Here are the seven housing items on the Biden administration’s agenda.
What housing items will be on the agenda for the Biden administration during the next four years?
1. Refundable and advanceable tax credit for homeowners. This is an effort to make housing more affordable.
2. Create a new tax break for renters. This is an effort to make housing more affordable for renters. They’re looking to get monthly rent and utility costs to 30% of a person’s monthly income.
3. Looking to form a public credit rating agency. This is an effort to upend the three private entities that currently report credit.
4. Looking to establish nationwide appraisal standards. This is an effort to end lower appraisals for what have been labeled “mixed-ethnicity neighborhoods.”
5. The elimination of the 1031 tax-deferred exchange benefit. This is for individuals making over $400,000 per year in annual income.
6. Set new standards for the Department of Housing and Urban Development in terms of energy efficiency.
7. Make housing more affordable and available. The goal is to increase the supply and affordability of housing nationwide. To do this, they’ll look to establish a $100 billion affordable housing fund to construct and improve affordable housing.
Of course, this is a brief explanation of the Biden administration housing items they hope to accomplish. If you have questions about any of these items or what impact they may have on us locally, please reach out to me via phone or email. I’d be more than glad to speak with you or shoot another video on this topic.