The Washington Post, March 7, 2024, Biden To Propose New $5,000 Tax Credit For First-Time Home Buyers
President Biden will propose a set of new housing initiatives in Thursday’s State of the Union address, including tax credits to offset high mortgage rates for first-time home buyers and encourage people to move out of starter homes and put them on the market.
The proposals would provide middle-class, first-time buyers with $5,000 per year for two years. That would have the same effect aslowering a buyer’smortgage rate by more than 1.5 percentage points for two years on the median home, according to the White House.
