In his State of the Union address, President Joe Biden called for an annual tax credit to help Americans purchase their first homes and urged Congress to enact legislation to build or renovate 2 million affordable housing units.
Housing was one of many wide-ranging issues covered in the speech, but it received more attention than in most other presidential addresses of the recent past.
“I want to provide an annual tax credit that will give Americans $400 a month for the next two years as mortgage rates come down to put toward their mortgages when they buy a first home or trade up for a little more space,” Biden said.
He also said his administration “is cracking down on big landlords who break antitrust laws by price fixing and driving up rents.”
On the affordable housing side, he called on Congress to pass plans that would build or renovate 2 million affordable homes and bring rents down. This includes legislation to expand the longtime low-income housing tax credit (LIHTC) and passage of the proposed Neighborhood Homes Tax Credit, which would help build or renovate affordable homes for homeownership.
Later in his address, Biden also said his administration is “cracking down on corporations that engage in price gouging or deceptive pricing from food to health care to housing.”
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