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Biden aims to help half a million Americans buy homes

Biden aims to help half a million Americans buy homes

Posted on December 11, 2023   |  

The Biden administration aims to assist many households in achieving their dream of owning a home.

Their efforts include lowering housing costs, increasing the supply of affordable homes, and addressing the rising expenses for Americans looking to buy a house.

The Neighborhood Homes Investment Act, supported by the administration, seeks to help an additional 500,000 households through a new federal tax credit.

The focus of this act is on developing and renovating 1-4-family housing in distressed urban, suburban, and rural neighborhoods.

Legislation proposed by a Democrat from Maryland and a Republican from Indiana could benefit 500,000 homes and generate $125 billion in development revenue over the next decade.

The housing market is facing challenges due to the Federal Reserve's actions to combat record inflation, resulting in increased borrowing costs, higher mortgage rates, elevated home prices, and a reduced supply of homes.



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