New Bill in Congress Aims to Help First-Time Homebuyers with $15,000 Cash Aid
The skyrocketing home prices in the United States have made it extremely challenging for millions of residents to purchase a property in the current real estate market. However, there is a glimmer of hope for first-time homebuyers as a new aid program is in the works.
A group of United States legislators, led by Senators Sheldon Whitehouse of Rhode Island and Martin Heinrich of New Mexico, along with two senior US representatives, are promoting a bill that would provide first-time homebuyers with $15,000 USD in cash aid.
According to Whitehouse, owning a home is more than just a property – it represents pride, stability, and hope for the future. Unfortunately, buying a home is out of reach for many Americans right now. Heinrich added that with the First-Time Home Buyer Tax Credit Act, they aim to ease the financial burden for aspiring homeowners and provide all working families with the opportunity to achieve the American dream of homeownership.
The bill, if passed, would create a refundable tax credit worth up to 10% of the purchase price of a home, with a maximum of $15,000 USD. To qualify for the full credit, the purchase price must be $150,000 USD or more. Individuals earning 150% of the area median income or less, purchasing homes priced at 110% or less of the area median purchase price, and financing their purchase through a mortgage backed by the federal government would be eligible for the credit.
The goal of the bill is to have a national scope, allowing more people, especially young workers, to realize their dream of homeownership. With the proposed aid program, first-time homebuyers may soon find it easier to navigate the challenging real estate market and achieve their goal of owning a home.