US Housing Industry Welcomes President Joe Biden
On 20th January, President Joe Biden was sworn in as the 46th president of the United States, and Vice President Kamala Harris became the first woman to serve in the office. In his inaugural address, Biden pledged his commitment to bringing all Americans together and to democracy.
Biden’s housing agenda includes a proposal for a $15,000 first-time homebuyer tax credit. It is still to be seen whether that full amount can make it through the legislative process, but the odds for some form of homebuyer tax credit became much higher following the victories of John Ossoff and Raphael Warnock in Georgia, giving Democrats a narrow edge in the U.S. Senate (with Harris being the tie-breaking vote).
National Association of Home Builders spoke of the homebuyer tax credit and the coronavirus recovery. “We look forward to working with the Biden administration and new Congress to implement policies that will help the nation recover from the COVID-19 pandemic and move the housing industry and economy forward,” said NAHB Chairman Chuck Fowke.
“NAHB supports the concept of a homebuyer tax credit advocated by President Biden. We stand ready to partner with the new administration to ensure that creditworthy homebuyers and small businesses can get mortgages and loans, enact comprehensive housing finance reform that protects the 30-year, fixed-rate mortgage and improve the Low-Income Housing Tax Credit. These pro-housing policies will provide more homeownership and rental housing opportunities for all Americans and boost economic growth.”