The Biden-Harris Administration has introduced a comprehensive strategy to enhance homeownership opportunities for millions of Americans.
This multifaceted approach aims to improve affordability and accessibility while providing support to current and prospective homeowners. Key highlights include over $12 billion in federal investment under President Biden’s “Investing in America” initiative, assistance to nearly 400,000 homeowners through the American Rescue Plan’s Homeowner Assistance Fund, and a surge in first-time homebuyers benefiting from Federal Housing Administration-backed mortgages.
Furthermore, initiatives by various departments, such as the Department of Agriculture and Department of Veterans Affairs, have positively impacted diverse groups of borrowers.
President Biden’s proposals for a $16 billion Neighborhood Homes Tax Credit and a $10 billion down payment assistance program are aimed at fostering homeownership. The administration calls on Congress to address housing market challenges promptly.
New measures include policies to incorporate rental income from Accessory Dwelling Units into FHA-insured mortgage qualification, empower African American and Native American communities through USDA loans, assess eligibility criteria for Community Land Trust Organizations, streamline home repairs financing, strengthen consumer protections, and provide support to severely impacted veterans with mortgage payment challenges.