New Delhi, Sept. 23 -- First-time homebuyers in the United States could receive up to $50,000 in federal down-payment assistance under a draft bill that Democratic Senators Jeff Merkley and Ron Wyden are set to introduce, Axios reported.

The Homeownership Promise Act would create a 5-to-1 federal matching programme for eligible first-time buyers who save money toward a down payment. The proposal comes as high mortgage rates and elevated home prices continue to make homeownership difficult for many prospective buyers.

Under the proposed legislation, the federal government would contribute $5 for every $1 saved by an eligible first-time homebuyer, up to a maximum federal contribution of $50,000, according to the news outlet.

That means s...