- ORIGINAL NEWS
Biden proposes $10,000 tax breaks for first-time homebuyers, ‘starter home’ sellers
- SUMMARY
President Biden has proposed two tax credits targeting the housing affordability crisis.
First-time homebuyers can claim a $5,000 annual credit for two years, reducing their mortgage interest rate by 1.5%.
Second, homebuyers who sell their starter homes to owner-occupants can receive a one-time credit of up to $10,000.
However, experts have mixed reactions.
Some believe it will help affordability, while others argue it may not sufficiently address the country’s lack of housing supply.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“President Biden has proposed a “mortgage relief credit” of $5,000 per year for two years for middle-class, first-time homebuyers”
“He is also calling for a one-year credit of up to $10,000 for middle-class families who sell their “starter homes” to another owner-occupant.”
Negative
“However, experts have mixed opinions about whether the policies will help the country’s housing affordability issues”
“”Unless [Biden’s proposed credit] counts as qualifiable income, it’s not going to actually make it easier for homebuyers to qualify for mortgages””