Biden is urging Congress to enact legislation facilitating more Americans’ access to homes, acknowledging the pivotal role of homeownership in family well-being and economic prosperity. By Stacy M. Brown NNPA Newswire Senior National Correspondent @StacyBrownMedia In a move to tackle the escalating housing crisis, President Biden has revealed a comprehensive plan to build and preserve over 2 million new homes, coupled with strategic measures to alleviate homeownership and rental expenses. Biden is urging Congress to enact legislation facilitating more Americans’ access to homes, acknowledging the pivotal role of homeownership in family well-being and economic prosperity. The president also advocates for a mortgage relief credit, extending an annual tax credit of $5,000 to middle-class first-time homebuyers for two years. This initiative is expected to help over 3.5 million families realize their dream of homeownership over the next two years. To address the current scenario where homeowners are hesitant to sell due to favorable mortgage rates, the president proposes a one-year tax credit of up to $10,000 for middle-class families selling their starter homes. The move is estimated to benefit approximately 3 million families. Biden has urged Congress to allocate up to $25,000 in down payment assistance for first-generation homebuyers, supporting an estimated 400,000 families in overcoming financial barriers to homeownership. In addition to these legislative proposals, President Biden has taken immediate action through the Department of Housing and Urban Development (HUD), reducing mortgage insurance premiums and announcing measures to lower closing costs for refinancing and home mortgages. Biden said he’s pressing Congress to pass legislation facilitating the construction and renovation of over 2 million homes. The president also called for expanding the Low-Income Housing Tax Credit to construct or preserve 1.2 million more affordable rental units. A proposed Neighborhood Homes Tax Credit aims to build or renovate over 400,000 starter homes for homeownership. Further, the administration has introduced a $20 billion competitive grant fund to support communities in building more housing, which would create hundreds of thousands of units, address the shortage, and lower rental and homebuying costs. The White House also announced proposals to increase contributions from Federal Home Loan […]
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