Here’s what President-elect Joe Biden’s housing plan looks like

by Kerrie Kennedy

Wondering where President-elect Joe Biden stands on housing issues? Realtor.com recently outlined the ambitious housing plan our nation’s 46th president plans to enact.

From down payment tax credits for first-time homebuyers to down payment assistance for teachers and first responders; a pledge to address the racial housing gap to tax credits for low-income renters, housing is an essential part of Biden’s plan to invest in our communities “so everyone has access to housing that is affordable, stable, safe and healthy, accessible, energy efficient and resilient, and located near good schools and with a reasonable commute to their jobs.”

Highlights of Biden’s plan include:

• Ending relining and other discriminatory and unfair practices in the housing market.
• Providing financial assistance to help hard-working Americans buy or rent safe, quality housing, including down payment assistance through a refundable and advanceable tax credit and fully funding federal rental assistance
• Pursuing a comprehensive approach to ending homelessness.
• Increasing the supply, lowering the cost, and improving the quality of housing, including through investments in resilience, energy efficiency, and accessibility of homes.

In a press release earlier this fall, National Association of Realtors Chief Economist Lawrence Yun addressed the need for increasing housing inventory. “Housing demand is robust, but supply is not, and this imbalance will inevitably harm affordability and hinder ownership opportunities,” Yun said. “To assure broad gains in homeownership, more new homes need to be constructed.”

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