The White House unveiled today a plan to boost first-time homeownership and address housing challenges. One major proposal is the Neighborhood Homes Tax Credit, which seeks $16 billion to construct or renovate over 400,000 new homes, primarily for low-to-middle-income families.
The plan includes $10 billion in down-payment assistance for first-time homebuyers and an additional $100 million to aid those struggling to enter the housing market. These measures are in response to the limited availability of homes and high interest rates.
Moreover, the Department of Housing and Urban Development is revising its evaluation criteria, taking into account rental history and student loan debt in assessing creditworthiness.
Other measures involve financing for home improvement repairs, rule reforms by the Consumer Financial Protection Bureau to aid homeowners with mortgage payments, assistance for retired soldiers to prevent foreclosures, and loans to Native American communities for home construction on Tribal Lands.
The administration has already allocated $12 billion to support homeownership, preventing thousands of foreclosures through the Homeowner Assistance Fund.
