Are there any existing programs similar to Biden’s proposed Down Payment Toward Equity Act that provide significant financial assistance for first-time homebuyers’ down payments?
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Yes, there is now a lot of down payment assistance available for first-time homeowners through programs like FHA loans and state-specific subsidies, but the goal of Biden’s Down Payment Toward Equity Act is to give more specialized, meaningful aid.
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There aren’t any nationwide programs that I’m aware of, but there are usually state or local programs available for first-time homebuyers.
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Pretty sure Obama hooked me up with $8k. Shout out to Barry.
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A larger initiative by the Biden-Harris administration to address racial and gender wage gaps is the Advance Payment for Equity Act. By outlawing the use of past compensation history in the hiring and pay-setting processes, the act primarily aims to ensure pay parity for federal workers and contractors. This aids in preventing discrimination, which disproportionately affects women and people of color, from being carried over from job to job.