Biden to call on Congress to pass budget with $258B in housing investments

While in Nevada on Tuesday, President Biden will ask Congress to pass a budget that includes $258 billion in housing investments.

The president is scheduled to speak in Las Vegas, where he will introduce a plan that includes the Mortgage Relief Credit, which would give middle-class first-time homebuyers a $10,000 tax credit over two years, and down payment assistance for first-time homebuyers. I plan to give an overview. Homeowner generation up to $25,000.

His plan also aims to reduce closing costs by waiving lender title insurance requirements for certain refinances and includes efforts to build and renovate more than 2 million homes. ing.

While in Nevada, he announced as part of his budget proposal a new $20 billion race to help build affordable multifamily rental units and build new starter housing for the middle class. A grant fund is also scheduled to be announced.

He will increase bank contributions to building affordable housing and expand transitional and permanent housing for people experiencing or at risk of homelessness. It proposes providing $8 billion for new grant programs.

Last week, Mr. Biden announced a sweeping $7.3 trillion budget through 2025 that includes tax hikes on wealthy Americans and corporations.

He will outline his plan for affordable housing as building on the American Rescue Plan, which was signed into law in 2021. The bill provided $1 billion to Nevada to promote affordable housing and reduce housing costs.

Of the $1 billion, $700 million was invested in affordable housing and senior housing. Biden noted that approximately 1,000 new senior apartment units are being built in Clark County with funding from the American Rescue Plan.

Biden is visiting Nevada and Arizona, where he is also expected to target former President Trump on key issues including abortion rights, support for labor unions, securing borders and defending democracy. There is.