FACT SHEET: President Biden Announces Plan to Lower Housing Costs for Working Families

President Biden believes housing costs are too high, and significant investments are needed to address the large shortage of affordable homes inherited from his predecessor and that has been growing for more than a decade. During his State of the Union Address, President Biden will call on Congressional Republicans to end years of inaction and pass legislation to lower costs by providing a $10,000 tax credit for first-time homebuyers and people who sell their starter homes; build and renovate more than 2 million homes; and lower rental costs.  President Biden also announced new steps to lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters.

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