"Bold Plan for Housing:" President Biden, in his State of the Union address, "proposed the boldest housing plan in a generation – a plan that would lower housing costs for renters and homebuyers and expand access to quality, affordable housing."  

Here are a few highlights:

• Mortgage relief credit that would provide first-time homebuyers with up to $10,000.  

• The President is calling on Congress to provide a one-year tax credit of up to $10,000 to middle-class families who sell their starter home to another owner-occupant.

• Rental assistance for over 100,000 additional low-income households through the Housing Choice Voucher program – guaranteeing them affordable rents. 

• $20 billion Innovation Fund for Housing Expansion to help communities expand their housing supply, including in amenity-rich neighborhoods that promote the Administration’s fair housing goals. 

• The bipartisan Neighborhood Homes Tax Credit would lead to the construction or preservation of over 400,000 starter homes in communities throughout the country. 

• Expansion of the Low Income Housing Tax Credit (LIHTC) that would produce or preserve 1.2 million affordable units over the next decade. 

This is the Biden-Harris Administration delivering real relief to current and future homeowners and renters.