AHOA) Act, would have:

• Provided first-time homebuyers with a tax credit of up to $65,000 to cover down payments or closing costs—paid directly at the time they buy their home.
• Created a new tax credit for developers to build reasonably sized, affordable starter homes—15% of qualified construction costs, rising to 30% if sold to a first-time homebuyer.

A recent national survey found that 67% of Americans now believe homeownership is an unrealistic goal for younger generations. In LA, the median home price has now surpassed $1 million, putting homeownership even further out of reach for families in Gomez’s district and across the country.

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