WASHINGTON (WDVM) — Homeownership may not be as far away as it seems for some Americans, as a team of Democratic senators recently put together a bill called the LIFT Act, aimed at helping young people of color build wealth and own a home.
A major component of the LIFT Act is a new approach to mortgages, it would offer new homeowners 20-year mortgages for about the same monthly payment as a typical 30-year loan.
Senators Tim Kaine and Mark Warner (D – Virginia) and Senator Chris Van Hollen (D – Maryland) introduced the bill this week, alongside several other senators.
Democratic Virginia Senator Tim Kaine told WDVM he’s hoping this new wave of housing policy helps to break down barriers, saying “federal housing policies made it harder for African American families and others to have access to homeownership in the same way white families did. That then leads to a situation that’s well known, where minority families don’t have the same wealth that white families do.”