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Tax Credit | AtCoastal Realty - The Morton Group Blog

Wednesday, March 13, 2024   /   by Todd Morton

Biden to call for first-time homebuyer tax credit, construction of 2 million homes

The White House announced that President Joe Biden will call on lawmakers in the House of Representatives and the Senate to address a series of housing issues in his State of the Union address, which will be delivered to a joint session of Congress and televised nationally on Thursday night.
In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters.
Biden will also call for “lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters,” according to the White House announcement.
The mortgage relief credit would provide “middle-class first-time homebuyers with an annual tax credit of $5,000 a year for two years,” according to the announcement. This would act as an equivalent to reducing the mortgag; ...

  home buying, tax credit, first-time home buyer, mortgage relief, state of the union

AtCoastal Realty - The Morton Group
Todd Morton
582 Lynnhaven Pkwy STE 400
Virginia Beach, VA 23452
757-589-7628
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Shannon Hodges
600 Lynnhaven Parkway Suite 100
Virginia Beach VA 23452
757-553-1643

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