Trump's plan could limit homeownership access for low-income families

Republican lawmakers are strongly opposing a decision by the Trump administration to eliminate a federal mortgage program. They say this move could hurt homeownership opportunities for many Americans. A group of bipartisan senators, which includes ten Republicans, sent a letter to Treasury Secretary Scott Bessent. They called on the administration to rethink its plan to stop the Community Development Financial Institutions Fund (CDFI) program. This program helps housing finance agencies provide down payment assistance to potential homeowners using FHA-insured loans. The senators emphasized that cutting the CDFI program would make it harder for first-time buyers and working families, especially in rural and underserved areas, to own homes. They pointed out that over 1,400 CDFIs play a vital role in America’s financial system, offering more than $300 billion in services each year to various communities. The lawmakers warned that removing key functions of the CDFI Fund would harm progress for both homeowners and small businesses. This story is still developing, and updates will follow as new information comes in.