The Homeownership Promise Act would create a new federal savings program called Homeownership Promise Accounts to help first-time homebuyers afford down payments on homes. Eligible families who are first-time homebuyers and have completed HUD-approved housing counseling could open these accounts at participating community development financial institutions and save money toward purchasing a home at or below the area's median home price. The federal government would match every dollar a family saves with five dollars in matching grants, up to a maximum of fifty thousand dollars in federal matching funds, allowing families to accumulate up to sixty thousand dollars total in their accounts. The accounts would earn interest comparable to regular savings accounts, and families could withdraw their personal contributions for any reason at any time. The bill authorizes whatever funding is necessary for the Department of Housing and Urban Development to administer this program but does not specify a set budget amount or implementation timeline.
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