NewsPresident Joe Biden Wants To Give You $10K For Your Home

President Joe Biden Wants To Give You $10K For Your Home

Biden is putting in the work!

The separate credit would help the owners get out of a “starter home”—defined as homes below the median home price in their county—and grab keys to a bigger house. Announcing it during the State of the Union address on Mar. 7, Biden feels it would assist homeowners in moving on after locking in low mortgage rates during the pandemic and being afraid to face significantly higher mortgage rates. 

Homebuyers looking to build can also take advantage of the plan. The Biden Administration also proposed efforts to fund the construction of affordable homes and rental units. With the new Neighborhood Homes Tax Credit, providing an incentive to build or renovate starter homes or properties appealing to first-time homebuyers, the plan could potentially lead to 2 million new units. 

With the overall goal of helping melt a frozen real estate market and make homebuying more affordable, some critics say the tax credits will lead to a rise in demand without increasing supply – which would circle back to an issue of affordability. Jaret Seiberg of investment bank TD Cowen called the plan “disappointing.”

He feels it doesn’t address the need for entry-level homes in the areas homebuyers actually want to live in.  

But Biden feels the plan would help over three million middle-class families buy their first home by providing a fair 1.5% reduction for two years on the median-priced home. “Many homeowners have lower rates on their mortgages than current rates,” the White House said. “This ‘lock-in’ effect makes homeowners more reluctant to sell and give up that low rate, even in circumstances where their current homes no longer fit their household needs.”

Source: Black Enterprise

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