Biden to propose $5000 tax credit for first-time home buyers in State of the Union

Biden will make a series of proposals on housing in today’s State of the Union Address, according to the Washington Post.

• A $5,000 per year credit for first-time home buyers
• A one-year credit of up to $10,000 for families who sell starter homes that are priced at below county median prices
• Biden will also call for an expansion of the low-income housing tax
  credit to build or preserve 1.2 million more affordable rental units
• Anew neighborhood homes tax credit to build or renovate affordable homes
• Anew $20 billion competitive grant fund to build affordable rental units

Many (all?) of these programs will have to get through Congress and that’s a tall order right now but the moves speak to priorities and polling that suggests home building and housing affordability are American priorities. I expect the back half of this decade to feature a home-building boom.

This article was written by Adam Button at www.forexlive.com.