Homeownership Promise Act
The source supplies the latest action, but no lifecycle stage.
Latest action (23 Sep 2026): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What this bill does
The Homeownership Promise Act, introduced in the Senate, would establish a program called Homeownership Promise Accounts. These accounts are designed to help eligible families save for downpayments on a home. The program would allow for personal contributions, employer contributions, and nonprofit contributions. For every dollar an eligible family contributes, the Secretary of Housing and Urban Development would provide a matching grant of up to five dollars, with a maximum matching grant of $50,000 per account.
This bill would affect first-time homebuyers who are at least 18 years old and have completed an approved housing counseling program. It defines an "eligible home" as a principal residence purchased at a price not exceeding the median single-family purchase price for the area. The accounts can hold up to $60,000, with personal and other non-federal contributions capped at $10,000 and federal matching contributions at $50,000.
The bill was introduced in the Senate on September 23, 2026, and has been referred to the Committee on Banking, Housing, and Urban Affairs. As it is currently in the committee stage, it would need to be approved by the committee and then pass both the Senate and the House of Representatives before being sent to the President to be signed into law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
23 Sep 2026
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Common questions
- What does S. 5473 do?
- The Homeownership Promise Act, introduced in the Senate, would establish a program called Homeownership Promise Accounts. These accounts are designed to help eligible families save for downpayments on a home. The program would allow for personal contributions, employer contributions, and nonprofit contributions. For every dollar an eligible family contributes, the Secretary of Housing and Urban Development would provide a matching grant of up to five dollars, with a maximum matching grant of $50,000 per account. This bill would affect first-time homebuyers who are at least 18 years old and have completed an approved housing counseling program. It defines an "eligible home" as a principal residence purchased at a price not exceeding the median single-family purchase price for the area. The accounts can hold up to $60,000, with personal and other non-federal contributions capped at $10,000 and federal matching contributions at $50,000. The bill was introduced in the Senate on September 23, 2026, and has been referred to the Committee on Banking, Housing, and Urban Affairs. As it is currently in the committee stage, it would need to be approved by the committee and then pass both the Senate and the House of Representatives before being sent to the President to be signed into law.
- Has S. 5473 become law?
- The source does not supply a confirmed lifecycle stage for S. 5473. Check the latest action and official source below.
- Who sponsored S. 5473?
- S. 5473 was sponsored by Sen. Merkley, Jeff [D-OR] (D-OR), with 1 cosponsor.
- What's the latest action on S. 5473?
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (23 Sep 2026).
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