Jun. 12—A New Mexico congresswoman introduced legislation Wednesday meant to help first-time homebuyers.

The Home of Your Own Act from Rep. Teresa Leger Fernández, D-N.M., would create a grant program for people making their first home purchase who are at or below 120% to 150% of the median income in their area. The bill is cosponsored by nine of her Democratic colleagues, including Rep. Melanie Stansbury, D-N.M.

The program would offer one-time $30,000 grants to eligible homebuyers and be managed by the Department of Housing and Urban Development. The financial assistance could be used for down payments, closing costs, mortgage interest rate reduction or repairs needed before move-in.

The bill would authorize $33.5 billion for the program over five years. The measure would also target housing in Native American communities by setting aside 3% of the money as homeownership grant funding for tribal entities.

“We need a new homeownership assistance program so our teachers, nurses and artists can afford to live and stay in their hometowns. This program is going to help people when they need it most. Tax credits help on April 15th but people need money for when they’re closing on their home — that’s what my bill will accomplish,” Leger Fernández said.

The bill is modeled after a Homewise pilot project, she said.

Earlier this year, Homewise, a community development finance institution, received $750,000 in community project funds secured by Leger Fernández in 2023 for a pilot housing assistance project. Homewise is giving first-time homebuyers $30,000 grants. The eligibility requirements are similar to those in the Home of Your Own Act bill, said Julian Duque, a spokesperson for Leger Fernández.

The first person to benefit from the pilot project moved into a home in Santa Fe on June 5. The community project funding should pay for 25 grants, and the Homewise pilot project is expected to help hundreds of other first-time homebuyers with other funding, Duque said.

The bill has endorsements from Homewise, the National American Indian Housing Council and America’s Credit Unions, among others.

“Prioritizing legislation that aims to address the housing affordability crisis will certainly benefit those in the Land of Enchantment. We endorse this legislation and look forward to its advancement to help families achieve homeownership,” said Melia Heimbuck, CEO of the Credit Union Association of New Mexico.