FACT SHEET: President’s Budget Aims to Reduce Housing Costs, Increase Supply, and Enhance Affordable Housing Accessibility

(Credits: Global Government Forum)

President Biden and Vice President Harris are committed to ensuring that everyone has access to safe and affordable housing. They believe that affordable housing is essential for individuals and families to thrive and have opportunities for a better life.

The administration has already made progress in this area, with the homeownership rate higher now than before the pandemic and a record number of housing units under construction. Despite these achievements, President Biden recognizes that housing costs remain a significant challenge for many Americans.

Biden (Credits: Vox)

To address this, he has called on Congressional Republicans to take action and pass legislation to lower housing costs. One of the key proposals is a $10,000 tax credit for first-time homebuyers and individuals selling their starter homes.

This tax credit, along with other investments totaling over $258 billion, aims to build or preserve more than 2 million housing units, support millions of first-time homebuyers, and provide affordable housing for hundreds of thousands of extremely low-income veterans and youth aging out of foster care.

Biden (Credits: The Hill)

The budget proposes investments and actions to lower housing costs for renters and homebuyers, address the housing shortage, strengthen the economy, and promote equity and fair housing principles.

These efforts are central to President Biden’s economic agenda and his commitment to ensuring that all Americans have access to safe and affordable housing.

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