Sen. Cory Gardner is co-sponsoring bipartisan legislation to assist new homebuyers, his office said.  

The Republican from Yuma introduced the American Dream Down Payment Act of 2020 with Alabama Democratic Sen. Doug Jones.

The legislation, if passed, would help prospective homeowners save for a traditional 20% down payment by creating a special tax-advantaged savings account for eligible housing costs.

“A down payment on a home can be a significant barrier to becoming a homeowner,” Gardner said in a statement. “Inspired by the popular 529 education savings accounts, this bipartisan bill will make it easier for people to save for a down payment, which will aid both our unique housing challenges in Colorado and our economic recovery from the COVID-19 pandemic. I’m proud to work with Senators Jones and Brown to help more families achieve the American Dream and own a home.”

Gardner has introduced a host of bills recently that could help his case for re-election in November against former Gov. John Hickenlooper. Often called the most endangered Republican in the upper chamber, he is sponsoring the bill with perhaps the most endangered Democrat, Sen. Doug Jones from Alabama.

Jones was elected against a scandal-plagued Republican, Roy Moore, in 2017 to fill the seat vacated by Jeff Sessions, when the Sessions became President Trump’s attorney general. Sessions lost in the GOP primary last month to former Auburn football coach Tommy Tuberville, who was endorsed by Trump.

Jones cited the coronavirus pandemic as a good reason to help people save, as the economy worsens.

“Down payments are the biggest barrier to homeownership for first-time homebuyers, especially among low-income and minority Americans and make it harder to build generational wealth that is often tied to home-ownership,” he stated. “Our legislation would provide a new path to help make the dream of buying a home a reality by making it easier to save money for down payments and other housing-related costs.”

This bill also is co-sponsored by Democratic Sen. Sherrod Brown of Ohio, the ranking member of the Senate Banking and Housing Committee.  

“Borrowers of color have been locked out of affordable homeownership for decades,” Brown said. “The gap in Black and white homeownership rates remain as large now as it was before the Fair Housing Act was signed into law.

“These troubling and persistent inequities in homeownership rates have prevented generations of Black and brown families from obtaining the American dream of owning a home. The American Dream Down Payment Act is a new tool to help make homeownership a reality.”