On Friday, President Biden’s housing tax credit proposal for eligible home buyers and sellers could help boost the housing supply and make homes more affordable in the country, says Treasury Secretary Janet Yellen.
President Biden’s Housing Tax Credit Proposal Could Boost Supply, Says US Treasury’s Yellen (Photo: Boyer Law Firm)
Housing Tax Credit Proposal: US Treasury’s Yellen said that President Biden’s top economic priority is to solve the high cost of housing
President Biden’s Housing Tax Credit Proposal would provide low-income homebuyers with a yearly tax credit of $5,000 a year for two years which is equivalent to cutting interest rates by more than 1.5 percentage points on the median-priced house.
Housing Tax Credit Proposal is to encourage more homeowners to sell their old house to these buyers, President Biden’s Housing Tax Credit Proposal will make a one-year, $10,000 tax credit, which would apply to homes below their area’s median home price.
Many of these buyers are locked into low mortgage rates, and the Housing Tax Credit is aimed at offsetting higher mortgage costs for a downsized home.
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The housing Tax Credit Proposal also proposes steps to expand the supply of housing
US Treasury’s Yellen that she believes the housing Tax Credit Proposal would be very helpful which will invest in refurbishment of properties, expanding the low-income housing tax credit that will be helpful to Americans with the shortage of affordable housing.
President Biden’s inclusion of the housing tax credit proposals is to encourage the development or renovation of over 2 million homes.
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