Biden To Offer $15,000 First-Time Homebuyer Tax Credit

Biden To Offer $15,000 First-Time Homebuyer Tax Credit

tax credit
Biden To Offer $15,000 First-Time Homebuyer Tax Credit. “House for Sale: Image by 401(K) 2013, licensed under CC BY-SA 2.0

President Joe Biden has proposed a $15,000 tax credit for first-time homebuyers as his administration moves to help families access wealth equality and reduce racial bias inherent in the U.S. housing market.

Improving U.S. housing policy was one of the top policy promises that Biden made en route to the presidency. He also promised to ramp up the availability of covid-19 vaccinations and address the fiscal crisis facing the country as the pandemic rages on.

Biden is on a charm offensive to heal the U.S. racial divide that was stretched under Donald Trump’s administration. Housing is one of the areas plagued by racism and inequality.

The Biden administration’s fair-housing policy will require the Department of Housing and Urban Development to study and counteract racially discriminatory impacts such as redlining.

The first-time homebuyer credit has been used before. It was a tax credit for individuals and families who purchased a new home for the first time between April 9, 2008 and April 30, 2010, according to the IRS.

“Housing is a right in America and home ownership is an essential tool to wealth creation and to be passed down to generations,” Biden said.

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The $15,000 tax credit will provide a 4.4 percent relief from a median home list price of $340,000 in December, according to Realtor.com.

“Housing policy is another way to address social justice and income inequality issues,” said Tim Rood, head of government and industry relations at SitusAMC, a company that provides tech, data analytics and consulting services to lenders, Washington Post reported. “Homeownership is a wealth creation opportunity that has gotten away from too many people in this country.”

The proposed first-time homebuyer tax credit will have to go through the senate, where it is widely expected to pass.