August 17, 2024
Dear Friends,
Buying a home for the first time can be as thrilling as it is challenging and overwhelming, as so many homeowners can attest. But in recent years, what should be a joyous experience has fallen out of reach for too many. The homebuying process has too often become an exercise in disappointment and frustration, as rising costs and a competitive market have put increasing burdens on families and prospective homebuyers.
It's important for me to hear directly from you about your experiences, your needs, and the obstacles you’re facing. Your insights help guide my work in Congress and allow me to better understand how we can accelerate our efforts to make homeownership more accessible and affordable. That’s why this week, it was my pleasure to host a roundtable discussion on the current housing climate to explore how we can better support first-time homebuyers.
On Thursday, I headed to Latham to meet with local homebuyers and realtors to discuss their experiences in the housing market. They graciously shared with me the challenges they encountered on their journeys to buying a home and told me more about the specific resources and assistance they received, or wished they had received, as they navigated the homebuying process.
It is incumbent upon Congress to address the barriers that homebuyers are facing today and take action to support them. Thankfully, we’ve made some important strides in that effort.
This year, the Biden-Harris Administration announced the Housing Supply Action Plan aimed at lowering housing costs and supporting families. This includes expanding down payment assistance, increasing funding for affordable housing, and working to make the housing market fairer for everyone. Key elements of this plan include:
- Tax credits: $10,000 tax credits for homebuyers purchasing homes in underserved areas, and $2,500 credits for renters spending more than 30 percent of their income on rent.
- Affordable housing investments: $15 billion designated for the construction of new affordable housing units, and an additional $5 billion investment to improve and update existing affordable homes.
- Down payment assistance: Expanded programs to help first-time homebuyers with down payments and closing costs.
- Rental assistance: $2 billion for rental assistance and improving rental quality.
- Expansion of Housing Choice Voucher Program: Increased funding to provide more vouchers to low-income families, making it easier for them to find affordable rental options.
I’m proud to support these actions designed to make it easier for first-time buyers to step into homeownership and for everyone to find a place they can truly call their own. But our work to deliver assistance does not stop there. In the House, my Democratic colleagues have introduced several bills that would support new homebuyers, including:
- H.R. 7707, the First-Time Homebuyer Tax Credit Act
- This bill provides a refundable tax credit of up to 10 percent of a home’s purchase price, capped at $15,000, to support first-time homebuyers with lower and middle incomes. Homebuyers can either receive the credit at the time of purchase or choose to apply it to the previous tax year if they are unable to qualify at the point of sale.
- H.R. 4231, the Downpayment Toward Equity Act
- This bill creates a grant program managed by the Department of Housing and Urban Development to assist first-time, first-generation homebuyers with various expenses, including down payments, closing costs, interest rate reductions, shared equity home subsidies, and modifications for accessibility.
Through a combination of tax relief, expanded assistance programs, and direct investments, Democrats are working to make housing more affordable for working families. These actions will make meaningful progress to address families’ struggles in this housing climate. But I know that more still needs to be done to deliver the relief and support Americans deserve.
Guided by the insights I’ve heard this week, I’m eager to continue working in Congress alongside this administration to provide the resources our communities need. I am hopeful that with this vital assistance, more people will be able to find their forever home and begin enjoying the life and joy that comes with it.
As always, thank you for reading.
Your friend,
DID YOU KNOW?
My office and I are working to make sure you remain informed with the latest updates and recommendations from federal agencies. With that in mind, here is some information that may be of interest to you:
- Next week, I’m hosting a virtual “Grants 102” webinar on grant writing and proposal development and YOU’RE INVITED!
- Throughout my time in Congress, I have worked diligently to connect Capital Region municipalities and nonprofits with federal grant opportunities that fit their needs.
- On Wednesday, August 21st at 12:00 PM, my office will be hosting a follow-up webinar entitled “Grants 102.”
- This webinar will focus on grant writing and how to prepare a grant application proposal.
- All are invited to attend, and you can register using the link HERE. Once you register, you will receive an email containing the Zoom link to join the virtual workshop. You must register in order to attend.
- I hope you can attend this event and become better acquainted with the grant writing and development process!
