A new US president-elect has been called! Joe Biden could become the 46th president of the United States of America. With the deadly COVID-19 pandemic and a battered economy, what fate awaits for the people under a Biden administration?
A potential Biden administration would mean major policy changes and the housing industry is of no exemption.
Biden would enter his presidency with a bizarre economic situation and unique housing market conditions. However, according to Chief Economist of Realtor.com, Danielle Hale, Biden has a really ambitious agenda that will try to create opportunities for more low- and middle-income Americans to become homeowners or afford rental housing.
During the campaign period, Biden has released a $640 billion housing plan which includes assistance to first-time homebuyers with a downpayment tax credit of up to $15,000. The first-time homebuyers could take advantage of the assistance at the time of purchasing a home.
Biden acknowledges that it can be quite a challenge for some people to be homeowners. Hale predicts that a Biden administration would initiate policies focusing on housing initiatives, which would help those who have struggled to acquire homeownership in the past.
Is the assistance available to everyone?
While it may not be available for everyone, the Americans who could become eligible for low home prices and down payment assistance are teachers, first responders, and other public and national service workers.
These benefits have limitations, though.
The benefits may only be applicable to the first time homeowners if they are looking to purchase their home in a low-income neighborhood or a neighborhood that is more expensive but offers little affordable housing opportunities.
Is Bide going to do something about racial equity and discrimination in homeownership?
The challenge of owning a home due to racial discrimination has been discussed during Biden’s run for presidency. Biden has intently earnestly expressed his intentions to help bridge the racial housing gap.
Homeownership is a key way in which racial and ethnic minorities could help build generational wealth and a brighter future.
Biden has previously proposed “a national standard for appraising homes
