Biden Proposes $20,000 in Tax Credits for First-Time and Move-Up Homebuyers
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President Biden proposed a $10,000 tax credit for first-time home buyers to help offset high home prices and interest rates.
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He also proposed a separate $10,000 tax credit for current homeowners who sell their "starter home" to upsize.
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The tax credits aim to help middle-class families buy homes at a time when housing affordability is near an all-time low.
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The first-time homebuyer credit could help 3.5 million families buy their first home.
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The tax credits would need to be passed by Congress to take effect, which may be challenging in an election year.