Government Initiatives to Expand Homeownership and Access to Mortgage Financing
Originally Published 2 years ago — by The White House
The Biden-Harris Administration has announced new actions to expand access to homeownership and ensure affordability. The administration is proposing a $16 billion Neighborhood Homes Tax Credit and a $10 billion down payment assistance program to create more opportunities for families to buy homes. The Treasury Department has released data showing over $12 billion in federal support for homeownership, including assistance to nearly 400,000 homeowners at risk of foreclosure. Federal agencies such as HUD, USDA, and VA are also providing record support for low- and middle-income homebuyers. The new actions include policies to leverage income from accessory dwelling units, increase mortgage opportunities for Native Americans, test alternative eligibility criteria for community land trust organizations, make home repairs easier to finance, help homeowners know their rights, and assist homeowners behind on their mortgages. The administration calls on Congress to pass these proposals to ensure homeownership is accessible to all Americans.