Fight looms over down payment aid to close racial wealth gap

Source: Kate O'Donnell, Politico

A $10 billion proposal by House Financial Services Chair Maxine Waters (D-Calif.) would give homebuyers up to $25,000 for a down payment. Waters' plan has triggered concern in the mortgage industry because it would require lenders to identify and direct aid to first-generation buyers — those whose parents don’t own homes — and “socially and economically disadvantaged" groups.

Critics say it would worsen the affordable housing problem by driving up demand for homes at a time when supply is already at historic lows. The fight illustrates the daunting challenges Democrats face as they try to make good on pledges to combat racial inequity in the Biden era.

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