Biden Proposes New Tax Credits and Grants to Help More Americans Become Homeowners
• Biden to propose $5,000 tax credit for first-time home buyers for two years to offset high mortgage rates • Seeking $10,000 tax credit for families who sell starter homes below county median price to free up that part of market • Builds on prior efforts to increase home building, address high rents, help with down payments • Plan includes expanding low-income housing tax credits, new neighborhood homes tax credit, $20B grant fund for affordable housing • Taking steps to reduce closing costs for buyers, ban hidden fees for renters to provide financial relief