In a recent U.S. Senate Banking and Housing committee hearing, Senator Reverend Warnock questioned Acting Secretary of the Department of Housing and Urban Development Adrianne Todman on the impact and need for federal programs that provide funding for first time homebuyers

Senator Reverend Warnock highlighted how his legislation, the Downpayment Toward Equity Act, would help close the racial homeownership gap by providing financial assistance for first-generation homebuyers 

Senator Reverend Warnock: “My larger concern obviously is to ensure that hardworking American families in Georgia, all across the country, have access to the American Dream and this is what allows for generation wealth” 

Watch Senator Reverend Warnock at Thursday’s hearing HERE

Washington, D.C. – Last week, U.S. Senator Reverend Raphael Warnock (D-GA), a member of the Senate Banking and Housing committee, questioned top federal housing officials on how Congress can act decisively to close the racial homeownership gap and support first-generation homebuyers achieve the American Dream of owning a home.

During the hearing, which focused on the oversight of federal housing regulators, the Senator questioned Acting Secretary of the Department of Housing and Urban Development (HUD) Adrianne Todman and Director of the Federal Housing Finance Agency Sandra Thompson.

“My larger concern obviously is to ensure hardworking American families in Georgia, all across the country, have access to the American Dream and this is what allows for generation wealth,” said Senator Reverend Warnock.

During the hearing, the Senator highlighted his legislation, the Downpayment Toward Equity Act, which would provide federal grants, administered through local entities, to aid first-generation homebuyers with qualifying expenses toward purchasing their first home, also helping close the homeownership racial gap. The Senator applauded President Biden’s recent call for a $10,000 credit to first time homebuyers.

Watch the Senator’s full remarks and line of questioning HERE.

See below a transcript of key exchanges between Senator Warnock and Acting Secretary of the Department of Housing and Urban Development Adrianne Todman:

Senator Reverend Warnock (SRW): “My larger concern obviously is to ensure hardworking American families in Georgia, all across the country, have access to the American Dream and this is what allows for generation wealth.”

“As home prices have increased, the ability for many Americans to purchase an affordable home has moved out of reach, particularly true for first-time, first-generation homebuyers. On top of this, we see a racial homeownership gap that actually widened in 2023.”

“Only 44 percent of Black Americans own a home, a total that’s almost 29 percentage points lower than White Americans.”

“Can you detail why this home credit is important and who is it targeting?”

Acting HUD Secretary Adrianne Todman: “Senator, thank you for that question. I think you provided the facts very clearly in terms of who will be most assisted by this type of investment in first time homeowners and I’ll text it to the next level, first generation home ownership.”

“This is critical, we know that homeownership remains the number one way that the middle class is able to generate and sustain generation wealth, and as you so well said there’s only about 44 percent of Black Americans that have access to that generational wealth.”

“We know that providing concepts like first generation downpayment, we know what that means in the long term, we know that having a tax credit that allows for those families that are locked out of homeownership and what it means to have access to that type of subsidy.”

SRW: “Thank you, that’s exactly the work that my Downpayment Toward Equity Act is focused on, helping these first generation homebuyers buy down the rate, support them with closing costs.”

###