Biden Promises 400,000 Homes For US$ 16 Billion
Posted on 10/18/2023
The White House unveiled new plans to spend US$ 16 billion to expand homeownership. According to the statement: “The Biden-Harris Administration is committed to expanding access to homeownership, ensuring homeowners can afford to stay in their homes and make the repairs they need.”
Biden “proposed US$ 16 billion for the Neighborhood Homes Tax Credit, which would result in more than 400,000 homes built or rehabilitated, creating a pathway for more families to buy a home and start building wealth. The President has also proposed a US$ 10 billion down payment assistance program that would ensure first-time homebuyers whose parents do not own a home can access homeownership alongside a US$ 100 million down payment assistance program.”
The government is stepping in as the parent of last resort, according to the rationale of National Association of Home Builders CEO Jim Tobin. Tobin said in a recent Fox interview: “I think what you really have is that the demand is incredibly high for first-time homebuyers, and the only way they can afford a home is the bank of mom and dad.”
Almost 40% of first-time homebuyers are thought to rely on family for money to manage their down payment.
