Bipartisan legislation introduced on May 13 by U.S. Rep. John Katko (R-NY) would create a new federal mortgage insurance program for teachers and first responders, including law enforcement officers, firefighters, EMTs, and paramedics.
“Unfortunately, these heroes, who make great sacrifices for our communities, often are unable to find affordable housing in the communities they serve,” Rep. Katko said last week. “This bipartisan bill establishes a federal program modeled after the VA Home Loan Program to provide targeted financial assistance to teachers and first responders and help them become homeowners.”
Rep. Katko joined bill sponsor U.S. Rep. John Rutherford (R-FL) and fellow original cosponsor U.S. Rep. Al Lawson, Jr. (D-FL) to unveil the Homes for Every Local Protector, Educator, and Responder (HELPER) Act, H.R. 3172.
If enacted, H.R. 3172 would establish a one-time use home loan program under the Federal Housing Administration that would eliminate both a down payment requirement and a monthly mortgage insurance premium requirement, according to the bill summary provided by Rep. Katko’s office.
H.R. 3172 has been referred to the U.S. House Financial Services Committee for consideration.