{"id":3825,"date":"2024-03-15T10:19:01","date_gmt":"2024-03-15T14:19:01","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3825"},"modified":"2024-06-16T23:14:29","modified_gmt":"2024-06-17T03:14:29","slug":"state-of-the-home-buyer-white-house-promotes-new-set-of-tax-credits","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/state-of-the-home-buyer-white-house-promotes-new-set-of-tax-credits\/","title":{"rendered":"State of the Home Buyer: White House Promotes New Set of Tax Credits"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-style-rounded is-style-rounded--1\"><img loading=\"lazy\" decoding=\"async\" width=\"1430\" height=\"672\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/03\/white-house-promotes-new-set-of-tax-credits.jpg\" alt=\"\" class=\"wp-image-3826\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/03\/white-house-promotes-new-set-of-tax-credits.jpg 1430w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/03\/white-house-promotes-new-set-of-tax-credits-300x141.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/03\/white-house-promotes-new-set-of-tax-credits-1024x481.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/03\/white-house-promotes-new-set-of-tax-credits-768x361.jpg 768w\" sizes=\"auto, (max-width: 1430px) 100vw, 1430px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Housing affordability remains out of reach for many in the U.S. population today. What\u2019s the matter?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mortgage interest rates haven\u2019t eased in any kind of significant way so far this year. Maybe in June\u2026<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>More than half of U.S. renters report struggling to pay for housing every month.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Some would like to buy their own homes, but at this point call that a <a href=\"https:\/\/www.deeds.com\/articles\/core-of-the-american-dream-three-fourths-call-buying-a-home-goal-1\/\">dream<\/a>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Joe Biden\u2019s March 2024 State of the Union address laid out the latest plan to help. Here\u2019s an update on the issue, and how the administration intends to deal with it.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Prolonged Affordability Crisis: Why?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There are millions more people looking to buy or rent than there are homes to welcome them. We\u2019ve been hearing this for years now. Why does this affordable housing shortage continue?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Several reasons keep coming up. Note that they all have something to do with inflation:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Building costs.<\/strong> Especially since the pandemic unfolded, builders have faced surging costs for materials, equipment, overhead, and personnel. This makes housing more expensive for companies to create or refurbish. It contributes to the high price tags on new or renovated homes, which across the board are up about 40% in the past five years.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mortgage rates.<\/strong> Yes, they are still elevated. Holding close to 7%, they\u2019ve essentially doubled during the course of the Biden-Harris administration.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Current owners holding onto their homes<\/strong>. Many current homeowners don\u2019t want to release their homes into the market. Most of them like their current mortgages just fine, thank you. Most current homeowners have mortgages with interest under 4%&#8230; Can anyone blame them for hesitating to sell?<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>No action from the Federal Reserve.<\/strong> The Federal Reserve has indicated it will cut interest rates this year. But first, inflation needs to stay low enough for the Fed to confidently cut banks\u2019 interest rates. After those future rate cuts, mortgage rates should come down. We\u2019re waiting\u2026 &nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">All of the above puts pressure on the Biden administration to use its resources to get the market unstuck. Buyers awaiting federal interest rate cuts could be waiting for months. So the White House says it will be proactive.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Payouts to Home Buyers? Sellers?<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full is-style-rounded is-style-rounded--2\"><img loading=\"lazy\" decoding=\"async\" width=\"472\" height=\"342\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/03\/payouts-to-home-buyers-1.jpg\" alt=\"\" class=\"wp-image-3828\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/03\/payouts-to-home-buyers-1.jpg 472w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/03\/payouts-to-home-buyers-1-300x217.jpg 300w\" sizes=\"auto, (max-width: 472px) 100vw, 472px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Affordable housing groups generally responded with optimism, welcoming the plan laid out in the president\u2019s March 2024 speech. Hopeful homeowners can\u2019t afford to buy, something must be done, and the White House is keenly aware. So far, so good.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But some commentators have critiqued the proposed incentives for buyers. They say stimulating home deals could heat up the market and make the tight supply of homes even tighter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The administration\u2019s answer? Reward people for putting their \u201cstarter homes\u201d up for sale, too. The State of the Union plan includes tax breaks for sellers of relatively affordable homes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kevin Sears, president of the National Association of REALTORS\u00ae (NAR), issued a statement praising the White House: \u201cWe commend President Biden\u2019s commitment to an all-of-government approach,\u201d NAR announced, \u201cto solve this problem.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NAR had provided a study showing a shortage of 5.5 million affordable U.S. homes. The Association thinks the new White House proposal, taken as a whole, can make \u201cserious headway\u201d in solving the crisis.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Would the Tax Credits Look Like?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To boost housing affordability, the White House wants Congress to give its blessing to these tax credits: &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>A $10,000 tax credit would assist people buying starter homes.<\/strong> The measure would be similar to the mortgage industry\u2019s <a href=\"https:\/\/www.deeds.com\/articles\/mortgage-companies-roll-out-new-deals-for-inflationary-times\/\">rate buydowns<\/a>. The White House says the credit would be about equal to lowering a borrower\u2019s rate by 1.5%. This credit is meant to create 3.5 million successful first-time home buyers in the coming two years.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>A $10,000 tax credit would entice more people to put their \u201cstarter homes\u201d on the market.<\/strong> To qualify for this $10K credit, the taxpayer would need to offer a home for sale under the typical listing price for the area. And it has to be sold to a buyer who will live in it. Three million current homeowners could be expected to take the tax reward for selling.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTax incentives can help close the affordable housing gap,\u201d NAR\u2019s president said. \u201cAnd we are especially grateful for the President\u2019s willingness to explore new tax measures.\u201c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buyers and sellers would be further helped by the proposed crackdown on unfair and fraudulent corporate business practices by certain big real estate industry players. The White House is especially targeting collusion and price fixing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Builders to Get Breaks, Too?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Given that many of the incentivized home sellers will use the proceeds to buy other homes, the administration wants to do more than get deeds changing hands. The country also needs higher numbers of available homes. Where are they?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Builders are working out there, but demand is outpacing them. We need to remember that interest rates impact builders. Companies could become unable to finance new projects when lending standards are especially strict and interest is especially high. The White House has noted these factors. In the past, Biden has called for less restrictive zoning so that more housing can be made available in smaller spaces.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And now, the White House is asking Congress to stimulate a major building and renovation effort. New tax credits would be available to participating builders. This element of the plan, the White House says, will add two million more homes to the mix. This would significantly ease the pain of today\u2019s housing shortage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Happens Now?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This new proposal from the White House contains an interesting balance of potential tax breaks. Now the ball is in Congress\u2019s court. Will these incentives actually take shape? The answer depends on whether lawmakers agree to support the measures, and follow through.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposals, Joe Biden says, would address key affordability factors. David Dworkin, an affordable housing expert who heads the nonprofit National Housing Conference, agrees. Dworkin sees the Biden proposal as an important step along the path to bring down rents and home prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And that\u2019s good news for a whole lot of ordinary, hardworking, and very frustrated people out there, and many <a href=\"https:\/\/www.deeds.com\/articles\/locked-out-less-than-5-of-u-s-housing-is-accessible-to-older-disabled-residents\/\">older adults and disabled<\/a> home seekers. Yet nothing will happen immediately. In order to get this done, the administration will need to work with Congress. As they negotiate, the measures could change.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many actions will be needed to address the current crisis. We welcome any action that would help deeds change hands at a healthy pace. Let\u2019s see what comes of the State of the Union.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">White House Briefing Room via <em>WhiteHouse.gov<\/em>: <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/03\/0fact-sheet-president-biden-announces-plan-to-lower-housing-costs-for-working-families\/\" target=\"_blank\" rel=\"noreferrer noopener\">Fact Sheet \u2013 President Biden Announces Plan to Lower Housing Costs for Working Families<\/a> (Mar. 7, 2024).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Bryan Mena and Anna Bahney for CNN Business via <em>CNN.com<\/em>: <a href=\"https:\/\/www.cnn.com\/2024\/03\/08\/economy\/fed-biden-housing-affordability-crisis\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">Biden Says He Can Fix America\u2019s Housing Affordability Crisis. Will It Work<\/a>? (Mar. 8, 2024).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Brian Kim for <em>ClearValue Tax<\/em> via <em>YouTube.com<\/em>: <a href=\"https:\/\/www.youtube.com\/watch?v=l3hlCllsYPw\" target=\"_blank\" rel=\"noreferrer noopener\">$10,000 Tax Credit for Homebuyers 2024<\/a> (Mar. 7, 2024; discussing the State of the Union Address planned announcements).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Tori Syrek Media Contact for the National Association of REALTORS\u00ae: <a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-thanks-president-biden-for-addressing-affordable-housing-supply-in-sotu\" target=\"_blank\" rel=\"noreferrer noopener\">NAR Thanks President Biden for Addressing Affordable Housing Supply in SOTU<\/a> (Mar. 7, 2024).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">And as linked.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\"><strong>More on topics: <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/creative-communities-grab-housingand-cities-flourish\/\">Artists buy home properties<\/a><strong>, <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/update-fed-signals-2024-pivot-on-interest-rates-what-should-home-sellers-and-seekers-know\/\">Fed signals \u201cpivot\u201d on interest rates in 2024<\/a><\/h3>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo credits: NARA\/DVIDS (<a href=\"https:\/\/nara.getarchive.net\/media\/a-view-of-the-south-lawn-of-the-white-house-the-official-residence-of-the-president-9b2ed8\" target=\"_blank\" rel=\"noreferrer noopener\">public domain<\/a>); and <a href=\"https:\/\/www.pexels.com\/photo\/crop-faceless-man-demonstrating-dollar-banknote-and-small-usa-flag-4386449\/\" target=\"_blank\" rel=\"noreferrer noopener\">Karolina Grabowska<\/a> via Pexels\/Canva.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing affordability remains out of reach for many in the U.S. population today. What\u2019s the matter? Joe Biden\u2019s March 2024 State of the Union address laid out the latest plan to help. Here\u2019s an update on the issue, and how the administration intends to deal with it.<\/p>\n","protected":false},"author":2,"featured_media":3826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[131],"tags":[536,635,1133,411,1135,973,140,425,179,1132],"class_list":["post-3825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-affordable-housing","tag-biden-administration","tag-building-costs","tag-home-buyers","tag-homeownership-incentives","tag-housing-crisis","tag-mortgage-rates","tag-national-association-of-realtors","tag-real-estate","tag-tax-credits"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>State of the Home Buyer: White House Promotes New Set of Tax Credits - Deeds.com<\/title>\n<meta name=\"description\" content=\"Explore how the Biden administration&#039;s new tax credits aim to tackle the housing affordability crisis, offering hope and potential solutions to homebuyers and builders alike. 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