A North Carolina Senator has introduced a bill intended to make homeownership more accessible for lower-income families.
The HOME Expansion Act would modernize a key Department of Housing and Urban Development program that supports the construction and repair of affordable homes. Under the proposal introduced by Senator Ted Budd, the maximum purchase price allowed for down payment assistance would increase from 95 to 110 percent of the area median.
In the New Bern metro area, for example, with a median sale price of about $343,500, the proposed cap would allow homes priced up to roughly $377,850 to qualify for down payment assistance.
Senator Budd says the bill will help more families achieve the American Dream by expanding existing assistance programs without increasing federal spending. The act would also make it easier for homeowners to use federal funds for repairs following natural disasters.
The bill has been referred to the Senate Banking Committee for further review.
