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Biden Wants to Give 500,000 Americans Money to Buy Homes

via 60 Minutes
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The Biden Administration is aiming to promote homeownership and reduce housing costs for Americans.

They are backing the Neighborhood Homes Investment Act, which could assist an additional 500,000 households and revitalize neighborhoods.

The proposal, introduced by Senators Cardin and Young, seeks to generate $125 billion in development revenue over the next decade. (Trending: Top Democrat Loses In Historic Landslide)

Director of the White House’s National Economic Council, Lael Brainard said, “promote homeownership for an additional 500,000 households while increasing neighborhood revitalization investments.”

The Biden Administration claims the new federal tax credit will fund “the development and renovation of 1-4 family housing in distressed urban, suburban, and rural neighborhoods.”

“Our Department of Transportation is making billions of dollars in low-cost loans available for developing housing near transportation,” continued Brainard.

Adding, “This will mean savings of around $1,200 per year for a homebuyer buying a median home.”

The administration is also advocating for zoning reforms and offering low-cost loans for housing development near transportation.

Efforts are being made to reduce costs for first-time buyers through the Federal Housing Administration program and down payment assistance.

Additionally, the administration is looking to help renters, guaranteeing rent at 30% of income for low-income households and proposing to expand rental assistance to more than 200,000 additional households.

“[The program could] help make homeownership a reality for families who do not have the advantage of previous generational wealth building from homeownership. Passing this legislation could begin to close the stubborn racial gap in homeownership,” Brainard said.

“The president’s budget proposes expanding rental assistance to more than 200,000 additional households, including a first-of-its kind rental assistance guarantee for low-income veterans and former foster youth,” she added.

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