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House Co-Sponsorship Memoranda
House of Representatives
Session of 2025 - 2026
Regular Session
MEMORANDUM
| Posted: | December 19, 2024 10:45 AM |
|---|---|
| From: | Representative Lindsay Powell |
| To: | All House members |
| Subject: | Making Homeownership More Attainable |
| Homeownership is a critical piece of the American Dream that has become a fantasy for many Pennsylvanians. Becoming a homeowner has many positive outcomes not just for the individual buyer but for communities overall, including providing greater financial stability, increased civic participation and, better health and educational outcomes for children. Our state’s median home price skyrocketed from $149,651 in January 2020 to $224,757 in March 2024—a 33% increase. The combination of high mortgage rates, the need for a 20% down payment, and limited housing stock across the state leaves homeownership out of reach for too many of us. That’s why I will be introducing legislation to subsidize homeownership initiatives for households with annual household incomes between 60% and 120% of the area median income. The bill will allow the Department of Community and Economic Development to award grants to qualifying applicants for project types including the acquisition of properties suitable to serve as affordable units, homebuyer assistance programs, asset management and mapping, home repair programs, and others. This legislation will empower more Pennsylvanians to achieve their homeownership goals, contributing to happier and more vibrant communities throughout the state. Homeownership should not be something reserved for the wealthy. I hope you will join me in taking steps to equip families and individuals of various income levels to become homeowners. |