Mike Coffman

Washington, D.C.– Today, U.S. Representative Mike Coffman (R-CO) was joined by his colleagues, Rep. Sean Patrick Maloney (D-NY) and Rep. Barbara Comstock (R-VA), for the bipartisan reintroduction of H.R. 2802, the ‘First-Time Homebuyer Savings Account Act’.

Supporting this legislation is also the National Association of Realtors (NAR) and the Colorado Association of REALTORS®. After reviewing the bill, they added:

‘Home prices are rising around the country, and putting a down payment forward is no easy task,‘ said NAR President William E. Brown. ‘First-time buyers are often the most affected. Even buyers with good credit and strong incomes aren’t immune to the pressures of student debt, rising rents, and other factors that make saving money so difficult. The First-Time Homebuyer Account is an innovative tool that will encourage people to save while putting the dream of homeownership closer in reach. The National Association of REALTORS® supports this legislation and appreciates the leadership Congressman Mike Coffman has shown on this issue.‘

‘Home affordability in Colorado and across the nation has been declining recently as real estate prices rise at a faster rate than income,’ said Colorado Association of REALTORS® Chairman, Mark Trenka.‘We believe savings accounts that help buyers save money for a down payment, closing costs and other expenses associated with buying their first home are a great step toward solving this problem.’ Trenka further stated, ‘despite all of the positive conditions and elements of homeownership across the country, affordability for first time homeowners continues to be a significant barrier for too many states’ residents. This bill would help provide a very important financial savings resource for many people to achieve their dream of homeownership. We applaud and support Congressman Coffman’s efforts to address this vital issue.’

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