First responders, educators deserve affordable housing
From armed battles on the other side of the globe to terror attacks on our own soil, America is no stranger to turbulent times. For over two centuries, we have counted on brave individuals who rise to the occasion to protect our country and our communities, whether overseas or at home. For the past two years, police officers, firefighters, paramedics and teachers have put their personal health on the line so they can serve their communities in a time of uncertainty and economic challenges.
Despite continuing to show up for others every day, these front-line heroes are getting crushed by skyrocketing housing prices, leaving them seemingly out of affordable housing options. America’s best are drowning, and we can’t leave them behind.
U.S. Sens. Chris Murphy and Richard Blumenthal, both D-conn., understand the boundless value that first responders and teachers provide to Connecticut’s communities. They appreciate the sacrifices they make every day, especially in the face of COVID-19. That’s why they have chosen to lead as co-sponsors of the Homes for Every Local Protector, Educator and Responder (HELPER) Act. This common-sense legislation is now supported by more than 75 Republican and Democratic lawmakers and is desperately needed for the hour we are in.
According to the latest Case-shiller index, year-over-year home prices recently surged by almost 20%, with the median price now at an all-time high. However, police, firefighters, paramedics and teachers in Connecticut have seen average annual wage growth of just 1%-3%, leaving this largely forgotten class of firsttime buyers essentially boxed out of the housing market. It’s time for these heroes, who have continued to serve during the pandemic, to enjoy access to the American Dream of affordable homeownership. The HELPER Act would help make that idea a reality, creating a viable path for front-line workers to build wealth for themselves and a better future for their families.
Originally introduced in the House by Rep. John Rutherford and followed by Sen. Marco Rubio, both R-florida, and Sen.
Jon Ossoff ’s, D-georgia, companion bill in the Senate, this game-changing legislation would eliminate down payment requirements and offer 100% financing for one-time home purchases for buyers who fall within one of the front-line hero categories: police and corrections officers, firefighters, paramedics and EMTS, and prek-12 teachers.
Passage would mean that if a young firefighter or a middle school teacher wants to purchase a moderately priced home, they would receive a loan to finance the entire purchase price.
Another key measure of the HELPER Act is the elimination of monthly mortgage insurance premium requirements. Under the normal FHA system, most homebuyers who cannot afford a 20% down payment must pay a monthly insurance premium and an upfront cost. A $200,000 home, for example, would normally require a monthly premium of $140. Under the HELPER Act, this additional monthly cost is eliminated.
Not only does this legislation save homebuyers significant money, but it would be low risk for the federal government; loss occurs only if the homebuyer defaults into foreclosure. Because first responders and teachers are dedicated public servants employed in stable, often career-lasting jobs, the odds of this happening are minimal.
Sens. Murphy and Blumenthal understand the importance of this moment. As the national director for Heroes First Home Loans and a Marine Corps veteran, I know that our first responders and teachers deserve the same access to affordable housing that our veterans do. These brave first responders and educators deserve to live in the communities in which they serve without the excessive financial burdens imposed by ballooning housing costs.
These home-front heroes have already sacrificed so much, and they have earned their slice of the American Dream. Let’s ensure they receive it.