Georgia senator hopes bill will support first-time homebuyers amid affordability ‘crisis’

A Georgia senator is filing legislation he hopes will address Georgia’s current housing affordability issues, which his office referred to as a “crisis.”

The state has been ranked as the 13th-worst state in the nation for home buyers to purchase a starter home, according to Construction Coverage. About 23% of Georgia’s renter households are classified as extremely low income, which means their earnings are at or below the poverty level or 30% of their region’s median income, and are more vulnerable to being evicted, according to the National Low Income Housing Coalition.

Sen. Raphael Warnock (D-GA) hopes the Downpayment Towards Equity Act, which he introduced during a Senate Banking Committee hearing Tuesday, will address Georgia’s affordable housing crisis by increasing access to home ownership for first-generation buyers through federal grants administered through local entities, covering down payment costs and closing costs.

Warnock said any public policy regarding home ownership is a personal matter for him, inspiring him to address the state’s widening home ownership gap and lack of access to home-buying assistance.

“I actually grew up in public housing. I’ve seen firsthand how difficult it can be for people who work everyday to afford a home. In fact, I lived it. My parents were no stranger to hard work,” he said. “Despite the fact that my parents worked hard every day since they were teenagers, they weren’t able to buy a home and build generational wealth until much later in their lives.”

Amid a national and statewide affordable housing shortage, Warnock said he wants this legislation to give all Georgians a boost into purchasing their first homes and fulfilling their American dream of generational success.

Prior steps from Warnock on housing

Affordable housing has been a focal point for Warnock since his election in 2021. He introduced a bill under the same name with the same goal in 2021, but the bill did not progress through the legislature as needed.

In a news release from his office, he said he favored the 2024 government funding bill because it increases the U.S. housing supply and affordability, and addresses homelessness.

Warnock celebrated more than $80 million awarded to Georgia in housing investments last year to provide affordable housing options for residents at all income levels and repair hazardous housing conditions in low-income housing units.

“Their story is my story, and I’m very grateful and honored to be able to help in this way,” Warnock said.

This story was originally published March 15, 2024 at 8:39 AM.